Veterans: Slash Your Mortgage Payments Today with Zero Out-of-Pocket Costs!
Streamline Your Refinancing Journey
No Income CheckNo Appraisal
Your Path to Affordable Homeownership
Lower your monthly payments with EASE
At United Direct Lending, we are dedicated to serving our veterans by offering the Veterans Affairs Interest Rate Reduction Refinance Loan (IRRRL). This program is specifically designed to help you lower your monthly mortgage payments with ease and efficiency.
Am I Eligible?
You may be eligible for an IRRRL if you meet all of these requirements.
All of these must be true:
You already have a VA-backed home loan
You’re using the IRRRL to refinance your existing VA-backed home loan
You can certify that you currently live in or used to live in the home covered by the loan.
- You already have a VA-backed home loan
- You’re using the IRRRL to refinance your existing VA-backed home loan
- You can certify that you currently live in or used to live in the home covered by the loan.
Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
Benefits
No Income Check
Don’t need perfect finances to qualify.
No Appraisal Required
Qualify with no or low home equity.
Closing Costs Included
Borrowers may pay little or nothing upfront.
Unlock the home equity you already have to get the money you need.
Benefit from potentially lower interest rates compared to credit cards and personal loans.
Deduct the interest paid on the cash-out amount used for eligible home improvements.
Enjoy consistent monthly payments with a new fixed-rate loan, unlike variable-rate HELOCs.
Improve your credit score by consolidating higher-interest debt.
Use the extra cash for any purpose, such as home renovations, education expenses, or major purchases.
Simplify your finances by consolidating multiple debts into a single monthly payment.
Avoid taking on additional loans by leveraging the equity in your existing home.
Invest in home improvements that can increase your property’s market value.
Take advantage of historically low mortgage rates to secure better terms for your loan.
Lock in Low Rates: Take advantage of historically low mortgage rates to secuyre better terms for your loan.
Frequently Asked Questions
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may also see it referred to as a “VA Streamline”. It is used to refinance an existing VA guaranteed loan to reduce the interest rate or to refinance an adjustable rate mortgage (ARM) to a fixed rate.
The loan you are refinancing must have been guaranteed using your VA entitlement. The new loan will re-use the entitlement you originally used. A Certificate of Eligibility is not required. Your lender can verify your previous loan information by using our automated system.
No appraisal or credit underwriting is required by VA. However, you should be aware that some lenders may require them anyway.
Also, the occupancy requirement is different from other VA loans. When you originally obtained your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL, you only need to certify that you previously occupied it.
No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a 2nd mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
No, you must not receive any cash from the loan proceeds. The new loan amount may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs. You may also add up to $6,000 of energy efficient improvements into the loan. See your lender for details.
An IRRRL may be done with “no money out of pocket” by including all costs into the new loan. Some lenders may say that VA requires certain closing costs to be charged and included in the loan. The only cost required by VA is a funding fee* of ½ % of the new loan amount. This may be paid in cash at closing or added to the new loan.
In addition to the energy efficient improvements, you may also include up to 2 discount points into the loan.
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About Us
We are committed to offering qualified borrowers the lowest mortgage rate and the best, most reliable customer service. Our mission is to serve our customers with honesty, integrity, and competence while providing them with home mortgage loans with the lowest interest rates and closing costs possible.
Company NMLS: 1749719
State Licensing: FL, TX, CA, NJ, VA
Equal Housing Opportunity
