Getting Your VA Mortgage Loan Rate Reduced


VA Streamline (IRRRL) Facts and Answers

  • If I currently have a VA Loan, do I need an property appraisal?
    Answer:  No appraisal or credit underwriting package is required when applying for an IRRRL.
  • Do I need put out any out of pocket to get my VA loan refinanced and my interest rate reduced?
    Answer:  No, you need  “no money out of pocket” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
  • What if I have currently have a VA ARM (adjustable rate mortgage) can I still to a VA Streamline Refinance?  Answer:  Yes you can go from an existing VA ARM loan to a fixed rate loan.
  • I am a Veteran, how do proceed?
    Answer:  Simply give us a call to get started.
  • Can I receive any cash if I do a VA Streamline Refinance?
    Answer:  No, you may NOT receive any cash from the loan proceeds.
  • How do I know if I qualify?
    Answer:  If you have an existing VA loan and currently occupy your home, you most likely qualify.

How do I get the application process started?

A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or you can use our e-mail confirmation procedure in lieu of a certificate of eligibility.

Are there loan limits to get my VA mortgage rate reduced?

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money lenders will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location. See Loan Limits for more information about the limits in your county.


When is the best time to get this done? 
Your timing could not be better.  Rates are now at their lowest point in years. 

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