Posted on Aug 11, 2014
Interest Rate Reduction Refinance Loan for current VA loan holders
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I haven't been able to search anything about the IRRR loans, so I thought I would share my experience in case it could help someone out.
Right now the VA is offering Interest Rate Reduction Refinance Loan for current VA loan holders. You do not need a credit check, or any additional information. No new assessments of your property or it's value. All you need have is a current VA loan on the property, and attest that you HAVE been living at this property in the past. (You do NOT need to affirm you WILL live on it in the future, unlike the regular VA loan, so you could potentially use this to make your home into a rental).
It uses your current eligibility you are already using for your VA loan. Basically the idea is to lower your interest rate.
I bought my home in April and am refinancing through this program 2 months later. I dropped my interest from 4.75 to 3.8, and reduced my monthly payments by almost 100 bucks.
If you have a VA loan, I would recommend calling your lender and asking about this program.
Right now the VA is offering Interest Rate Reduction Refinance Loan for current VA loan holders. You do not need a credit check, or any additional information. No new assessments of your property or it's value. All you need have is a current VA loan on the property, and attest that you HAVE been living at this property in the past. (You do NOT need to affirm you WILL live on it in the future, unlike the regular VA loan, so you could potentially use this to make your home into a rental).
It uses your current eligibility you are already using for your VA loan. Basically the idea is to lower your interest rate.
I bought my home in April and am refinancing through this program 2 months later. I dropped my interest from 4.75 to 3.8, and reduced my monthly payments by almost 100 bucks.
If you have a VA loan, I would recommend calling your lender and asking about this program.
Posted in these groups: 
VA Loan
VA Loan
Posted 8 y ago
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PennyMac Loan Services currently holds my VA loan. I inquired about the IRRRL program. Here are the rates they sent me. Lowered my rate from a 4.25% fixed to a 3.75% fixed.Their estimated closing cost is $4461.00 includes $2930.00 in loan costs + $509.00 in Lender Credits + $2040 in Other Costs. Cash to close $418.00. Mind you that I currently owe $115,792.00 on my home. By the time they are done I will owe $120.097.00. Anyone think this is a good deal :( ????
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