Valor CA VA Streamline Refinance (IRRRL)
The VA Streamline Refinance (IRRRL) was established in 1944 and is the go-to refinance option for United States Veterans or active-duty service members; who are eligible for the program. Most importantly, VA loans, including VA Streamline Refinance’s (IRRRL) are backed by the Department of Veteran Affairs, allowing veterans to have a mortgage without committing to a down payment or private mortgage insurance requirement!
At Valor Lending Group, we have been able to help the veteran population leverage their hard-earned VA Streamline Refinance housing benefit! We have also been able to help those Veterans who are in a bind and are having difficulties making their monthly payments! The VA IRRRL, also called the VA Streamline Refinance, may help you refinance at a lower interest rate. As a result, refinancing may possibly lower your monthly payment. The following information will help you determine whether you qualify for the VA Streamline Refinance and how to get started in a direction toward a more manageable mortgage payment.
What Is a Valor CA VA IRRRL (Streamline Refinance)?
The easiest way to think about a VA IRRRL is to reference the word Streamline. VA IRRRL and VA Streamline is used interchangeably in the lending world, implying that the process is a lot easier and quicker than a normal refinance.
A VA Streamline can help you with a few aspects of your current loan. First, it will help you switch from an adjustable-rate mortgage (ARM) to a fixed rate mortgage. Second, it can help you lower your monthly interest rate or change your current term; possibly helping you save thousands of dollars over 30 years and or lowering your monthly payment. To pull cash out of your home’s equity, you will have to complete a full refinance; which is different than a VA Streamline Refinance.
What does California VA IRRRL do for the borrower?
The VA Streamline refinance allows you to refinance your current loan only if the new terms contribute to an instant financial benefit, including lowering your monthly payment or interest rate. The VA will not allow you refinance your loan for any reason that does not involve your financial benefit.
Refinance Rates for California VA IRRRL
One of the most attractive benefits of a California VA Streamline Refinance is the fact that you will be capturing one of the lowest interest rates in the market! At Valor Lending, we make sure our Veterans and or Active Duty Servicemembers are taken care of. We do the ground work for the borrower and shop your loan so you don’t have to, providing the best IRRRL rate available.
What happens when you complete a California VA IRRRL?
Your home of residence:
The length of your mortgage and lender may change, but no your property.
Timeframe of your Mortgage:
The VA does not force you to extend your mortgage. It is very likely that you are a few years into your mortgage and if that is the case, you may choose a mortgage option that allows you to keep your mortgage length (term). However, in order for you to keep your current mortgage term, the lender must offer that option.
In order to apply for the VA Streamline, you are required to wait 270 days from closing of your original mortgage. In addition, you must make six consecutive monthly payments on your loan and there must be 210 days from your first mortgage payment and closing on your VA Streamline.
Who is eligible for California VA Streamline Refinance?
In order to be eligible for a VA Streamline, you must currently have a VA Loan. If you don’t have a current, outstanding VA Loan you cannot use the VA Streamline loan.
Something to consider, if a veteran or service member currently has a conventional or FHA loan, they may qualify for a regular VA refinance. The draw back for a regular VA refinance is that these loans require an appraisal and are not eligible for a VA Streamline refinance.
What A Good Candidate Looks Like
If you currently have an Adjustable-Rate Mortgage (ARM), your rate may see higher interest rates over time. Perhaps the rate will save you money in the short run. However, if this is your primary residence or a long-term investment, it is important that you refinance into a fixed rate mortgage. Initially, you may have to accept a higher interest rate, however; in the long run you can potentially save thousands of dollars.
Another important reason to consider a VA Streamline is your monthly payment. If you are having trouble keeping up with your payments, a VA Streamline is for you!
The California VA IRRRL has numerous benefits for the borrower:
- Provide a more manageable payment
- Lower your interest rate
- Extend the length of your mortgage term
At Valor Lending group, we can work with you to find the best option for your unique situation. We will work with you and make sure there’s a tangible net benefit that’ll help the you qualify for the VA Streamline refinance. We will also make sure we fulfill the VA’s minimum standards, so you’re able to qualify when you apply. Keep in mind that your application can be denied due to a failure to prove a tangible net benefit.
Steps To Apply For A California VA IRRRL
At Valor Lending Group we make it easy to apply by following these steps:
You can apply here and get the information you need from the comfort of your own home.
Step One:
Let’s make sure you qualify! At Valor Lending we will analyze your current situation and make sure you fulfill the requirements, including analyzing your current rate.
Step Two:
Contact Leo Gutierrez, Your HOME LOAN EXPERT. Leo will look at your personal situation and give you a breakdown of your net tangible benefit.
Give him a call today at (562) 308-6497.
If you don’t qualify for VA Streamline Refinance, we can take a look at other options and see how we can best help you.
The Bottom Line On VA IRRRLs
The most important aspect of a VA IRRRL is that you as the borrower are receiving an immediate benefit. The benefit may include a lower interest rate, monthly payment and or extended term. If its not in your best financial interest, we will let you know without hesitation!
**NOTE, We can Only Complete VA Streamline Refinances in California**
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self-employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 5% down Jumbo’s with NO MI up to $2mm / 10% down up to $3mm
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- Conventional Conforming Loans
- High Balance Conforming
- Jumbo Loan Financing to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, USDA
- Reverse mortgages up to $1 Million Value
- Cash Out Refinancing
**Rates and terms subject to change without notice
For more information on Rates see Mortgage News Daily
