To decide if you qualify for a VA IRRRL Mortgage Loan, we will look at:

• Your credit history (this is important, but VA IRRRL credit standards are flexible). Your overall pattern rather than to individual problems you may have had.

Your credit background will be fairly considered. At least a 580 FICO credit score is generally required to obtain a VA IRRRL approval.

The interest rate for your home loan will be determined by the type of loan program that you qualify for and your credit score. You might be asking yourself what the formula to calculate interest rates is. Interest rates are driven off of Mortgage Backed Securities (MBS) which are commonly referred to “mortgage bonds”. These values of these bonds determine whether the interest rates rise or fall. Your final rate will determine your payment using the standard calculate mortgage payment formula. Please contact me to see what is today’s lending mortgage rate.

While VA IRRRL Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, and 1-4 family residences. VA IRRRL Loans can be used to finance primary residences only.

Criteria for VA IRRRL loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for two years or more, you are eligible to apply for an VA IRRRL mortgage. If you have had a Chapter 13 bankruptcy, it must be documented that the credit reputation has been re-established for at least one year to be eligible for a VA IRRRL Loan Application.

The maximum amount for a VA IRRRL loans is the principle balance of your existing mortgage plus any costs needed to close.