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If you have a VA mortgage and want to marry or re-marry you may apply for a VA streamline refinance loan and add the new spouse to your VA IRRRL.

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VA Interest Rate Reduction Refinance Loans

November 17, 2009 - VA Interest Rate Reduction Refinance Loans and Changing Marital Status

Do you need to apply for a VA IRRRL or Interest Rate Reduction Refinancing? The VA IRRRL, also called VA Streamline Refinancing, is a good option for those who need to refinance. Are you refinancing because of a change in your marital status as an active duty military member or veteran? Do you want to add your new spouse to your VA loan or remove an ex-spouse listed on your existing loan? Here are some VA guidelines to be aware of:

  • All parties named on the original loan must be named on the new VA Streamline loan. VA Streamline Refinancing requires no credit check because all the original borrowers named on the loan have been vetted by the VA.
    Removing a borrower from the VA IRRRL loan changes the entire status of the loan--you would need to apply for a new full documentation loan instead with a new credit check, debt-to-income ratio requirements and other considerations in order to remove the ex-spouse from the loan.
  • You can apply for a new loan without a spouse co-borrower with a full documentation VA home loan, but if you are getting divorced, your non-military ex-spouse cannot apply for a VA streamline loan or IRRRL. A divorced non-military spouse no longer has a connection to the veteran and therefore isn't eligible.
  • Borrowers may not receive cash from a VA streamline refinancing home loan or IRRRL
If you get a divorce and need to refinance with your ex-spouse in order to let the ex keep the property, have the spouse arrange for a conventional refinancing loan in his or her own name. If you do a VA streamline refinance loan with your spouse, your VA loan eligibility is restricted until you pay off the mortgage--even if the ex-spouse agrees to pay the full amount of the VA mortgage each month. You are obligated and liable on the existing VA loan unless the spouse refinances under his or her own name. As long as your name is on the VA loan, you're responsible for it.

If you have a VA mortgage and want to marry or re-marry you may apply for a VA streamline refinance loan and add the new spouse to your VA IRRRL. Your new spouse is required to meet minimum income and credit requirements.

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