The VA IRRRL is back and its even helping to prevent foreclosures. You can be deliquent and apply and still get some help. You definetely, need to shop your refi though because basic terms can be different from lender to lender. For instance Credit check vs. No credit check. Also the Interest Rate Reduction Refinancing Loan (IRRRL) offers current VA mortgage holders an excellent opportunity to take advantage of low interest rates. But before you call your lender, there's a few things you need to know. One good thing is if you just refi you only need to wait for six months before you can apply for the IRRRL to get down to the best bottom rate. Now they also added the energy efficiency improvement term.

IRRRL Facts for Veterans - Home Loan Links
  1. The new interest rate must be lower than your existing rate. To make it worthwhile your new in
  2. Interest rate should be at least 1 % lower than your existing rate.
  3. Under the IRRRL program, you cannot receive cash proceeds from the refinance. This means that if your existing mortgage is $90,000 you cannot tack on $20,000 from the home's equity for a remodeling project. However, you can add up to $6,000 for energy efficiency improvements.
  4. You do not need to reapply for a Certificate of Eligibility. The lender can electronically receive confirmation from the VA.
  5. The VA does not require an appraisal or credit check. However, your lender might require these documents.
  6. If your current mortgage is an FHA or Conventional loan, you cannot refinance through the IRRRL program.
  7. You cannot combine your existing mortgage and a second mortgage under the IRRRL program.
  8. You don't need to pay any upfront fees. All refinancing costs can be built into the loan.
  9. Contrary to popular belief, you do not need to refinance with the lender holding your existing mortgage. Any lender can provide you with an IRRRL.
  10. Fees and terms vary among lenders and unfortunately some lenders prey upon Veterans.
"One of my friends went from 5.7% down to 4%. So every little bit helps is was about a little over 200.00 a month savings. So check it out for yourself." Michellee

Peace be upon you
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VA Refinancing - Frequently Asked Questions

VA Mortgage - VA Loan Refinance - Frequently Asked Questions