Borrowers with VA loans have the option to easily refinance to a better interest rate through a special program. This is often referred to IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA authorized lender can offer this program. The following is an overview of refinancing VA home loan programs in NH.

Benefits of VA Refinancing

An appraisal, credit check, and closing costs are not mandated by the VA, although there is a loan funding fee charged. These are particularly useful in declining markets. However, certain lenders may include an appraisal or credit check as part of their internal financing criteria. Closing costs are traditionally charged by lenders, but the categories and sum will vary from among companies. The VA allows their funding fee and any lender closing costs to be rolled into the loan so that borrowers can refinance without out-of-pocket expenses. Energy improvements may also be rolled into the loan.

Refinance Criteria

For refinancing under the program, the current loan must be a VA loan. The interest rate on the new loan must also be less than that of the old loan (the one exception to this rule is when refinancing from an ARM to a fixed rate). Borrowers may not receive any cash from the loan proceeds and no other mortgage, other than the original VA mortgage, may be paid off with the new loan. Veterans must also certify that they previously occupied the real estate as a primary residence. Additional qualification criteria may apply based on specific lenders.

Assistance with Refinancing VA Home Loan Programs In NH

Veterans with VA loans can utilize their current loan provider or go through a completely different one. Many mortgage companies are authorized to offer VA loans and can assist with refinancing. The above information is offered only as an introduction. This information is considered accurate but is not guaranteed. It was gathered based on information available at the time the article was written and is subject to change without notice. Always speak with a local professional for up-to-date details and guidance. For further information on refinancing VA home loan programs in NH, contact Customer Service at Accurate Title via phone at 800-639-4405 or email