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WHAT IS A VA IRRRL? INTEREST RATE REDUCTION REFINANCE LOAN THE VA INTEREST RATE REDUCTION REFINANCE LOAN (IRRRL) LOWERS THE INTEREST RATE BY REFINANCING AN EXISTING VA HOME LOAN WITH ANOTHER VA LOAN. FAQ’S VA IRRRL NO APPRAISAL OR CREDIT UNDERWRITING PACKAGE IS REQUIRED FOR AN IRRRL WITH VA. HOWEVER, CERTAIN LENDERS WILL HAVE SPECIFIC GUIDELINE OVERLAYS AND OFFER BETTER PRICING FOR IRRRL’S WITH AN APPRAISAL AND OR CREDIT UNDERWRITING PACKAGE. (SEE ATTACHED IRRRL MATRIX). AN IRRRL MAY BE DONE WITH “ NO MONEY OUT OF POCKET” BY INCLUDING ALL COSTS IN THE NEW LOAN OR BY MAKING THE NEW LOAN AT AN INTEREST RATE HIGH ENOUGH TO ENABLE THE LENDER TO PAY THE COSTS. WHEN REFINANCING FROM AN EXISTING VA ARM LOAN TO A FIXED RATE LOAN, THE INTEREST RATE MAY INCREASE. BORROWERS MAY NOT RECEIVE ANY CASH FROM THE LOAN PROCEEDS. AN IRRRL CAN ONLY BE MADE TO REFINANCE A PROPERTY ON WHICH THE BORROWER HAS ALREADY USED THEIR VA LOAN ELIGIBILITY. IT MUST BE A VA TO VA REFINANCE, AND IT WILL REUSE THE ENTITLEMENT ORIGINALLY USED. ELIGIBILITY ADDITIONALLY A CERTIFICATE OF ELIGIBILTY (COE) IS NOT REQUIRED. IF YOU HAVE A CERTIFICATE OF ELIGIBILTY, IT CAN BE USED TO SHOW THE PRIOR USE OF THEIR ENTITLEMENT. NO LOAN OTHER THAN THE EXISTING VA LOAN MAY BE PAID FROM THE PROCEEDS OF AN IRRRL. IF THERE IS A SECOND MORTGAGE, THE HOLDER MUST AGREE TO SUBORDINATE THAT LIEN SO THAT THE NEW VA LOAN WILL BE A FIRST MORTGAGE. THE OCCUPANCY REQUIREMENT FOR AN IRRRL IS DIFFERENT FROM OTHER VA LOANS. FOR AN IRRRL YOU NEED TO ONLY CERTIFY THAT THE BORROWER PREVIOUSLY OCCUPIED THE HOME. Loan Simple, Inc. NMLS #3032 (www.nmlsconsumeraccess.org). 9635 Maroon Circle, #100, Englewood, CO 80112. 1-866-467-3157. AZ 0928882. Licensed by the Division of Business Oversight under the California Residential Mortgage Lending Act CA 4131192. Regulated by the Division of Real Estate. FL MLD593. FL MLD1221. Georgia Residential Mortgage Licensee GA 21399. IA 2015-0027. IN 11188. Kansas License Mortgage Company MC.0001574. LA 2707. MI FR0020125. MN MN – MO – 3032. MO 15-1947. Nebraska Mortgage Banker License. NM 02499. NV 4076. OK ML010029. SC MLS-3032. TN 109122. TX SML - Mortgage Banker Registration. TX SML - Residential Mortgage Loan Servicer Registration. UT 95369158. VA MC-4468. WA CL-3032. WY 2451. HARRY CHRIEST BRANCH MANAGER NMLS #96705 BRANCH NMLS #1456869 P 425.736.2433 [email protected] www.loansimple.com/harry-chriest 33825 SE Sorenson St., Snoqualmie, WA 98065
