Alabama VA Streamline Refinance: Alabama VA IRRRL

Alabama VA Streamline Refinance

For Veterans who currently have a VA loan, the Alabama VA streamline refinance was designed to help them take advantage of lower rates when available with minimal hassle. The VA streamline is known to many Veterans as the VA IRRRL refinance program. It is designed to be done with as little documentation as needed and there is no appraisal required so that veterans can save as much money as possible with minimal hassle.

Alabama VA Streamline Refinance Program Highlights:

  • Not allowed to get cash back when you close your loan
  • You can defer one mortgage payment after closing
  • No income asset or employment information/verification required
  • Any costs associated with the VA streamline can be rolled into the loan
  • Appraisal not required

VA Streamline Refinance Information from VA.gov

“Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact. Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs. Remember – Any lender may make you an IRRRL.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.”

For Veterans who are in a VA loan currently, it is easy to find out if the VA streamline refinance can help save you money each month. Contact your Alabama VA streamline experts now — 888.448.2669.

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