VA Refinance

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veteran flag outside a houseWhat is the Veterans Affairs Refinance Program?

The VA loan program, also known as an Interest Rate Reduction Refinance Loan (IRRRL),  was designed specifically as a benefit for veterans. This program makes it very easy for someone who's served in the military, as you can lower your interest rate and save money on your monthly payment.  On top of that, these loans aren't required to have private mortgage insurance.

VA to VA IRRRL Program

This is the most popular for Veterans looking to refinance. It allows Veterans to reduce the interest rate and lower the payment of their current VA home loan. This program is commonly referred to as the Interest Rate Reduction Refinancing Loan or VA to VA Refinance.

This is a streamline refinance because there's not a lot of paperwork needed. There's no credit check and no appraisal needed for this process. You can use the original purchase amount for the value of the home.

This is also the best way to go if you want to pay minimal fees,  as the fees with this refinance are usually lower than the other options. Many lenders will cover this fee in the refinance process, but it's usually at higher offered rate. If you have a second mortgage you are looking to pay off, then you should consider the cash-out refinance option.

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VA Cash Out Refinance

If you have a lot of equity in your home, then you may be considering the cash-out refinance option for veterans with a VA loan. This is especially a great option if you have two mortgages that you would like to refinance into one loan. With an IRRRL you can’t do this, but with an VA cash-out refinance you have the ability to pay off both you mortgages with the new loan.

With this option you can also get cash back when you refinance. Some lender’s don’t allow borrowers to take cash out of the loan, but many lenders allow borrowers to refinance one hundred percent of the home’s value in order to pay off their old mortgages.

For example, if you have a VA loan for the amount of $250,000 and you owe $200,000 on it as well as a conventional second mortgage for the amount of $50,000, you can refinance your loan and get $250,000 allowing you to pay off the other mortgage and resulting in just one loan.

Conventional to VA refinance

If you never got a VA loan, but you know you’re eligible for one, then you should consider refinancing your conventional loan over to VA loan. This process is considered a cash out refinance by Veterans Affairs.

In order to go through this process the Veteran has to pay a small funding fee. This fee can be added to the back of the loan balance.

For most people the rates and benefits they get with switching their conventional loan to a VA loan are well worth it.


**There is a VA funding fee depending on the type of loan you have. Check out our VA Funding Fee page to learn more about this and what percentage you may pay.

Village Capital - Refinance Experts

Village Capital specializes in the VA loan product. This means our loan officers are efficient and experienced making refinancing a breeze.

  • No Lender Costs

    You don’t pay us anything to refinance your home.

  • No COE

    You will not need a Certificate of Eligibility. However a COE can be used to prove prior use of entitlement.

  • ARM to Fixed Loan

    If you are refinancing from a current VA ARM loan to a fixed rate loan, then your interest rate may increase.

  • No Appraisal

    When you apply for the IRRRL program there is no appraisal required.

  • No Income Verification

    That’s right. No W2’s or tax transcripts. We only check to see if you’re employed.

  • No Money Out of Pocket

    Village Capital will cover the costs of the refinance. We are able to do this with the money generated from doing the business.

Today's VA loan Refinance Rates

The first step to moving forward with the IRRRL program is getting a quote of today's current rates. Click the button below to get a quote from one of our licensed loan officers.

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