VA Streamline Refi

VA Streamline Refinance in San Diego, CA

A VA streamline refinance is for active duty military personnel, a qualified veteran, or a spouse of either. It is also known as an Interest Rate Reduction Refinance Loan (IRRRL). A VA cash-out refinance is also available for homeowners looking to get money out of their home equity. A VA streamline refinance is ideal for homeowners who want to decrease the interest rate on their current VA home loan. You can also refinance an adjustable rate mortgage into a fixed rate mortgage with an IRRRL.

IRRRL VA Loan Guarantee

The VA guarantees loans up to 100% of your home value. This means that if you cannot make the payments, the VA will cover the losses. Keep in mind that like other home loans, monthly payments are required to remain in the property.  With this VA guarantee comes a VA funding fee. For an IRRRL, the funding fee is .50% of the loan amount. The funding fee may be waived if you meet any of the following conditions:

  • You are receiving VA compensation for a service-related disability; or
  • You are entitled to receiving compensation for a disability if you did not receive retirement or active duty pay; or
  • If you are the surviving spouse of a Veteran who died in service or from a service-related disability

IRRRL VA Loan Qualifications

  • This refinance must be from an existing VA loan to a new VA loan.
  • As of January 1, 2015, the maximum VA loan amount for one-unit in San Diego County is $562,350. (loan limits vary by county and are subject to change)
  • You must have previously lived in the home to qualify.

IRRRL VA Loan Benefits

  • Maximum Loan-To-Value is 100%
  • No appraisal or credit underwriting required
  • You do not have to pay any money upfront; all the costs can be included in the new loan
  • You do not need a new Certificate of Eligibility (COE). You may reuse your COE to show prior use of entitlement.
  • Reimbursement for energy efficient improvements up to $6,000 completed within 90 days preceding the date of loan closing.

Getting Started

For more information on the VA streamline refinance program, visit the official VA website. You can also give us a call at (858) 768-2692 or click here to apply now.

These materials are not from the U.S. Department of Veterans Affairs, HUD or FHA and were not approved by a government agency.

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