Best California VA Loans
No Appraisal VA to VA Refinance Loan
Learn more about the VA to VA Refinance VA IRRRL Loan (No appraisal, No DTI calculated & streamline process with less documentation).
Valor Lending Group is committed to serving our Veterans .
Veteran and their families can CONTINUE to count on great pricing and a smooth process.
We have STRONG funding sources with competitive rates for your VA Home Loan needs.
What is a VA IRRRL? Best California VA Loans
Firstly, IRRRL stands for Interest Rate Reduction Refinancing Loan.
Secondly, IRRRL purpose is to reduce your interest rate on your Primary Residence** with less documentation (streamlined) than a FULL Doc VA R/T Refinance.
A Net Tangible Benefit must be met in accordance with VA guidelines:
- (.5% reduction from current note rate) to qualify as well as a seasoning requirement on the VA loan being refinanced.
- At least 210 days after the date on which the first monthly payment was due on the mortgage being refinanced and
At least six full monthly payments have been made.
In addition, no appraisal*, DTI calculation, or condo projects don’t need current approval.
Why get an IRRRL?
- Lower your monthly mortgage payment by getting you a lower interest rate, or
- Make your monthly payments more stable by moving from a loan with an adjustable or variable interest rate (an interest rate that changes over time) to one that’s fixed (the same interest rate over the life of the loan)
Furthermore, on a no-down-payment loan, you can borrow up to the Fannie Mae/Freddie Mac conforming loan limit in most areas—and more in some high-cost counties.
What documents do you need to submit this loan?
- Copy of DD 214
- Copy of Award Letter
- 2 Forms of Identification (Driver license, passport etc)
- Copy of the existing mortgage note and a current mortgage statement
- Copy of current Hazard Insurance
(additional documents to be requested)
* Exterior inspection may be required | case by case basis
** California Properties ONLY
Finally, please feel free to give us a call to answer any questions on the VA IRRRL Loan and/or discuss your loan and get today’s current rates and pricing.
Be safe out there during this time and remember VALOR IS STILL serving YOU!
In conclusion, we are never too busy for your referrals.
