IRRRL

VA Interest Rate Reduction Finance Loan

To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our Loan Officers.

VA Interest Rate Reduction Finance Loan (IRRRL)

At Secure Funding Group we offer VA Loans with a 620 minimum Credit Score Requirement and offer Loan amounts of up to $1.5 Million. This loan can be used for Purchase or Refinance Transactions.

VA IRRRL is a Refinance Loan Program that is designated to reduce en existing VA loan’s current Interest rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

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Why Choose a VA Mortgage

Congress created the VA Loan Guaranty Program in 1944 to help returning service members achieve the dream of homeownership. Since then, the Department of Veterans Affairs has helped more than 18 million military members purchase homes.

What is an IRRRL?

The U.S. Department of Veterans Affairs’ Interest Rate Reduction Refinance Loan (IRRRL) helps homeowners refinance their existing VA loans to a lower interest rate loan or to a fixed-rate loan (from an adjustable-rate loan). The goal of the program is to help lower homeowners’ monthly payments or make payments more predictable by fixing the interest rate. Here’s what you need to know about VA IRRRL refinance loans.

What are the Key Benefits to an IRRRL?

You can only use a VA IRRRL to refinance a property that you’ve already taken out a VA loan on; the loan will reuse the entitlement that you already have. Unless you are financing an ARM to a fixed-rate loan, the interest rate on the refinance loan must be lower than your current interest rate.

Our Loan Types

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Home Ownership Affordable Program (HARP)

Federal Housing Administration (FHA)

FHA Streamline

Veterans Administration Loans

VA Interest Rate Reduction Finance Loan (IRRRL)

Conventional Loan

USDA Rural Housing Loans

California Housing Finance Authority (CalHFA)

Home Ownership Affordable Program (HARP)

HARP is a Mortgage Refinance Loan that is designed to help homeowners, who have not been late on their mortgage payments and who have been denied loans because of their declining property values, get a new more affordable, more stable mortgage without the Property Value limitations.

Federal Housing Administration (FHA)

FHA Loan is a Mortgage Loan that is insured and backed by the Federal Housing Administration. This loan is often used by First Time Homebuyers since the program has low down payment and flexible credit requirements.

FHA Streamline

FHA Streamline is a Refinance Loan Program that is designated to reduce an existing FHA loan’s current Interest Rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Veterans Administration Loans

VA Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. This loan is designated for eligible American Veterans or their surviving spouses and offers 100% financing with no mortgage insurance to the borrowers.

VA Interest Rate Reduction Finance Loan (IRRRL)

VA IRRRL is a Refinance Loan Program that is designated to reduce en existing VA loan’s current Interest rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Conventional Loan

A Conventional Loan is a Mortgage Loan that is not insured or guaranteed by any Government Agency. Conventional loans adhere to Fannie Mae guidelines and typically require excellent credit and larger down payment. Unlike FHA and VA Loans, Conventional loans can be used to finance a primary residence, a second home, or an investment property.

USDA Rural Housing Loans

USDA is a mortgage loan that offers 100% financing in rural areas and is guaranteed by the United States Department of Agriculture. USDA loans and have low interest rates and have flexible underwriting guidelines and can be used for Purchase or Refinance transactions.

California Housing Finance Authority (CalHFA)

CalHFA is a First Time Homebuyer loan that is can be used as a First Mortgage Loan or as a Down Payment Assistance Loan. CalHFA loans have eligibility requirements based on Income, Household members, and County Limits.

Find out if an VA IRRRL loan is right for you. Take a moment to fill out an application or call to speak with an experienced Loan Officer today.