Streamlining Refinance with VA IRRRL

The VA Interest Rate Reduction Refinance Loan (IRRRL) offers a streamlined refinancing option for veterans and active-duty military, with no credit score checks, no appraisal requirements, and minimal paperwork for faster processing.

Designed specifically for those with an existing VA loan, the IRRRL facilitates easier access to lower monthly payments or a more stable fixed-rate mortgage, requiring only certification of prior occupancy. This program is tailored to support our veterans with an efficient and hassle-free refinancing experience.

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Who Benefits from a VA IRRRL?

Our VA Interest Rate Reduction Refinance Loan (IRRRL) is designed for a broad group:

  • Active-Duty Service Members: Simplifying the refinancing process for those currently serving and aiming to improve their home financing terms.
  • Veterans: Offering a streamlined refinancing path as a token of gratitude for your service.
  • Surviving Spouses: Ensuring the continuation of homeownership benefits for the families of fallen heroes.

How VA Loans Benefit You?

  • Streamlined Refinancing: Simplifies the refinance process, reducing time and paperwork.
  • Potential for Lower Rates: May reduce your interest rate, saving money over the loan's lifespan.
  • No Private Mortgage Insurance (PMI): Eliminates the need for PMI, lowering your monthly expenses.

VA Specific Requirements

  • Existing VA Loan: Must currently have a VA loan to refinance.
  • On-Time Payments: No more than one 30-day late payment within the past 12 months.
  • Net Tangible Benefit: Must prove a financial benefit, such as lower monthly payments or interest rate.
  • Certificate of Eligibility (COE): Not required to obtain a new COE for IRRRL.
  • Occupancy Requirement: Must certify that you previously occupied the home as a primary residence.

VA Property Types Funded

Broad Spectrum of Property Choices:

  • Single Family Homes: Space for growing families.
  • Condominiums: A city-living alternative.
  • Townhomes: The middle ground for space and community.
  • Multi-Family 1-4 Units: Perfect for those considering additional rental income.
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VA Loan Amounts

  • Minimum Loan Amount: $150,000 to accommodate moderate home prices.
  • Maximum Loan Amount: Up to $2,000,000 for high-value homes.
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VA Loan Terms

Versatility in Repayment:

  • No Down Payment Required
  • 5-Year ARM: Adjustable rates for short-term stays.
  • 7-Year ARM: Longer adjustable rates for extended commitments.
  • 30-Year Fixed-Rate Rental Loans: Stable payments for long-term planning.

VA Availability Funding Eligibility

Our FHA Mortgage Lending product is accessible to a wide range of entities:

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Individuals

Active or retired military personnel and spouses of deceased veterans.

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Trusts

Subject to trust documentation and eligibility of the trustee.

Embrace the future with the security and benefits of Barrett Financial’s VA Mortgage product. Our commitment to your service is unwavering, just as yours has been for our country. Apply today and move one step closer to the home you deserve.

States We Serve

Barrett Financial is proud to service multiple states across the U.S., offering comprehensive solutions to suit diverse regional needs. Check our map to find out if we service your state.

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