Family posing for picture next to moving boxes.

Did You Know?

Did you know VA and FHA have NO FICO programs?

If you currently have a VA or FHA loan, then you may qualify for a VA Interest Rate Reduction Refinance Loan (VA IRRRL) or an FHA Streamline. 

These two options are the best loans for people who have low FICO scores. These mortgages can provide access to refinance even when it has been difficult in recent years. 

VA IRRRL, What Is It? How Does It Work?

The VA IRRRL is a mortgage program that can be used by any veteran who has an existing VA loan. This program allows veterans to lower their interest rate or change the term of their mortgage, even if they have little equity in it! One thing you may not do is take cash out with this loan program.

In order to qualify for a VA Loan, you need to be an eligible active-duty service member, reservist, veteran, or surviving spouse – the spouse of someone who passed while in service or as a result of a service-connected disability.

A VA Interest Rate Reduction Refinance Loan or VA IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be an original or replacement entitlement, though it will reuse the amount originally used for the purchase of the house. 

Why Refinance To A VA IRRRL?

Here are a few bullet points as to why the VA IRRRL is the best loan program for any Veteran who has non-stellar credit or is just looking to lower their interest rate.

  • NO Credit Score Required
  • VA Mortgage Must Be Current
  • NO Appraisal Required For IRRRL
  • NO Income Required
  • NO Assets Required
  • This Is A True Rate Reduction Loan
  • VA IRRRLs Avoid The Need For Any Out-Of-Pocket Costs, By Including All Expenses In A New Loan Or By Adding Lender Credits When Needed.

As you read above, Veterans can take advantage of the VA IRRRL and lower their interest rate or change the term of their mortgage. One thing you may not do is take cash out with this loan program. If you’re looking for help to refinance and take cash out, we offer free consultations so if you need any advice on whether or not a VA IRRRL might be right for you, give us a call!

FHA Streamline, What is it? How Does It Work?

FHA Streamline refinance is the perfect solution for those with existing FHA loans who want to lower their monthly payments or change terms. It’s often easier than regular mortgages because you’ve already proven your creditworthiness through this type of agreement before, so requirements are usually reduced too!

Why Refinance To A FHA streamline?
  • NO Income Required
  • NO Credit Score Required
  • NO Appraisal Required
  • Lower Interest Rate
  • Lower FHA Mortgage Insurance
  • Must Be Current on Mortgage Payments for at least 6 months
Need To Know

If you currently are more than 6 months behind on your mortgage payments then you may not qualify for either VA or FHA programs because they both require borrowers to wait out any delinquencies before applying for their special refinance loan options.

If this is not an issue and your credit history meets the other requirements mentioned above, these types of government-backed loans could save you thousands by giving you access to lower rates.


If you’re struggling to find a home loan with your low credit score, there are still options out there. One option is the VA IRRRL (interest rate reduction refinance loan) or an FHA Streamline mortgage that could help you get approved for a mortgage even when it has been difficult in recent years. 

To learn more about these programs and see if they may be the right solution for your situation, give our experts a call at 1-888-354-8305 today! We’ll do all we can to ensure that you have access to the best possible rates and programs suited specifically to your needs.

Follow Us On: IG, FB, LinkedIN, TikTok @handshakehomeloans 

NMLS #1766673 

Phone: 1-888-354-8305 


Our Handshake to you includes the promise that you will receive unmatched service,  with a fast closing, at a great rate. 

Our Location
16260 N.71st St, Suite #450, Scottsdale, AZ 85254
Contact Us
1 (888) 524-4513
Business Hours
Mon-Sat: 9:00am – 6:00pm
Sunday: Closed