* If you currently have an adjustable rate mortgage and owe more than you can afford and would like to apply for a free VA loan modification call : 888-843-4496.
* To apply for a VA refinance loan and you currently have a VA home loan and need an Interest Rate Reduction see IRRL VA loan.
* If you do not currently have a VA home loan, or if you want to cash out equity see NEW VA Loan.
What is an IRRL Refinance?
An IRRL (Interest Rate Reduction Loan) is a VA refinance loan from an existing VA loan to a new, lower interest rate VA loan. IRRL loans are “rate and term” loans. Rate and term loans are not for cashing out equity. If you do not have a VA loan or if you currently have a VA loan and would like to cash out equity apply for a NEW VA refinance. The IRRL will allow you to borrow up to 100% of your current loan amount plus the .5% IRRL Funding Fee (unless exempt). To apply for a IRRL, fill out the VA Loan Application.
What is a NEW VA Refinance Home Loan (all purpose refinance) ?
If you do not have a VA loan – New refinance VA loan: A New VA refinance loan can be used to:
* Lower Interest Rate
* Lower payment
* Obtain cash out
* Consolidate debt
Both types of VA refinance loans are government mortgage products insured against default by the United States Department of Veterans Affairs. All VA refinances allow you to borrow up to a maximum of 90% of a residential properties value. For IRRL, 1) an appraisal is not required; 2) proof of income documentation are not required. The maximum VA refinance loan is 90% plus the maximum VA Refinance Funding Fee of 3.30% (unless exempt). To apply for a VA refinance, fill out the VA Home Loan Application.
Both types of VA refinance loans are available to:
* Veterans and former military
* Discharged service members
* Active duty military
* Most reservists (call for details)
* Some surviving spouses (call for details)
Credit is not required for a VA refinance. Each VA home loan is funded by entities that may or may not have overlay restrictions. These restrictions vary by funder.
To inquire which funder is right for you, call 888-554-6846.
To apply for a VA loan, open the application.
If a new window does not launch or for 24 hour assistance to apply by phone, call 888-573-4496. The applications desk is available 24 hours a day.
To apply with a written form, use the VA home loan application form 1003.
