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VA IRRL Program

Qualifying for the VA IRRRL Program

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The VA IRRRL Program has many benefits those with VA loans can take advantage of – as long as you qualify! However, the qualifications are not as hard as you may think.

VA IRRRL Requirements

First, you must be current with your payments and have not had any late payments within the last 12 months. Also, you must have made at least seven recorded payments. (Important to know for new homebuyers!) 

Additionally, you cannot have any bankruptcies, liens, or be in the forbearance program. Last year, the VA initiated the forbearance program to help those unable to pay their monthly mortgage payments. Unfortunately, the only way you can take advantage of the VA IRRRL Program is to ensure the forbearance is paid off, including with interest, for at least six months OR you’ve made six payments prior to entering forbearance and are able to get out of that program. 

Take Advantage of Low Rates

One of the biggest benefits of the IRRRL Program is the decreased interest rate. To qualify, Texas VA Mortgage must be able to drop you at least 0.5% or more from your current interest rate. Let’s keep in mind the market fluctuates and dictates what the interest rates will be. The last qualification is to ensure the closing costs will be recouped within three years or less of the refinance. Don’t let “closing costs” scare you away though – these will be rolled into the backend of the loan. That way, you don’t need to bring any funds to the closing table!

Apply Today

Are you interested in applying for the VA IRRRL Program? Call to speak to a mortgage expert at 844-6-VA-LOAN.

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