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Government products

FHAFHA StreamlineVAVA IRRRL
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15-, 20-, 25-, and 30-year fixed, and 5-year adjustable

VA Interest Rate Reduction Refinance Loan (IRRRL)

Offer your existing VA clients an easier way to refinance. No appraisal needed.

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Eligibility guidelines

580

Min. credit score

0.5%

Min. rate reduction

Additional product features

Reduce

interest

rates

Temporary Buydown

Lower your clients’ interest rate2 for the first 1-3 years of their loan.

  1. Build stronger relationships with clients and real estate agents by offering initial interest rate relief in a tough purchase market.
  2. Get more ways to fund the buydown. Clients, real estate agents, home sellers, builders, or correspondent lenders can contribute.


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VA Streamline: ​The VA Streamline program may have stricter requirements in some states. In order to qualify for the VA Streamline program, you must have a VA loan. The VA Streamline is only available on primary residences. Cash-out transactions are not allowed. In order to qualify for a VA Streamline, a 0.5% minimum reduction in interest rate on the previous fixed-rate loan must occur if the new loan will be a fixed rate or a 2% minimum reduction in interest rate on previous adjustable rate mortgage loan must occur; a minimum of 6 months of consecutive mortgage payments must be paid on the current loan at the time of application. Some states may require an appraisal. Additional restrictions/conditions may apply.

Temporary Buydown: Builder consent and funding is only applicable if they are the seller of the home. Clients choosing a 3-2-1 temporary buydown are eligible to receive an effective rate reduction of 3% for the first year of the mortgage, 2% for the second year, and 1% for the third year. Other temporary buydown options are available. Temporary buydowns are eligible for primary residences and second homes for conventional loans and only primary residences for government loans. The 3-2-1 temporary buydown is not available for FHA loans. Buydown funds may not be redeemed for cash or credit and are nontransferable. The new buydown features cannot be retroactively applied to any loans in process or closed loans. Program is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

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