The (IRRRL) can Save Military Personnel Big Bucks Every Month
There are so many servicemen and women, and retired veterans who are struggling, financially, in our current economy. Many of them are trying to find ways that will help them pay their bills and put food on their tables every month. A program called the VA streamline will allow them to refinance their VA loans, with very little qualifying. It will help lessen their monthly financial struggles.
Why the VA streamline loan program?
The VA streamline in California loan program, which is also known as the Interest Rate Reduction Loan (IRRRL), is designed to help our military men and women, along with veterans, to refinance their VA loans easily and fast. This loan can usually reduce their monthly mortgage payments by hundreds of dollars if not more.
By refinancing, there will be more money for military personnel and their families each month. They will be able to afford the necessities that they need without financially struggling. It will just make life a whole lot easier.
Besides lowering the interest rate, the IRRL can be a useful tool to refinance an adjustable rate loan to a fixed one. It can also be used to get a 15-year loan, instead of having a 30-year loan.
Simple qualifications have been put in place so that almost any military personnel who applies will get approved. Basically, if you have a VA loan, a 600 or higher credit score, have not been 30 days late on your current VA loan in the past year and had your loan for at least ninety days, you will qualify. There are no prepayment penalties with the VA streamline in California IRRRL, no upfront fees and the cost of refinancing can be put back into the loan. The refinancing cost is lower than usual.
If you lost your job, you can still qualify
Even if you have lost your job, have no income, no savings, and no assets, have judgments, liens or if you are in collections for back monies owed, you can still be approved.
Take advantage of the low-interest rates
The VA streamline loan is a government-backed loan. Active duty men and women or veterans can be approved very fast and hassle free. With the interest rates at an almost low historical level, taking advantage of this loan would be a great way for them to have extra money in their pockets each month.
If previously tried to refinance, try again: New rules
The VA streamline in California IRRRL is the best loan on the market today. If any military personnel has tried previously to refinance and did not qualify, reapplying would be the thing to do. Some of the rules have been changed making it easier than before to refinance.