A VA Interest Rate Reduction Refinance Loan (IRRRL) is the fastest, easiest way to refinance your VA mortgage. With an IRRRL, no appraisal is required with a FICO score of 680 or higher, and you may be able to refinance with no money out of pocket.
Additionally, Academy Mortgage now accepts FICO scores as low as 620 for loan amounts less than or equal to $417,000 and 640 for loan amounts greater than $417,000 with this loan program.
The benefits of a VA Refinance
- Lower your monthly mortgage payment.
- Reduce the amount of interest you are paying.
- Shorten the term of your loan to pay it off sooner, such as going from a 30-year mortgage to a 15-year mortgage. This option may raise your monthly payment, but could save you a substantial amount of interest over the term of the loan.
- Convert an adjustable-rate mortgage to a fixed-rate mortgage, which may have a higher interest rate, but the rate is fixed for the entire term of the loan.
Concerned about paying closing costs and fees?
If you’ve had your current VA mortgage for at least three years, you’ve probably reduced your balance. So you may be able to include your closing costs in your new loan and still end up with a mortgage that’s smaller than your original loan—with a lower interest rate and lower monthly payment.
Sample loan scenario: $254,375 loan amount, $2,013.74/month (PITI), 15-year fixed 3.25% interest rate, 3.754% APR. Subject to property type, loan-to-value, and credit score. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend. Please contact Academy Mortgage for more information.
Academy proudly offers loan products that meet the home financing needs of active-duty military and veterans nationwide. Contact us today to see if a VA Refinance is a good option for you.