IRRRL Refinance

The El Paso VA IRRRL program is an incredible refinance opportunity which you can use to lower the rate and payment on your current El Paso VA Loan. Many times, this can be done with little or no closing costs!

The El Paso VA IRRRL allows you to essentially convert your existing El Paso VA Loan to a new one with a lower rate and payment. The other term for a VA IRRRL is a “streamline” refinance, because the process is fast and easy.

The first step to determining your eligibility is to talk to a El Paso VA Loan specialist about your options and the savings you will realize. It’s important to know your savings going into the transaction, so that you know it makes financial sense. In most cases it does because of the fact that we can do your El Paso VA IRRRL with no closing costs, so you will have a benefit from day one.

Qualification standards are not difficult. Although VA will state that there is no credit check or minimum credit score requirement, lenders have “overlays” or additional requirements above what VA requires. Most lenders have a minimum credit score of 620, and you will get a better rate if you are above 640. You must also be 2 years out of a bankruptcy.

Although VA guidelines also state that you will not need an appraisal, in many cases we will need one. You will get a much better rate if you owe less on your home than it’s worth (up to 100% of your home value is acceptable), but can still obtain a El Paso VA IRRRL up to 125% of your home value.

We will not need to verify your VA home loan benefits through ordering a new certificate of eligibility, because you already have your benefits confirmed due to the fact that you have a current El Paso VA Loan. The VA funding fee is low, only .5% of your loan amount (ie on a $200,000 loan the funding fee would be $1000), and is either financed into the new loan, or in some cases we can pay the VA funding fee for you, meaning you will not have to bring anything to closing.

You can find out what kind of rate you will qualify for by filling out our VA Quick Quote form on the right side of this page, or giving us a call in the office. The first step to getting started is to fill out a loan application and have your credit checked. However, we don’t believe in high-pressure “sales” tactics, and instead will give you honest advice and straight answers to your questions. We would be honored to help you, and your service to our country means the world to us!

SMP Mortgage
ReAnn Gonzalez
NMLS #219070
7362 Remcon
El Paso, Texas 79912
P: 915-595-1112
Email: rgonzalez@smprate.com

This website is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.


Texas Mortgage Banker Disclosure

Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following:

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT http://WWW.SML.TEXAS.GOV A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CASUED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIUMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT http://WWW.SML.TEXAS.GOV.


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