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VA Streamline Loan Overview

A way to help VA homeowners reduce their interest rates with no out-of-pocket expense.

The VA created a program called the Streamline Refinance Loan, which is also known as the Interest Rate Reduction Refinance Loan (or IRRRL), as a way to help VA homeowners reduce their interest rates with no out-of-pocket expense. These refinance loans can often be done more quickly and with less processing and paperwork than traditional VA loans. In fact, Strive Lending can complete a streamline refinance in as few as 10 business days.

How the VA IRRRL can be Utilized 

The streamline option can be utilized for any current VA loan, whether it be a primary residence, or a home previously used as a primary residence.  The primary requirement is that the refinance provides a benefit in terms of a lower monthly payment, or fixing a current adjustable rate VA loan.  Also, veterans are not limited to using the same lender, the paperwork is the same whether using the original lender or obtaining the loan through a new VA approved lender

If you want to get some extra cash out of your home, the streamline refinance is not the right choice for you. If that’s what you want, read about Strive Lending’s VA cash-out refinance option. Although a cash-out refinance is more complex than a streamline refinance, it may be a better fit for your needs.

These refinance loans can often be done more quickly and with less processing and paperwork than traditional VA loans.

The streamline refinance option is limited to the amount of the original loan, plus any accrued late fees or charges. It can also include refinance fees and closing costs. No other loans may be paid with the streamline refinance option.

Use our Streamline Refinance Calculator to see how much you’ll save! 

If you’ve been thinking of refinancing your VA loan, this is one of the easiest ways to save money on your monthly loan payment. Strive Lending can complete your refinance loan within as few as 10 business days. Give us a call, and we’ll help you figure out if this is the right option for you and will help you get the process started.

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