The following information will lead you to the next steps to apply for this benefit.
Application Process
Contact a lender to discuss qualifying for an IRRRL. The lender will make sure you meet basic program requirements, including the following:
- The monthly payment must be for less than the original loan.
- The interest rate must be for less than the original loan (unless refinancing an Adjustable Rate Mortgage).
- The term cannot exceed 360 months or no more than 10 years more than the original loan (up to a max of 360 months).
Please note that if you are interested in obtaining an Adjustable Rate Mortgage (ARM) loan, the loans are being offered as a traditional 1 year ARM and also as hybrids with 3, 5, 7 and 10 year fixed rates, where available.
NOTE: If you plan to stay in your home for longer than the fixed rate period, an ARM may not be in your best interest.
It is a good idea to use a mortgage calculator to determine what the best loan, term and interest rate are for you and your family.
Program Contact Information
For more information on this program, please
visit:
http://www.homeloans.va.gov
You may contact a Regional Loan Center
to discuss purchase and Refinancing issues:
http://www.homeloans.va.gov/RLCWEB.htm
