One of the exclusive benefits to eligible Service members and Veterans is an IRRRL, or Interest Rate Reduction Refinancing Loan. Your Mutual of Omaha Mortgage 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. Mutual of Omaha Mortgage 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.
How to refinance a VA Loan?
Refinance VA Loan
Say you want to refinance from a VA purchase loan to a conventional refinance loan. Mutual of Omaha Mortgage 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 Mutual of Omaha 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 Mutual of Omaha Mortgage 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. Mutual of Omaha Mortgage 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 AT 1-800-24-RATES 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!
| 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 Mutual of Omaha Mortgage Banker |
Receive a pre-qualification from a Mutual of Omaha Mortgage Banker. |
| Benefits | |
|
|
| Available Housing | |
|
|
| 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 Mutual of Omaha Mortgage to help with the process |
Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification |
| Benefits | |
|
|
| Available Housing | |
|
|
| 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 Mutual of Omaha Mortgage to help with the process |
Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification |
| Benefits | |
|
|
| Available Housing | |
|
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Regulations and Fees
While the VA Loan is a federal program, the government generally does not make direct loans to veterans. Private lenders, including Mutual of Omaha 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 $510,400 without putting any money down: borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. With a required minimum down payment, Mutual of Omaha will authorize VA loans above county limits in excess of $1.5 million. To find out the VA Loan Limit in your area, reach out to a Mutual of Omaha Mortgage Banker today.
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