VA Rate Reduction Loan
NO MINIMUM CREDIT SCORE REQUIRED
Active Duty and Military Veterans: To say "thank you for your service", we're giving you the lowest rates, fastest closings, and VIP service.
If you have no late payments on your mortgage in the past 12 consecutive months, you qualify for the lowest rates available regardless of your credit score.
Term Interest Rate APR
30 Years 5.50% Fixed 5.72%
Term Interest Rate APR
20 Years 5.50% Fixed 5.85%
Term Interest Rate APR
15 Years 5.00% Fixed 5.32%
The APRs shown above are based on a $300,000 loan amount and average transaction costs of $8,500. The rates reflect the most up-to-date information. This chart is updated weekly or in response to a significant change in the current interest rates. Loan terms are available for periods ranging from 10 to 30 years; odd-year terms, i.e. 29 years, 28 years, 27 years, etc, are available. Rates are subject to change without prior notice. Final rates vary based on market conditions and individual circumstances.
No minimum
credit Score required
The VARRL has NO MINIMUM credit score requirement to get the best rate option. If you have on-time mortgage payments for the past 12 months, your mortgage payment history is your credit. Take advantage of this great benefit for veterans and their VA mortgage.
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Restrictions apply.
Subject to change without notice.
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No Proof of
income required
Say goodbye to looking for paystubs, award letters, and tax returns! There are NO INCOME REQUIREMENTS which makes refinancing fast and easy. This ultra streamlined loan allows more veterans to get some of the best interest rates on the market.​
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Restrictions apply.
Subject to change without notice.
No
appraisal required
Enjoy the NO APPRAISAL requirement for the VARRL! This eliminates the need for costly and time-consuming property appraisals and allows for quicker access to lower interest rates, making your mortgage payments more affordable.
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Restrictions apply.
Subject to change without notice.
GENERAL VARRL REQUIREMENTS
All requirements below are subject to change without notice. Additional restrictions may apply.​
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​This loan is to pay off an existing VA-guaranteed mortgage loan by obtaining a new first mortgage loan secured by the same property. The veteran must show they previously occupied the property as their principal residence.
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​Second mortgages or other debts cannot be included in the loan payoff amount.
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​Property must be owner-occupied; however, second homes and Investment properties may also be eligible.
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​The veteran borrower will be on the new loan or a surviving spouse who is on the original loan will be on the new loan.
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​The veteran or surviving spouse still owns the property.
Minimum Credit Score:
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There is no minimum credit score required unless otherwise noted. ​
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Non-mortgage credit history is not required.
Mortgage Payment History:
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A 12-month mortgage payment history is required or 8 months for new financing.
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Only one 30-day late payment in the last 12 months and no 30 day late payments in the past six months.
Interest Rate Check:
One of the following must be true, along with all other requirements:
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Fixed rate to fixed rate: The interest rate on the new loan is at least 0.50% lower than the interest rate on the existing loan being refinanced.
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Fixed rate to adjustable rate mortgage (ARM): The starting interest rate on a new ARM is at least 2% less than the current fixed interest rate on the loan being refinanced.
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ARM to fixed rate: The interest rate on the new Fixed rate loan must be lower than the current rate
Appraisal Requirements:
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No appraisal is required.
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Exception: If the property is located in a FEMA-declared county, an inspection is required to determine if there are any sustained damages."
COMPLETE THE INFORMATION BELOW
The VA Lady, a Novex Home Loans Company
Serving GA, NC, and SC
CONTACT INFORMATION
Click to call: 843 699-6000
Fax: 803 636-2883
Email: Docs@NovexHomeLoans.com​
Operating Hours (EST)
Monday - Thursday 9:00 am - 7:00 pm
Friday and Saturday 9:00 am - 1:00 pm
Sunday - Closed
Federal Holidays - Closed​
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Novex Home Loans
NMLS 1876911
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Awarded Top Veteran Mortgage Originator
Presented by the National Association of Mortgage Brokers
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