One of the exclusive benefits to eligible Service members and Veterans is an IRRRL, or Interest Rate Reduction Refinancing Loan. Your BBMC Banker may refer to the IRRRL as a Streamline Refinance. Worry not; these products are one-in-the-same. The IRRRL works the same as any other conventional streamline refinance. BBMC bypasses some of the paperwork, including another home appraisal in many cases, to approve your refinance loan with a sense of brevity – and cost efficiency. By skipping some of the traditional paperwork, a VA loan refinance can adjust your current home interest rate and term in the shortest possible amount of time.

Refinance Your VA Loan Your Way

Refinance VA Loan Say you want to refinance from a VA purchase loan to a conventional refinance loan. BBMC can help you get there.
Our Bankers are dedicated to helping you utilize your VA home loan how you want. Sometimes that means refinancing your VA loan into another VA product, like the IRRRL. Or you might find your VA home loan could be refinanced into a conventional mortgage – the options are ultimately up to you. Your VA Home Loan specialist will recommend the best refinance plan to fit your unique VA refinance needs.
If you’re looking for a unique VA refinance option, let our team at BBMC Mortgage help you get there.
IRRRL, making VA Loan refinances straightforward One of the exclusive benefits to eligible Service members and Veterans is an IRRRL, or Interest Rate Reduction Refinancing Loan.
Your BBMC Banker may refer to the IRRRL as a Streamline Refinance, or VA to VA loan. These products are all one-in-the-same. The IRRRL works the same as any other conventional streamline refinance. BBMC bypasses some of the paperwork, including another home appraisal in many cases, to approve your refinance loan with a sense of brevity – and cost efficiency.
By skipping some of the traditional paperwork, a VA loan refinance can adjust your current home interest rate and term in the shortest possible amount of time, allowing you to keep more money in your pocket.

CONTACT US AND GET YOUR VA REFINANCE UNDERWAY

VA Loan Refinance vs. Other Loan Products

VA refinance loans come with several caveat's that make them unique when compared to other government-backed or traditional loans. Play with the table below to compare VA refinance loans to other loan types!

What are the differences for a loan?
VA Loan Conventional
Who Qualifies

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).

Both VA and non-VA eligible applicants who exceed maximum USDA and FHA lending requirements with moderate-to-high income, moderate-to-high credit and strong employment history.

How To Qualify

Obtain a COE independently or with the assistance of a BBMC Banker

Receive a pre-qualification from a BBMC Banker.

Benefits
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
  • Favorable Interest Rates
  • Affordable Costs
  • Avoid P.M.I. with 20% down or more
  • Flexible refinance options available
Available Housing
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.
  • Certain properties are subject to appraisal requirements.
  • Cannot exceed loan limits.
VA Loan FHA
Who Qualifies

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).

Any applicant who meets the minimum credit, income and employment requirements from the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).

How to Qualify

Apply for a COE on your own, or ask BBMC to help with the process

Contact a BBMC Banker or fill out this form to get your pre-qualification

Benefits
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
  • Low Interest
  • Low Costs
  • 3.5% Minimum Down Payment
  • Limited use
  • Cannot be restored
Available Housing
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.
  • Property subject to independent appraisal.
  • Must meet FHA/HUD housing requirements.
  • Cannot exceed county loan limits.
VA Loan USDA
Who Qualifies

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).

Applicants in rural areas who fall beneath the median income line of their respective county, and/or require a mortgage to renovate their home or live with a qualifying physical or mental limitation.

How to Qualify

Apply for a COE on your own, or ask BBMC to help with the process

Contact a BBMC Banker or fill out this form to get your pre-qualification

Benefits
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Must maintain property
  • Must demonstrate need
Available Housing
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.
  • Property subject to safety guidelines.
  • Must fall at or beneath median income line in prospective county of residence.
  • Typically reserved for rural properties.

Regulations and Fees

While the VA Loan is a federal program, the government generally does not make direct loans to veterans. Instead, private lenders including BBMC Mortgage finance the loan while the Department of Veterans Affairs offers a guaranty.This guaranty provides incentive for private lenders to offer loans with better terms.

Loan Limits
In most parts of the country, veterans who qualify for the VA Loan can purchase a home worth up to $417,000 without putting any money down: borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. To find out the VA Loan Limit in your area, give BBMC a call at 1-800-24-RATES.

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