VA IRRRL Refi

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The VA Interest Rate Reduction Refinance Loans (IRRRL)


 

The VA Interest Rate Reduction Refinance Loan (IRRRL) is the VA's version of the FHA Streamline Refinance.  Eligible Veterans can refinance their homes without having to qualify for the new loan or have their home appraised.  

 

Eligibility

1.  You must be a qualified Veteran.

2.  You must already have a VA loan as your existing mortgage.  The IRRRL is a VA to VA loan only product.

3.  No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien.

4.  You cannot have more than one late payment in the last 12 months and have had no late payments in the previous 6 months.

 

 

Other Notable VA IRRRL Information

Funding Fee.  The VA charges a 0.50% funding fee on all VA loans except for borrowers with a 10% or more disability attributable to their military service.

No Cash-out.  You cannot take cash out of the equity in your home with an IRRRL loan.

Certificate of Eligibility.  Certificates of eligibility are not required on IRRRL loans.

 



 

 

Cornerstone Mortgage

MAIN OFFICE:
5940 S. Rainbow Blvd., Suite 201
Las Vegas, NV 89118
(702) 840-1500
NMLS ID 340311
NV: DML License: 4814
CA: DOC License: 60DBO86761
CA: DRE License: 01848420

NEVADA:
5940 S. Rainbow Blvd., Suite 201
Las Vegas, NV 89118
(702) 840-1500
NMLS ID 340311
NV: DML License: 4814
CA: DOC License: 60DBO86761
CA: DRE License 01848420

CALIFORNIA:
1500 Standiford Ave., Suite A1
Modesto, CA 95350
(209) 578-9000
NMLS ID: 1741490
CalDRE License: 01848420

200 Tampa St.
Turlock, CA 95382
(209) 633-3222
NMLS ID: 1739798
CalDRE License: 01848420

HAWAII:
91-110 Hanua St., Suite 201
Kapolei, HI 96707
(808) 784-1239
NMLS ID: 1669660
HI: MLOC Liense HI-340311

Legal

Cornerstone Equity Group, Inc., dba Cornerstone Mortgage is an equal opportunity lender.

Nationwide Multistate Licensing System (NMLS) ID: 340311. Additional NMLS branch licenses: 1739798, 1741490, 1669660.

Cornerstone Equity Group, Inc., dba Cornerstone Mortgage is licensed by the Nevada Division of Mortgage Lending, license number 4814.

Cornerstone Equity Group, Inc., dba Cornerstone Mortgage is licensed by the California Department of Corporations under the Residential Mortgage Lending Act and Finance Lenders Law. CA Finance Lender #60DBO86761.

Cornerstone Equity Group, Inc., dba Cornerstone Mortgage is licensed by the California Department of Real Estate, License number 01848420.

Cornerstone Equity Group, Inc., dba Cornerstone Mortgage is licensed as a Mortgage Loan Originator Company by the Hawaii Department of Commerce and Consumer Affairs, license number HI-340311.

Any concerns, complaints or suspicions regarding the misuse of any personal data should be directed to our Operations Manager by telephone at (702) 780-1500 or by email at admin@cornerstone.us.com.