VA IRRRL Primary Residence vs Investment Property Rates

VA IRRRL Primary Residence vs Investment Property Rates

Member since 2020 · 1 post · 0 votes

Hi BP, I had a question. I am looking into refinancing a home I am currently renting out. It was bought a few years back when I was stationed there and was my primary residence.

My current tenants are moving out in a few months and I have the opportunity to get orders back to this base and live back in the house. 

It seems like a no brainer to do a IRRRL (old rate was 4%) as a primary residence. BUT, as with all things in the military, things are unpredictable especially with the COVID stop movement on PCS's, so I dont want to do a refinance as a primary residence then end up being unable to fulfill occupancy requirements if I dont get picked up for those orders.

Anyways, anyone know how investment property rates foe a VA IRRRL are looking and whether lenders are even closing on them? Thanks!

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    6y

    @Justin Honeycutt the great thing about a VA IRRRL is that you don't have to live in the property to refinance with that loan type. Your rate will certainly be better with the VA IRRRL product than a conventional investment property refinance. Hope this helps. Thanks!

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