(509) 528-1992 koreilly@nexalending.com
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Second-look VA refinance

Heard “no” on a VA refinance? It may be worth a second look.

Lenders don’t all read the same file the same way. If your credit is thin, you have no score, or you’ve been through a bankruptcy, a VA streamline (IRRRL) or a VA cash-out refinance may still be possible, subject to lender approval and underwriting.

I’m Kimmer O’Reilly (NMLS #2398363), a mortgage loan officer with NEXA Lending (NEXA Mortgage, LLC, NMLS #1660690). I’ll review your situation and tell you plainly whether a refinance looks worth pursuing, including when it doesn’t.

Ask for a second look Try the example savings check

Two situations this page is for

VA IRRRL with no score or thin credit

An Interest Rate Reduction Refinance Loan (IRRRL) replaces an existing VA loan with a new VA loan, usually to lower the rate or move from an adjustable rate to a fixed rate.

  • VA does not set a minimum credit score. Lenders set their own credit requirements, often called “overlays,” and they vary.
  • Some lenders may consider an IRRRL for a borrower with little or no credit score, often looking closely at recent mortgage payment history. This may be possible, subject to lender approval.
  • The refinance must meet VA’s seasoning, recoupment, and net-tangible-benefit tests. The checker below walks through them with example numbers.

VA cash-out refinance after bankruptcy

A bankruptcy in your history does not by itself rule out a VA loan. When an automated system won’t issue a decision, some lenders will manually underwrite the file, a person reviewing your full credit story.

  • Chapter 7: generally about 2 years from the discharge date, with re-established credit. Shorter periods are rarely considered and need documented circumstances beyond your control.
  • Chapter 13: generally at least 12 months of on-time plan payments, plus written permission from the trustee or bankruptcy court to take on the new loan.
  • Everything is subject to underwriting: income, residual income, the appraisal, equity, and each lender’s own limits.

These are general descriptions of VA guidelines, not a promise that any loan will be offered. Lender requirements differ and change, and a refinance is not right for everyone. Lengthening your term or adding costs can raise what you pay over the life of the loan.

IRRRL savings & recoupment checker

Example only — not an offer or rate quote

This runs entirely in your browser. Nothing you type here is sent anywhere. It estimates principal-and-interest (P&I) only; taxes, insurance, escrow, and the VA funding fee are left out, the same way VA leaves them out of the recoupment test. Rates are blank on purpose: enter your own current rate and a rate you’re considering, or load the example numbers.

Example only: $300,000
Example only: 336 months (28 years)
Hypothetical only. Not a rate quote. Actual rates depend on your full application.
Example only: $4,000. Do not include the VA funding fee, taxes, escrow, or prepaid insurance.
Seasoning reminder: a VA loan generally can’t be refinanced with an IRRRL until both 210 days have passed since the first payment due date on the current loan and six consecutive monthly payments have been made, whichever comes later. Other tests: on a fixed-to-fixed refinance the new rate generally must be at least 0.50 percentage point lower, and closing costs generally must be recouped through the lower P&I payment within 36 months. Lenders apply these rules to your actual figures.

Ask for a second look

Tell me a little about your situation. No credit is pulled from this form, and it isn’t a loan application.

10-digit U.S. number

What are you looking into?

Please don’t include your Social Security number or account numbers.

You can send this form without checking the box. If you leave it unchecked, I’ll reply by email.

By sending, you agree to the use of your information as described in the privacy notice. This is not a commitment to lend.

What happens next

  1. I review what you sent and follow up, by email unless you agreed to calls or texts.
  2. We go over your current loan, payment history, and goals. If a refinance doesn’t look worth it, I’ll say so.
  3. If it may make sense, you’d complete a full application and receive the required disclosures, including a Loan Estimate, before deciding anything.