Here today with Chris Leerer with Summit Mortgage and he's here today to talk about the VA IRRRL program.
Chris, thanks for being on.
Yeah, thanks for having me.
OK, so one of the first things we're going to go over here is just what is a VA IRRRL?
Yeah, that's a it's a fun acronym to say, isn't it, IRRRL?
A lot of Rs
This stands for interest rate reduction refinance loan, OK? What it is, is if you have existing VA loan, you could refinance it into another VA Loan in a streamlined format.
OK, so why would somebody use IRRRL?
Well, you would do an IRRRL because it's it's quick and easy to streamline something, you can get done very fast and with no appraisal.
OK, so is this the only type of VA refinance there is or are there other ones as well?
Well, there would be other options if you're needing to get cash out or something like that. But if you simply just want to lower the rate and payment, the IRRRL is the best way to go.
OK, that makes a lot of sense. So what documents are needed?
So what makes this program so great It's the least amount of documents that most that really than any other refinance program that I can think of. So just paystub so we can show verification of employment. We do have to show a mortgage statement to show the current terms and a net tangible benefit that we do have to account for home insurance and so forth.
So an insurance statement and that would be it.
OK, that's a lot less than most other programs out there, it sounds like.
Absolutely. It's a great, great program. One of my favorites.
OK, so what are the benefits of this program?
There's a tremendous amount of benefits. So VA number one, first off, has very good lower rates right now. But as I said before, it's streamlined. So no appraisal. So your value is really irrelevant, debt to income as well. You really don't even have to have any income so that that doesn't matter on your debt to income. It's low costs are low fees in general on this program. And if you have to pay a funding fee, it's really reduced on these streamlines. It's at this point five zero percent, whereas general funding fees, depending on the subsequent use, are not are anywhere from over two percent to three percent on VA. So this is, again, low fees.
OK, how could somebody be exempt from having to pay that funding fee?
Yes, except that all comes from the VA. So basically what it is, when you have your discharge from the VA, you would have at least 10 percent disability or more. And if you're not sure if you have that, we can help figure that out with a certificate eligibility that would tell us whether you're exempt or not.
OK, so, Chris, if somebody is interested in finding out more about the VA IRRRL program or any other programs, how would they be the best way to contact you?
Yeah, they could just click on the message link below to send me a message or they could send me an email at email@example.com or if I'm ready to apply right now, you can just go to chrisleerar.com.
All right, Chris, that's great information about the VA IRRRL program.
Chris Leerar NMLS #480181 is a Mortgage Loan Officer with The New Homeowner Center at Summit Mortgage.