The VA offers military home loans for vets who want to refinance their current VA home loan to get a lower interest rate. Who doesn’t want to pay less? The VA offers a great way for military members (and other qualifying veterans) to refinance home loans to save money.
Program Description
VA loan guaranties are made to service members, veterans, reservists and certain qualifying unmarried surviving spouses for the refinancing of a VA home loan.
General Program Requirements
You must have a current VA loan to be able to utilize the Interest Rate Reduction Refinancing Loan (IRRRL) program.
Loan Terms
The interest rate varies and the length of the loan cannot exceed 360 months. Payments are due monthly. No more than 2 points may be rolled into this loan plus allowable closing costs.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
For more information on this program, please visit:
http://www.homeloans.va.gov
You may contact a Regional Loan Center to discuss purchase and Refinancing issues:
http://www.homeloans.va.gov/RLCWEB.htm