Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

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IRRRL VA Home Loan Programs In MA

Borrowers with VA loans have the option to easily refinance to a reduced interest rate through a special program. This is commonly called IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA authorized mortgage company can provide this option. The following is an introduction to IRRRL VA home loan programs in MA.

Benefits of VA IRRRL

The VA does not mandate an appraisal, a credit check, or closing costs (except for a funding fee) on a refinance. These are some of the benefits of using the program. However, individual lenders will require an appraisal or credit check as part of their company risk assessment. Closing costs are almost always charged by lenders, but the categories and sum can range from one lender to another. VA guidelines allow their funding fee and any closing costs to be rolled into the loan so that veterans can refinance without out-of-pocket expenses. There is also an option to roll in the expense of energy improvements for the property.  At Emery Federal, we can offer VA IRRL’s with NO CLOSING COSTS!

Qualifying for a Refinance

For IRRRL under the program, the existing mortgage must be a VA mortgage. The interest rate on the new loan must also be lower than that of the old mortgage (the one exception to this rule is when refinancing from an ARM to a fixed rate mortgage). Borrowers are not allowed to receive any cash proceeds from the refinance of the loan and no other loan, other than the original VA loan, can be included in the new loan. Veterans must also verify that they previously occupied the real estate as a primary residence. More qualification criteria may apply based on specific mortgage companies.

More on IRRRL VA Home Loan Programs In MA

Veterans with VA mortgages can use their existing mortgage company or go through a completely different one. Many mortgage companies are VA approved and can assist with IRRRL. The above information is offered only as an overview. This information is believed accurate but is not guaranteed. It was gathered based on resources available at the time the blog was written and is subject to change without notice. Always contact a local consultant for accurate details and advice. For further information on IRRRL VA home loan programs in MA, contact Christopher Graves at Emery Federal Credit Union via phone at 781-759-1200 x22 or email christopher.d.graves@gmail.com.

Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.