Grove Mortgage Home Loans in San Antonio, Texas
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VA Streamline Refinance IRRRL

VA Loan Refinancing in Texas

Designed to Help Veterans lower their current VA mortgage interest rate.

This Federally insured loan program was created by the Veterans Administration in order to help veterans and active duty members, who currently have VA mortgage.

The VA Interest Rate Reduction Refinance Loan (IRRRL) allows Texas Veteran homeowners who have a existing VA home loan to refinance and take advantage of lower mortgage interest rates and monthly payment. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

This VA loan guaranty program, which is also referred to as IRRRL (Interest Rate Reduction Refinancing Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for.

You may see it referred to as a VA Streamline, VA IRRRL or a VA to VA Loan.

Why choose Grove Mortgage for Refinancing your VA home loan?

Over the last 18 years VA Loans have accounted for 95% of our business, choose a VA loan expert!

Our headquarters is located in San Antonio, Texas and are a VA Approved lender and Licensed Mortgage Broker and have been specializing in VA Loans throughout Texas since 2002.

We can help you refinance with expert service, fast closing and very low fees and very low fees and proudly boasts an A+ rating from the Better Business Bureau.

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Benefits of the VA Loan refinancing in Texas.

  • Does not have to be your primary residence - you need only certify that you previously occupied the home
  • No money out of pocket - Any closing cost can be rolled into the new loan amount
  • Appraisal of your home is NOT required
  • You can't receive any cash out at closing
  • No bank statements, job verification, pay stubs are needed as conventional underwriting process does NOT apply
  • In the last 12 months you cannot have more than ONE 30 day late payment on your current VA mortgage
  • Energy efficiency improvements to your home can be rolled into the loan amount
  • Reduce your monthly payment by reducing your interest rate
  • Easily transition from an ARM to Fixed rate mortgage
  • It is an inexpensive way to lower their mortgage bill
  • Almost all Texas Veterans qualify

What are the Basic Qualifications for a VA Streamline Refinance Loan?

  • VA to VA loan - Must be refinancing an existing VA loan.
  • Collections OK - If you have any collections you can still qualify.
  • No Income verification OK - You do not need to prove employment.
  • No Appraisal OK - Your current property DOES NOT need not be appraised.
  • DTI (Debt to Income) calculation is not required

What are the Disqualifications for a VA Streamline Refinance Loan?

  • Judgments - Must be cleared before qualifying.
  • Liens against your property - Must be cleared before qualifying.
  • Late payments - You'll be disqualified if you missed more than ONE 30 day late payment on your mortgage in the last 12 months.

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Occupancy Requirements

For IRRRLs, the veteran or the spouse of an active service member must certify that he or she previously occupied the property as his or her home. This is different than the requirement for non-IRRRL VA loans that the veteran must intend to personally occupy the property as his or her home.

Maximum Loan Term

The maximum loan term is the original term of the VA loan being refinanced plus 10 years, but not to exceed 30 years and 32 days.

Title and Lien Requirements

The VA IRRRL must replace the existing VA loan as the first lien on the same property.

Any second lien-holder would have to agree to subordinate.

The borrower cannot pay off liens other than the existing VA loan from IRRRL proceeds.

The veteran (or surviving co-obligor spouse) must still own the property.

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What are the Fees For a Streamline Refinance Loan?

There is a .5% funding fee required by the VA for using the IRRRL program to refinance your home. This fee can be fully financed which means it's "rolled into the new loan amount". If you have a VA Disability Rating from the VA, you could be Exempt from the VA Funding Fee.

VA Funding Fee Exemptions

These are exemptions to the VA funding fee.

  • Veteran receiving disability compensation from the Department of Veteran Affairs, for a service-connected disability the fee is waived.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay or active duty pay.
  • A surviving spouse of a veteran whom died in service or from a service connected disability the fee is waived.
  • Are a spouse of a service person missing in action or a prisoner of war
  • As with any circumstance the VA is the final authority and can choose to make determinations on a case by case basis. The VA has the final say on who is exempt.

Closing costs normally associated with an IRRRL

Refinancing from an Adjustable Rate VA Loan.

Refinance could lower foreclosure risk - If you have an (ARM) adjustable rate mortgage, your housing bill may very well INCREASE when the fixed period expires. Depending on your exact mortgage terms, which is usually anywhere from 3-5 years.

It's not uncommon for your interest rate to jump dramatically - 2 to 5 percentage points after your ARM expires forcing you into conventional "refinance". The results can be devastating financially as you may not be able to afford to keep your home.

If you NEED to get out of an ARM and into a fixed rate mortgage! IRRRL can help you accomplish this.

If you’re not sure you have an adjustable rate mortgage, check with your mortgage company ASAP, you need to know when the adjustable period expires so you can take action and get into a fixed rate mortgage using the IRRRL program.

It's quite common that you may NOT realize you have an ARM! It could have been the way the loan was explained to you and didn't realize the interest rate could adjust after 1 to 3 years. If that's the case and you are Vet, it's time to take action NOW!

Take advantage of lower interest rates - What if today's interest rates are lower than the interest rate you are currently paying?

If you simply want to reduce your monthly payment, an IRRRL may drastically reduce the overall dollar amount spent on interest by lowering your interest rate.

Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.

Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.


VA Streamline Refinance Loan IRRRL

Celebrating 18 years of providing $0 down VA loans, FHA loans & Jumbo loans in Texas

Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we we have unlimited flexibility to shop the entire lender market which allows us to provide significant pricing advantages over banks and credit unions to secure often hard-to-find financing that a lot of lenders don’t even offer.


Buy a home or refinance your mortgage with the best Mortgage Broker in Texas.

Grove Mortgage Home Loans of San Antonio