![\"VA](\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2020\/03\/saving-money-300x200.jpg\")
\r\nVA Loan Rental Property Streamline Refinance<\/h2>\r\n\r\n\r\n\r\n
Many are aware of the VA IRRRL<\/a><\/strong> which stands for a VA I<\/strong>nterest R<\/strong>ate R<\/strong>eduction R<\/strong>efinance L<\/strong>oan. It allows homeowners with a current VA loan to refinance without a VA appraisal<\/a><\/strong> plus requires very limited documentation. Although most believe this is restricted only to a primary residence, it is allowed for rental properties. Actually, as long as the Veteran certifies through the VA loan paperwork that he or she previously occupied the property as their primary residence, then it would be eligible for a VA streamline refinance loan.<\/p>\r\n\r\n\r\n\r\n There are several cool reasons for using a VA IRRRL to refinance a rental property. These include the following:<\/p>\r\n\r\n\r\n\r\n The only other loan option would be a conventional Fannie Mae or Freddie Mac refinance loan. Although, a VA loan rental refinance loan has many advantages, it does not offer a cash out refinance. Yet on a primary residence, it is possible to use a VA cash out refinance loan<\/a><\/strong> up to 90% of the appraised value. Furthermore, a VA refinance continues to tie up VA entitlement<\/a><\/strong>. Thus, some choose a conventional refinance to free up full VA entitlement again. Doing such potentially allows for another no money down purchase using a VA loan with no limit.<\/p>\r\n\r\n\r\n\r\n As mentioned above, using a VA loan to refinance a rental has many advantages. In case you don’t know, it is possible to have two VA loans at once. This is called bonus entitlement. But at a certain price level, down payment is required. So, there are times where it is beneficial to pay off the VA loan with a conventional loan. Therefore, freeing up VA entitlement. Very helpful to buy with no money down. Without selling the house, the Veteran will need to complete a restoration of entitlement after the loan is paid off. Keep in mind that a rental property conventional refinance loan will allow a maximum of 80% of appraised value.<\/p>\r\n\r\n\r\n\r\n Do you have questions about a VA refinance? Reach out for answers!<\/p>\r\n\r\n\r\n\r\n You can follow on\u00a0ActiveRain<\/a><\/strong>\u00a0or Connect on\u00a0Linkedin<\/a><\/strong>\u00a0for more news.\u00a0See why service matters<\/a><\/strong><\/p>\r\n","protected":false},"excerpt":{"rendered":" VA loan rental property streamline refinance is available just like a primary residence refinance. That means a primary residence VA loan rate, no appraisal, and easier to qualify. When rates drop, see if a VA refi makes sense, even if a rental property<\/p>\n","protected":false},"author":2,"featured_media":9217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[1397,127,1398,1399],"class_list":["post-9214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-frequently-asked-questions","tag-rental-property-refinance-with-va-loan","tag-va-irrrl","tag-va-irrrl-for-rental-property","tag-va-loan-rental-property"],"acf":[],"yoast_head":"\nVA Loan Rental Refinance Advantages<\/h2>\r\n\r\n\r\n\r\n
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Free Up VA Entitlement<\/h2>\r\n\r\n\r\n\r\n
![\"Russell](\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2020\/02\/Zillow-5-star.png\")
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