Refinancing VA Loan Programs In Las Vegas

Borrowers with VA mortgages have the option to easily refinance to a lower interest rate through a special program. This is commonly referred to IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA authorized lender can provide this program. Below is an introduction to rate reduction refinancing VA loan programs in Las Vegas.

Benefits of VA Rate Reduction Refinancing

An appraisal, credit check, and closing costs are not required by the VA, although there is a loan funding fee charged. These are particularly useful in declining markets. However, certain lenders can require an appraisal or credit check as part of their own risk assessment. Closing costs are almost always billed by loan providers, but the categories and amounts can differ from one lender to another. The VA allows their funding fee and lender closing costs to be included in the loan so that veterans can refinance without spending any money out of pocket. There is also a possibility of rolling in the expense of energy improvements on the home.

Criteria for a Refinance

For rate reduction refinancing with the program, the existing mortgage must be a VA mortgage. The interest rate on the new mortgage must also be less than that of the current loan (the one exception to this rule is when refinancing from an ARM to a fixed rate mortgage). Veterans must not receive any cash proceeds from the refinance of the loan and no other loan, other than the original VA loan, can be paid off with the new loan. Veterans must also verify that they used the property at some point as a primary residence. More qualification criteria may apply based on specific lenders.

Assistance with Refinancing VA Loan Programs In Las Vegas

Homeowners with VA loans can use their current mortgage company or go through a different one. Many lenders are VA approved and can help with rate reduction refinancing. The above information is shared only as an introduction. This information is believed accurate but is not guaranteed. It was prepared based on information available at the time the blog was published and is subject to change without notice. Always contact a local professional for accurate details and help. To be referred to a local mortgage company providing rate reduction refinancing VA loan programs in Las Vegas, contact Arina Hanciulesco at Realty PROS Las Vegas at 702-306-4766 or

Comment balloon 1 commentArina Hanciulescu • April 03 2016 12:00PM


Thank you for an easy read and informative post Arina Hanciulescu  - we are now "following" you!


Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) about 3 years ago