Government
VA IRRRL (Streamline)
Looking to lower your monthly mortgage payments or shorten your loan term? The VA IRRRL (Interest Rate Reduction Refinance Loan), also known as a Streamline refinance, offers a simplified path for eligible veterans to refinance their existing VA loans, potentially starting with rates as low as 6.25%. Take advantage of this program's streamlined process and potentially save money without needing an appraisal or credit check in many cases.
Program Benefits
Potentially lower your monthly mortgage payments.
Streamlined refinance process with less paperwork.
No appraisal required in most cases.
No credit check required in many situations.
Refinance to a shorter loan term and build equity faster.
Take advantage of potentially lower interest rates, starting at 6.25%.
Program Highlights
Max LTV
96.5%
Min Credit Score
580
Max DTI
55%
Loan Amount Range
$50K - $3M
Amortization Options
Eligible Properties
- Single Family
- Condo
- Townhouse
Program Requirements
Income Documentation
- •Demonstrate sufficient income to support the new mortgage payment.
- •Provide documentation to verify income (e.g., pay stubs, W-2s).
- •Stable employment history is generally required.
- •Income must be documented and reliable.
Asset Verification
- •Minimal asset verification is typically required.
- •Sufficient funds to cover closing costs (if applicable).
- •Reserves may be required in certain circumstances.
- •Verification of funds for any out-of-pocket expenses.
Insurance & Title
- •Maintain adequate homeowner's insurance on the property.
- •Provide proof of current homeowner's insurance policy.
- •Flood insurance may be required if the property is in a designated flood zone.
- •VA funding fee (may be rolled into the loan).
Property Requirements
- •Minimum FICO score of 580 required.
- •Credit score requirements may vary by lender.
- •No recent history of late mortgage payments (typically within the last 12 months).
- •A credit check is not always required, but may be conducted at the lender's discretion.
Application Process
Six simple steps from application to funding
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Why Choose Custom Mortgage?
Your trusted partner in real estate financing
Extensive Experience
Over 25 years of proven expertise in mortgage lending and real estate financing
Comprehensive Loan Options
Wide range of programs from conventional to specialized non-QM and hard money solutions
Nationwide Coverage
Licensed in multiple states with the ability to fund loans across the country
Flexible Solutions
Customized financing options for unique situations that traditional lenders decline
Competitive Rates
Access to wholesale pricing and volume discounts passed directly to our clients
No Upfront Fees
Transparent pricing with no application fees or upfront costs to get started
Frequently Asked Questions
The VA funding fee for an IRRRL is typically 0.5% of the loan amount. This fee can usually be rolled into the loan amount, so you don't have to pay it out of pocket.
In most cases, no appraisal is required for a VA IRRRL. This is one of the key benefits of the streamline refinance program.
No, a VA IRRRL is strictly for refinancing your existing VA loan to a lower interest rate or a shorter loan term. It does not allow you to take cash out of your home equity.
CMRE requires a minimum FICO score of 580 for a VA IRRRL. Other lenders might have different requirements.
Sam K.
Senior Loan Strategist
With over 15 years in the mortgage industry, Sam specializes in complex jumbo and non-qm financing solutions, helping clients navigate unique financial landscapes.
NMLS #12345 | Certified Mortgage Advisor (CMA)
TESTIMONIALS
Success stories from families and investors across the nation who achieved their goals with CMRE.
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