It’s a new VA Home Loan that has been in development. The VA Streamline Refinance (Interest Rate Reduction Refinance Loan or IRRRL). The IRRRL allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline loan is extremely popular because of its ease of use.
After you’re approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience considerable savings. In most cases these loans can be closed in as little as three weeks. VA loan closing costs can be rolled into the expense of the mortgage, allowing veterans to refinance with no out-of-pocket expenses, skip up to two mortgage payments, and get a full escrow refund.
The main aim is to help VA veterans qualify for a VA Loan with a 600+ FICO credit score. This VA Loan Product is going to allow veterans to qualify for VA home mortgages, who previously could not, due to low credit scores. but it does so, with a difference:
- No out-of-pocket expenses
- Skip up to (2) mortgage payments
- Get a full escrow refund
- Chapter 13 – acceptable if the bankruptcy does not include the subject property
- Chapter 7 bankruptcy is allowed if discharged before loan application
- Streamline refinance a primary residence, 2nd home, or investment property
The VA IRRRL program is one of the most beneficial refinance programs offered to Veterans and Military service members today, including some of the most competitive rates. The VA Cash-Out Refinance Loan program is popular with Veterans who want to lower their home mortgage rate and at the same time, tap into their home’s equity. Qualified veterans can use cash proceeds from their refinance to make home upgrades, pay off high-interest credit cards, or take a vacation. Low-interest rates and flexible payment terms make it an excellent time to invest in your home and use equity to pay off other expenses.
Alvaro Moreira, at Moreira Team, says,
This New VA Loan product is a game changer for veterans who had a hard time qualifying in the past. We wanted to try something new with NEW 600 FICO Mortgage Loan Streamline IRRRLs! Anyone familiar with the VA Home Loans market will probably have noticed how everyone else seems to be still using products that require veterans to have a 620+ FICO score. This is a problem because it excludes a huge percent of veterans who should have some means of qualifying for a home mortgage, but don’t. Moreira Team is offering this loan program in many states.
This welcome breath of fresh air, 600 FICO Mortgage VA Streamline IRRRL is unique to Moreira Team and cannot be found easily elsewhere. Moreira Team chose to make this move because they felt there were no products available for Veterans on the VA loan market, which allowed the vast majority of vets to qualify for new VA mortgage loans. It’s about time this loan product is available.
Alvaro also said,
We had hoped to have a VA mortgage product like this available for years since most veterans don’t qualify due to the previous 620+ FICO requirement. With NEW 600 FICO Mortgage VA Streamline IRRRLs, most veterans can qualify. We want Veterans who did not qualify in the past due to credit score issues to be euphoric they have this new loan product available to them and can finally qualify for a new home or refinance their existing mortgage loans.