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VA IRRRL

I refinanced my house last year to a standard VA loan and got a rate of 5%, I owe $131,234 on a $158,000 mortgage. My wife and I are looking to move next year, while keeping this house as a rental. We are tired of city life and want a small farm but, don't want to lose the value of this house. From everything I have read you can rent a house that is on a VA IRRRL, is this correct? Also, I know the VA doesn't have a credit check/score requirement. Since we are looking to by next summer I want to minimize my credit checks. Are there any lenders that actually adhere to the no credit check guideline, if so who? Thank you
  • November 04 2011 - Louisville
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Answers (13)

Bryan doesn't believe in random elevator accident theory
  • November 13 2014
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Profile picture for sunnyview
Shoot, you're right. Mustn't forget those random elevator accidents. Thumb for the catch Justin!
  • September 17 2014
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Sunny it has actually been closer to 3 years from OP so other possibilities to consider for OP are beheading, struck down in an elevator, or whipped with a tree branch.
  • September 17 2014
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Profile picture for sunnyview
"Please reach out to me when you have a moment.  I will give you some direction and answers that can be helpfull"

In 2011 this poster may have had a moment to reach out, but with two years passing they may not even have their hands anymore. Lots of things can happen in 2 years...lawnmower accident, defective food processor, ravenous tiger...
  • September 17 2014
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Profile picture for Todd Kime

This is a very good question.. Most of the time.. VA or even FHA will have a certain standard with thier requirements.
however normally if there is more risk with a file.  They will add overlays to what the lender will require in order to do this loan for you.
We have several investors who offer these IRRL programs for Veterans.. Please reach out to me when you have a moment.  I will give you some direction and answers that can be helpfull
Thanks

Also of course.. No AVM or Appraisal will be required.

  • September 17 2014
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[spam deleted by Zillow moderator]
  • October 27 2013
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You will need a 640 score for most lenders nowadays. 
  • May 14 2013
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Our lenders will allow the VA IRRL to 115% LTV with an AVM which doesn't cost you anything and no appraisal inspection.
Credit inquiry is necessary however, I wouldn't  be worried about bringing your score down for a purchase 1yr later.

You need a 620 but get best pricing with 660+
  • February 25 2012
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You must have a 620 score now on VA IRRRL on KEntucky VA Loans and most will want an appraisal too. 
===============
wrong.
  • February 19 2012
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You must have a 620 score now on VA IRRRL on KEntucky VA Loans and most will want an appraisal too.
  • February 19 2012
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Profile picture for patrickh82
Currently my mortgage is with Bank of America.
  • November 10 2011
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Who is your current lender?  On our internal VA loans we just need a mortgage history and don't need to pull credit.
  • November 04 2011
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All of the investors I work with require a mortgage only credit report with scores. A credit inquiry now will have no impact on your scores for a purchase next summer.       
  • November 04 2011
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