The Tampa VA Streamline Refinance Loan program, also known as the IRRRL program, is designed specifically for Florida veterans. This is a VA backed refi program to aid military homeowners who are underwater or “upside down” on their VA mortgage. The best feature of the program is the fact that it enables veterans who meet the qualifying requirements to refinance their house into a lower interest rate.
What is Tampa VA Streamline Refinance IRRRL Program:
Also known as VA “Streamline Refinance” this mortgage refinance program is offered by VA approved lenders banks, brokers in Florida. The loan is guaranteed by the VA if the mortgagor (homeowner) defaults on loan payments. This is a popular refinance option because the program helps streamline the qualification process and like the name implies, limits the amount of paperwork involved. Other notable features of VA loans include flexible requirements, no need for private mortgage insurance (PMI), and highly competitive fixed mortgage rates.
Tampa VA Streamline IRRRL Basics:
The VA Mortgage Interest Rate Reduction Refinance Loan (IRRRL) brings the VA mortgage interest rate low by refinancing the existing VA loan. There could be a significant reduction in monthly mortgage payment if lower VA mortgage interest rates are obtained. Tampa homeowners can request a 10-min mortgage review 7 days a week by calling or submit the quick Info Request Form here and a VA loan specialist will reach out to you. Some quick things to note about the streamline refi program:
- Loan assumptions in VA IRRRL are not acceptable.
- It is necessary that the homeowner has made on time loan payments for the last year, and must be current at the time of refinancing to obtain this loan.
- IRRRL refinance can be done with zero out-of-pocket money by adjusting all costs in the new loan, or by creating the new loan at a slightly higher interest rate to insure the lender pays the buyer’s closing cost.
- The homeowners can not receive any “cash back” Homeowners that DO have some equity and want to “cash out” money for home improvements or debt consolidation can learn about the 100% VA Cash Out here.
- Most of the time a new appraisal report or termite WDO report of the house is necessary. Remember, current loan to value is not important.
- This refinance program is very “streamline” regarding paperwork and time. Easy paperwork with fast closing times.
Refinance Program Eligibility Criteria:
The eligibility criteria of refinance program is similar to the criteria for a home purchase VA loan. Normally, a service of more than 90 consecutive days of active duty during wartime or 181 days of service during peace time is required. The National Guard and Reservists veterans must have served for six years minimum to be eligible for this loan.
Conditionally, the surviving spouses of the veterans who die in the line of duty, or from a service-related disability may also be eligible for VA IRRRL. Also, in order to receive a VA IRRRL, you must have an existing VA loan. Finally, a new Certificate of Eligibility (COE) is not required.
Tampa VA Streamline Refinance Benefits:
Listed below are some of the advantages of the VA IRRRL program:
- Interest rates are low, depending on your original loan rate, it may be possible to save a lot of money each month on your mortgage payment.
- Homeowners can often times skip a few mortgage payments while going through the refinance process.
- Even if the property values are going down, no appraisals or inspections are required.
Call us today or just submit the Info Request Form to start your quick review.