How to qualify for a VA Streamline Refinance IRRRL

At Lendia we can do VA Streamline Refinancing IRRRL with no appraisal as long as you have a 600 FICO. More details no this can be found by reading up on Lendia’s VA Streamline Refinance IRRRL Guidelines and Credit Requirements

In order to qualify for a VA Streamline Refinance IRRRL the borrower must:

• Have a VA Loan
• Be current on your loan with no late mortgage payments in past 12 months (exceptions can be made but be sure to contact us with specific scenario)
• Realize a benefit from the Streamline IRRRL Refinance.
  • That is you must lower your rate and monthly payment – if you are going from a fixed rate to a fixed rate
  • You are going from an ARM (Adjustable Rate) to a fixed rate VA mortgage – our rate does not necessarily have to be lower since the benefit is payment  stability in this case
• Recoup the refinance costs within 60 months
• Your principal balance cannot increase except for allowable points and fees
• If your monthly principal, interest, taxes and insurance (PITI) payment is increased by 20% than your current payment (usually occurs when going from a VA ARM to a VA Fixed Rate or when you are doing an IRRRL refinance and decide to get a lower term loan like a 25 year fixed 20 year fixed or even a 15 year fixed)
  • Lendia will need to check income to make sure you can manage the higher payment
  • Veteran will have to sign a certification stating that they qualify for the new monthly payment which is 20% higher than the current payment.