If you already have a VA loan on a Georgia home, the VA IRRRL (sometimes known as a VA streamline refinance) is one of the easiest ways to lower your rate and your monthly payment. There is no appraisal or income verification, and our No Minimum Score VA IRRRL option can help when challenged credit would stop a regular refinance.
No AppraisalNone required on a VA IRRRL streamline refinance
No Income DocsNo income or asset verification to qualify
No Minimum ScoreOur No Minimum Score VA IRRRL option has no minimum credit score
2 to 3 WeeksTypical closing time, faster than most lenders
What is a VA IRRRL, and why do Georgia veterans use it?
A VA IRRRL is a streamline refinance that replaces your current VA loan with a new VA loan at a lower rate, with far less paperwork than a normal refinance. There is no appraisal, no income verification, and no asset verification, so it is built to be fast and simple. Georgia has one of the largest military communities in the country, from Fort Stewart and Hunter Army Airfield around Savannah to Fort Moore in Columbus, Fort Eisenhower in Augusta, Robins Air Force Base in Warner Robins, Moody Air Force Base in Valdosta, and Naval Submarine Base Kings Bay near St Marys.
A lot of those veterans and active-duty families bought their homes over the last few years when rates were higher, so when rates ease off, an IRRRL is the simplest way to bring the payment back down. You keep the same VA benefit you already earned, just on better terms.
The benefits of a Georgia VA streamline refinance
The IRRRL is the most streamlined loan the VA offers, and for most Georgia veterans it is the lowest-friction way to improve a loan they already have. Here is what it does well.
A lower rate and payment
The main reason to do an IRRRL is to drop your interest rate, which lowers your monthly payment and keeps more money with your family every month.
No appraisal, no income docs
Because there is no appraisal and no income or asset verification, your home value and your current paycheck do not get in the way, which also means it closes faster.
No monthly mortgage insurance
Like every VA loan, there is no monthly mortgage insurance on an IRRRL, so none of your savings gets eaten back up by a PMI line.
Move from an ARM to a fixed rate
If you have an adjustable-rate VA loan, an IRRRL can lock you into a fixed rate so your payment stops moving every time the market does.
Who qualifies for a VA IRRRL in Georgia?
The IRRRL is for veterans and active-duty service members who already have a VA loan. The requirements are light, and our No Minimum Score VA IRRRL option helps borrowers that many lenders would turn down.
You currently have a VA loan on the home you are refinancing
You occupied the home at some point, even if you have since moved or received PCS orders
The refinance gives you a real benefit, usually a lower rate and payment, or a move from an adjustable to a fixed rate
For our No Minimum Score VA IRRRL option, no minimum credit score is required, and we review the mortgage payment history instead
Estimate your Georgia IRRRL savings
Use the calculator below to see what a lower rate would do to your payment. Enter your current VA loan balance and rate, then a realistic new rate, and it will estimate your monthly savings and how long it takes to break even. These are estimates, so your loan officer will confirm the real numbers for your file.
IRRRL Savings
Estimate the monthly savings and break-even on a VA IRRRL streamline refinance in Georgia.
What an IRRRL might save a Georgia veteran
This is only an example, but it shows how the savings add up. Say you have a $325,000 VA loan on a home in the Savannah area, where the typical home value is around $348,000 and the growing communities of Pooler and Richmond Hill run from the mid $340,000s up past $425,000, and you are sitting at a higher rate from a few years ago.
Current VA loan balance$325,000
Current rate6.5%
New rate5.25%
Estimated monthly savingsAbout $260 a month
That is roughly $3,100 a year back in your budget. Your actual savings depend on your balance, your current rate, the new rate, and the small costs rolled into the loan, which is exactly what we will run for you. The VA funding fee on an IRRRL is 0.50%. If you qualify for one of the current VA exemption categories, the funding fee may be waived, and we will confirm the required evidence before closing. This is only an example, your real numbers depend on your loan.
How the VA IRRRL process works
We have streamlined our side of the loan too, so for most Georgia veterans this is the easiest mortgage they have ever done.
01
Quick qualification
We confirm you qualify upfront, often in about 15 minutes, and we send your initial disclosures. There is no appraisal to schedule and no income to document.
02
We shop your rate
We have access to over 35 wholesale lenders, so we work to find you the best rate available rather than the one rate a single lender happens to offer.
03
Simple paperwork
We typically only need your current mortgage statement, your driver’s license, and your homeowners insurance, and we handle the VA side for you.
04
Close in 2 to 3 weeks
Most IRRRLs close in 2 to 3 weeks, and depending on your timeline faster if you need it, with your new lower payment starting on the next cycle.
Why work with PBT Bancorp
Our team has decades of experience working with veterans and has helped over 3,000 families refinance and save money or buy a home. On a streamline refinance, the difference between lenders comes down to the rate they can find you and whether they can close you at all.
We are an FDIC member bank and a wholesale broker, so we shop your loan across our network of over 35 wholesale lenders for the best rate
Our No Minimum Score VA IRRRL option helps us close loans that many other lenders cannot, with no minimum credit score required
We pull your Certificate of Eligibility (COE) and handle the VA paperwork for you
You work with a dedicated VA specialist from start to finish
We close most loans in 2 to 3 weeks instead of the 30 plus days you often see at larger lenders
No, an appraisal is not required on a VA IRRRL. As long as you have an existing VA mortgage, we can refinance it without ordering an appraisal, which is a big part of why the streamline is so fast.
What credit score do I need to refinance?
Our No Minimum Score VA IRRRL option does not set a minimum credit score. We review the mortgage payment history instead, which lets us help Georgia veterans that many lenders would turn away.
Can I still refinance if I got PCS orders and moved away from my Georgia home?
Yes, in most cases. The VA IRRRL only requires that you occupied the home at some point, so if you bought near Fort Stewart, Fort Moore, or another Georgia base and have since received PCS orders, you can usually still streamline the loan on that home.
How much can I actually save?
It depends on your balance and how far your rate drops, but on a $325,000 Georgia VA loan, going from 6.5% to 5.25% runs about $260 a month. We will price out your real numbers before you decide anything.
Does the VA funding fee apply to an IRRRL?
Yes, the VA funding fee on an IRRRL is a flat 0.50% of the loan, much lower than a purchase, and it is waived entirely for veterans with a 10% or greater service-connected disability.
How long does it take to close in Georgia?
Most of our IRRRLs close in 2 to 3 weeks from start to finish, and faster if your timeline calls for it, since there is no appraisal or income review to wait on.
Ready to lower your Georgia VA payment?
Tell us your current rate and balance and we will show you what an IRRRL would save you, with no appraisal, no income docs, and no pressure. Give us a call at 800-697-4371 or start online and put your VA benefit back to work.
