{"id":18182,"date":"2010-04-05T16:51:08","date_gmt":"2010-04-05T16:51:08","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=18182"},"modified":"2010-04-05T16:51:08","modified_gmt":"2010-04-05T16:51:08","slug":"refinancing-using-va-benefits","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/refinancing-using-va-benefits\/","title":{"rendered":"Refinancing Using VA Benefits"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-21063 alignleft\" title=\"refinance using va benefits\" src=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/photodune-415351-american-flag-on-home-s-300x450.jpg\" alt=\"\" width=\"300\" height=\"450\" \/><a title=\"VA Home Loan\" href=\"http:\/\/www.myfhamortgageblog.com\/2011\/04\/understanding-a-va-mortgage-loan-in-texas\/\" target=\"_blank\" rel=\"noopener\">VA mortgage loans <\/a>can be refinanced much like a traditional conventional loan allowing the home owner to\u00a0take advantage of lower interest rates that can ultimately save a substantial amount of money by \u00a0lowering your monthly payment.<\/p>\n<p>If you are a <a title=\"VA Home Loan\" href=\"http:\/\/www.myfhamortgageblog.com\/2011\/04\/determining-va-mortgage-eligibility-in-texas\/\" target=\"_blank\" rel=\"noopener\">Veteran <\/a>but currently\u00a0have a conventional loan, you can refinance into a VA loan.\u00a0Transferring from a conventional mortgage to a VA mortgage is known as a<em> \u201cConventional to VA Refinance Loan\u201d<\/em> and is a very straightforward process.<\/p>\n<p><strong>A common question related to VA refinancing is whether or not you can get a refinance on a VA loan if you are currently upside down on your mortgage. The answer is&#8230;you can!<\/strong><\/p>\n<p>Just to be clear, being \u201cupside down\u201d on a mortgage is when you owe more on your mortgage than the current value of your home. This is a highly unfortunate situation that many American home owners are facing today.<\/p>\n<p>In 2008 a law titled the \u201cVeteran Benefits Improvement Act\u201d was passed to assist veterans who were upside down on their mortgage. This law created the opportunity for eligible veterans to get a VA refinance and improve their financial circumstances.<\/p>\n<p>Of course, you are also allowed to refinance your home if you currently have a VA mortgage. An <strong>Interest Rate Reduction Refinancing Loan<\/strong> (IRRRL) is considered a VA Streamline Refinance. This is a quick and easy way to either lower your monthly mortgage payment or take money out of your home with minimal work, at no cost to you!<\/p>\n<p><strong>Some of the additional benefits of a VA Streamline Refinance or IRRRL include:<\/strong><\/p>\n<ul>\n<li>In some cases, you may not need to have an appraisal of your home.<\/li>\n<li>Limited income verification.<\/li>\n<li>An extremely low VA Funding Fee \u2013 only 0.5%<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>VA mortgage loans can be refinanced much like a traditional conventional loan allowing the home owner to take advantage of lower interest rates that can ultimately save a substantial amount of money by  lowering your monthly payment.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58,57],"tags":[122],"class_list":["post-18182","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-va-mortgage","tag-va-home-loan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Refinancing Using VA Benefits<\/title>\n<meta name=\"description\" content=\"VA mortgage loans can be refinanced much like a traditional conventional loan allowing the home owner to take advantage of lower interest rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/refinancing-using-va-benefits\/\" 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