VA IRRRL aims to lower payments for military families
Better.com has launched a VA Interest Rate Reduction Refinance Loan (VA IRRRL) to help veterans and active-duty service members lower monthly mortgage payments or lock in better interest rates.
This streamlined refinancing program, backed by the Department of Veterans Affairs, simplifies the refinancing process with minimal requirements and reduced costs, the company said.
The VA IRRRL allows borrowers with existing VA loans to refinance without needing an appraisal, asset or income verification, or extensive credit checks. This approach reduces paperwork, making it easier for veterans and service members to secure lower interest rates and more affordable payments.
“The addition of VA IRRRL allows Better to give back to veterans and their families through mortgage offerings that make homeownership simpler and more affordable,” Better.com CEO Vishal Garg said in a Press release. “As we look ahead with optimism to a more favorable interest rate environment, we are proud to simplify the refinancing process for veterans, helping those who have served our country save money and secure their financial future.”
Better.com has digitized the entire process, allowing applicants to complete the loan process online. Active-duty members stationed overseas or away from home can now handle refinancing remotely, and veterans have access to support through Better.com’s AI assistant, Betsy, available 24/7.
The new VA IRRRL program features a reduced 0.5% funding fee, which can be waived for disabled veterans and surviving spouses. Borrowers can also roll closing costs into the new loan, which reduces out-of-pocket expenses and makes the process even more accessible. To qualify, veterans need to hold a current VA loan in good standing.
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Veterans and service members also have access to a wealth of assistance programs. The Down Payment Resource (DPR) reported that military members are eligible for over 2,400 homebuyer programs. There are 49 programs specifically designed for veterans, offering up to $117,000 in assistance for home buying, building, or accessibility-related renovations.
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