The VA Streamline Refinance (IRRRL) Loan

The Interest Rate Reduction Loan allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline Loan is very popular because of its ease of use. It is very simple to lower your interest rate and experience savings. In most cases, an experienced loan officer will have your loan closed in two weeks. VA refinance closing cost can be rolled into the cost of the loan allowing the veterans to refinance with no out of pocket cost. There is no appraisal or income proof in the VA Streamline Loan. To qualify for the VA Streamline, you must be current on your mortgage with no 30 day late in the past 12 months. You cannot receive any cash out on the IRRRL. The only other conditions are that your loan must be a VA loan and have a credit score of at least 640. It’s that simple! So check out our website www.consumermtg.com or give us a call at 757-552-7000 or 1-800-882-0066.