An ongoing series of informational entries covering discussions and resource guidance to help Oregon Veterans take advantage of their VA Home Loan and Oregon Veteran Benefits. Assisting Servicemembers and Veterans in real estate investments, and other wealth generating options.
What is the Interest Rate Reduction Refinance Loan (IRRRL)?
Bottomline: The IRRRL refinancing loan for VA (Veteran Affairs) mortgages doesn’t require lengthy application processes. By using this opportunity you may be able to secure a new mortgage with smaller monthly payments or convert your 30-year loan to a 15-year one. Basically, if you can find some benefit to your overall financial strategy in regards to your VA Home Loan, you may be able to use the IRRRL. But before we get into potential strategies in which you may use the IRRRL, let’s go over some of the facts about the program.
In this article, we discuss a technique in which you can use the VA Home Loan Program in order to acquire a property that actually has the potential to make money for you. It will require a little research on your part, but we will discuss current loan limits for the program, how to determine whether a property has positive or negative cash flow potential (i.e. makes or loses money), how to acquire that potential property, and how to turn it into a passive money making machine that requires little action from you.