Colorado VA Streamline Refinance
Many people new to the VA loan program will be excited to learn about the Colorado VA streamline program that allows Veterans who currently have a VA loan to refinance the VA loan with minimal hassle. The VA streamline is also known as the IRRRL program – or Interest Rate Reduction Refinance Loan. The VA streamline / IRRRL refinance was designed to require as little documentation as possible in order to qualify for the loan.
Colorado VA Streamline Refinance Program Highlights Include:
- All costs can be rolled into the loan
- No appraisal required with most lenders
- No employment or income verification
- Must be current, but 1 30 day late payment is allowed within 12 months
- Cash at closing is not allowed
Colorado 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.”
While rates are low, now is a great time to see if the VA streamline / VA IRRRL program can help you save money each month on your mortgage payment. Contact your Colorado VA streamline experts now — 888.448.2669.
