For Veterans seeking to lower their mortgage payments, a VA IRRRL offers a beneficial and relatively straightforward path. With the expertise of our team, you can explore how an IRRRL might reduce your monthly expenses, ultimately providing financial relief or freeing up resources for other priorities. Our support can clarify the process, providing you with a clear understanding of your options and the potential benefits of refinancing through the program of VA loans in Texas.
| Feature | VA IRRRL Details |
| Occupancy Requirement | Veteran or spouse of active service member must certify previous occupancy. |
| Credit Requirements | No credit report required unless the loan is 30 days or more past due, or if the monthly payment increases by 20% or more. |
| Appraisal Requirements | Generally not required, simplifying the process. |
| Maximum Loan Amount | Existing VA loan balance + allowable fees and charges + up to two discount points + the cost of any energy efficiency improvements + the VA funding fee. |
| Interest Rate | Must be lower than the existing loan’s rate by .50% (unless refinancing an ARM). |
| Monthly Payment | Must be lower than that of the existing loan, with exceptions for ARMs, shorter loan terms, or inclusion of energy efficiency improvements. |
| Discount Points | Reasonable points can be paid; only up to two points can be included in the loan amount. |
| Funding Fee | Can be included in the loan. The VA funding fee is required at .5% unless exempt. |
| Cash to Borrower | Generally not permitted except for reimbursement of up to $6,000 for energy efficiency improvements made prior to loan closing or adjustments at closing. |
| Loan Term | The term can be the original VA loan term plus 10 years, not to exceed 30 years and 32 days. |
| Underwriting | Streamlined process with minimal documentation; full underwriting only required in certain situations. |
| Automatic Authority | IRRRLs can be closed on an automatic basis by any lender, simplifying the process. |
This table provides a concise overview, by working with a VA loan specialists like us, we can help further clarify these points and assist in navigating the IRRRL process. We can offer personalized advice and support, including rate quote comparisons and guidance on maximizing your VA refinancing benefits.
For Texas veterans who are considering refinancing their home loan through the VA Interest Rate Reduction Refinancing Loan (IRRRL) program, it’s important to understand how changes in your life and loan obligations might affect your eligibility. This table is designed to help you quickly assess whether an IRRRL might be possible for you when there’s been a significant change, such as marriage, divorce, or the death of a spouse.
The IRRRL is a great option for veterans who want to lower their interest rate and monthly mortgage payment. However, eligibility can be complex, especially if the original loan’s obligated parties have changed. The table outlines various scenarios Texas veterans might encounter, indicating whether an IRRRL is possible in each case.
For help tailored to your specific situation or to proceed with an IRRRL, contact us at 888-788-4977 or submit your information in the form below.
| Case | Parties Obligated on Old VA Loan | Change in Obligation | Parties to be Obligated on new IRRRL | Is IRRRL Possible? |
| 1 | Unmarried veteran | Veteran gets married | Veteran and new spouse | Yes |
| 2 | Veteran and spouse | Divorce | Divorced veteran alone | Yes |
| 3 | Veteran and spouse | Remarriage of veteran | Veteran and different spouse | Yes |
| 4 | Veteran alone | Veteran remarries | Veteran and new spouse | Yes |
| 5 | Veteran and spouse | Spouse passes away | Veteran alone | Yes |
| 6 | Veteran and nonveteran co-borrower | Co-borrower buys out | Veteran alone | Yes |
| 7 | Veteran and spouse | Veteran passes away | Surviving spouse alone | Yes, if spouse was co-obligor |
| 8 | Unmarried veteran | Veteran passes away | Estate/heirs of veteran | No (unless refinanced with a qualified veteran) |
| 9 | Veteran and different spouse | Divorce and remarriage | Veteran and new spouse | Yes |
| 10 | Veteran and nonveteran co-borrower | Veteran passes away | Nonveteran co-borrower alone | No |
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CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loan in Texas. NMLS License #3029 | MB.803095 | NMLS Consumer Access | CFPB
Sr. VP of Veteran Lending Specializing in Texas Vet & VA Loans NMLS ID: 336103
6601 Vaught Ranch Rd, Suite 101 I, Austin, TX 78730
**The advertised rates and points listed are subject to change at any time without prior notice and may not be available to all borrowers. These rates are predicated on specific assumptions and lending scenarios. The actual rate available to you can vary depending on your personal details, such as your credit score, the amount of the loan, your down payment, and our internal lending criteria. The rates provided are for a fixed rate mortgage, but they will differ depending on the loan term and property location. Additional rates, points, and loan terms might be available. Approval of all loans is contingent on credit and property evaluations. Property insurance is mandatory, and flood insurance might also be necessary.
Interest rates for the Texas Vet program are set weekly by the Texas Veterans Land Board and are subject to change based on when you lock your interest rate. Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. Click HERE for an example.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact CrossCountry Mortgage for current rates and for more information.
