VA Streamline Refinance (IRRRL)

No Income, No Appraisal? No Problem!

Streamline refinance your Utah VA loan without the hassle of a normal refinance.

The VA Interest Rate Reduction Refinance Loan (IRRRL) provides current VA homeowners with a simple, efficient way of reducing their interest rates when market conditions allow it.

According to the VA guidelines, there is no appraisal required on the property, no minimum borrower credit score, and no income documentation to be provided.

Even better, there are no out-of-pocket costs – everything can be rolled into your principal balance up to a certain amount.

In truth, lenders often have their own set of requirements to add, and they generally want to see a minimum credit score of 620 (some lenders will go down to 580 in the right circumstances).

The VA Streamline is one of the easiest ways to refinance, but it has to have a purpose. This purpose can be one of three things:

  1. Lowering the borrowers monthly payment
  2. Refinancing an ARM into a fixed rate mortgage (even if the interest rate goes up)
  3. 3. Shortening the term of the loan (for example, getting a 15-year mortgage instead of the 30 years one)

The VA funding fee is reduced to 0.5% in the case of a VA Streamline refinance, or completely waived if you are receiving a percentage of VA disability.

Requirements for the Utah VA Streamline (IRRRL) refinance

  • Must be current on your mortgage payments for the past 12 months; no “more than 30 day late payments” allowed. If the home was recently purchased, you must have owned it for at least 6 months.
  • You may not use this refinance to take cash out. You will, however, receive a refund of your current escrow account and skip a month or two of mortgage payments.
  • You must certify that you are either occupying the property or that you have occupied it at some point in the past. This means that you can easily refinance your VA loan even if the home is now a second home or an investment property.

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