Refinancing Your San Antonio TX Home Using the VA IRRRL - Occupancy Requirements

The information about VA Interest Rate Reduction Refinance is important for any homeonwer in Northern Virginia who has a VA loan with a high interest rate. 

Refinancing Your San Antonio TX Home Using the VA IRRRL - Occupancy Requirements

For those of you who may not know, I am in the process of buying a New San Antonio TX Home for Sale...In fact, I have been sharing my Home Dollarexperiences with everyone in my Adventures of a San Antonio TX Realtor® with new home buying.  

Along with buying this new home, I am also refinancing my current home using the VA IRRRL-or the VA Interest Rate Reduction Refinance Loan for long.  This type of loan enables those who purchased their home using a VA loan to do a one time streamline loan into a lower interest rate.  

This is such a cool program and very easy to do.  However, there is often times some confusion when it comes to the occupancy requirements when getting this type of financing...and sometimes, that confusion comes from mortgage professionals...

When you are getting an initial VA loan to buy a home you MUST be using that home as a PRIMARY residence for at least two years.  You sign paperwork promising that it will be your primary residence....too easy.

However, when you are getting a VA IRRRL, there is NO such occupancy requirement.  All you must do is prove that you had previously occupied the home as your primary residence and you can get the refinance.  

I went round and round with my current mortgage company and even sent them the link to the VA IRRRL Page so that they can read up on it.  It is also in the lenders handbook as well.  Finally, when they were telling me no once again, I called the VA Regional Loan Office in Houston to get it straight from the horses mouth...and well...I was right.  I sent the number to my lender and we are now back on track on refinancing my current home to a lower interest rate since I intend on keeping it as a rental.  

The VA IRRRL is a terrific way to get into one of the lower interest rates if you bought about 6 years back.  Right now it's cutting my current interest rate in half!  If you don't plan on moving anytime soon, or you have moved (PCSd) and are using that home as a rental and are still paying a high interest rate, look into getting a VA IRRRL.  It's fairly easy...

You don't need to get another eligibility certificate
Many times an appraisal isn't needed
You will lower your payments 
And the funding fee is fairly low and if you are disabled, that funding fee is usually waived

AND it doesn't need to be your primary residence!!!

I am not a lender so please make sure to get with your mortgage professional...but do know that if they are confused about the occupancy requirements for a VA refinance, you can now educate them :)!

Brenda Mullen – San Antonio Texas Real Estate Professional

San Antonio Texas Real Estate, Buying a home in San Antonio Texas, Selling a home in San Antonio Texas

Selling a San Antonio Texas area home involves many steps and having an experienced  San Antonio  Texas Real Estate Agent by your side will make the transaction run a lot smoother. I would love to be your San Antonio Texas Area Real Estate Professional! I assist both buyers and sellers in the San Antonio Texas area with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent, I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home.

As your San Antonio Texas listing agent I am well versed on the local San Antonio Texas area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your home to be competitive in today’s market with an in depth comparative market analysis, and advice on staging. I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your San Antonio Texas area Realtor® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your San Antonio Texas area Realtor® is one of my truest passions, and “Helping You Find Home” is my number one priority.

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Brenda Mullen
Realtor®, ACRE®, ABR®, ePro®

RE/MAX Access - Helping You Find Home
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If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
Real People*Real Life*Real Estate

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Comment balloon 1 commentCindy Jones • December 19 2012 05:45PM


Hi Cindy-Thanks for the reblog.  Those who have used a VA loan and want to get a lower interest rate, this is a terrific program for them! 

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) about 6 years ago

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