It’s a challenging economy out there. High interest rates and inflation make homeownership increasingly difficult. Many veterans, active duty service members, and surviving spouses are hoping for relief. With an eye toward future rate drops, Better.com wants to make refinancing simpler and more accessible. Today, Better Home & Finance Holding Company (Better.com) shared a new addition to its mortgage offerings: the VA Interest Rate Reduction Refinance Loan (VA IRRRL). This program aims to empower eligible VA loan holders with a streamlined refinance option that helps them secure lower rates and reduce their monthly payments.
VA-Backed Refinancing Without the Usual Hurdles
Backed by the Department of Veterans Affairs, this new program allows eligible borrowers multiple benefits. They can refinance their existing VA loans without needing an appraisal, asset verification, or income documentation. With streamlined credit qualifications, homeowners can secure lower interest rates and reduce their monthly payments more quickly. Additionally, Better.com’s access to a proprietary marketplace of investors enables them to offer highly competitive rates. This makes for an especially attractive option for veterans looking to save in today’s economic landscape.
“The addition of VA IRRRL allows Better to give back to veterans and their families through mortgage offerings that make homeownership simpler and more affordable,” said Vishal Garg, CEO of Better.com. “As we look ahead with optimism to a more favorable interest rate environment, we are proud to simplify the refinancing process for veterans, helping those who have served our country save money and secure their financial future.”
Eligibility and Benefits of VA IRRRL
Better is working to digitize and streamline the process of refinancing for veterans through the VA IRRRL. They have created a voice-based AI loan assistance called Betsy to answer questions 24/7. Applicants can complete the entire loan process online, with the option to close remotely theater deployed overseas or at home.
To qualify for VA IRRRL borrowers must currently hold a VA loan in good standing and have previously used their VA entitlement. The program is great for those looking to lock in a lower interest rate or switch to a fixed rate from an ARM or variable rate. The VA IRRRL features a fixed-rate loan option and a reduced funding fee of 0.5%, which can be waived for certain disable veterans and surviving spouses. Additionally, closing costs are able to be rolled into the new loan, eliminating out-of-pocket costs for the homeowner.
Supporting Military Families Through Economic Uncertainty
The transition to civilian life can be complex. Programs like the VA IRRRL help veterans manage housing costs and secure a stable financial future. In a period marked by economic fluctuations and inflation, homeownership can be both a valuable asset and a challenge. These types of programs help ease financial strain and enable veterans to thrive in the communities they call home. Accessible refinancing options offer a pathway to greater stability and economic resilience.
