Colorado
VA IRRRL streamline refinance in Colorado
Home Loans Inc is not licensed in Colorado, so we cannot do your IRRRL here. The VA rules below are the same in every state, and our Colorado partner can run the numbers on your loan.
Our Colorado partner
Need a loan in Colorado now? Talk to Vic Malone.
Vic Malone
CAPT, USN (ret) | Owner and Mortgage Broker, Peak Seven Mortgage
Vic is a retired Navy captain who served 27 years, in submarines and space operations. Days before he retired in 2012, the Waldo Canyon Fire destroyed his Colorado Springs home. He rebuilt it, and the refinance that followed is what led him into the mortgage business. He has run Peak Seven Mortgage, a Colorado mortgage brokerage, since 2018.
VA loans are his specialty, and that includes the VA IRRRL streamline refinance for Colorado veterans who already have a VA loan. Jason Sharon knows Vic personally, and he is who we send Colorado homeowners to while Home Loans Inc is not licensed there.
102 S Tejon St, Suite 1100, Colorado Springs, CO 80903
719-304-4900
NMLS #1084279 | Company NMLS #1712479
Peak Seven Mortgage is an independent company and is not affiliated with Home Loans Inc. Home Loans Inc receives no fee or other compensation for this referral, and you are free to choose any lender. Check licensing on NMLS Consumer Access.
Same rules in every state
How the VA IRRRL works for Colorado veterans
You need a VA loan now
An IRRRL only refinances an existing VA loan into a new VA loan. If your current loan is FHA or conventional, this is not the tool.
Seasoning
At least 210 days from your first payment due date and at least six monthly payments made, whichever is later.
The savings have to be real
VA requires a net tangible benefit, and the costs of the refinance have to be recouped through the monthly savings within 36 months.
Small funding fee
The IRRRL funding fee is 0.5% of the loan amount. Veterans receiving VA disability compensation pay none.
Why Colorado has so many VA loans
Military installations in Colorado
Colorado Springs is one of the most military-dense cities in the country, and many veterans and service members there bought with a VA loan. If you bought when rates were higher, an IRRRL is worth a look. If you have PCSed out and kept the house, it can still qualify.
Fort Carson
Colorado Springs
Peterson SFB
Colorado Springs
Schriever SFB
El Paso County
US Air Force Academy
Colorado Springs
Buckley SFB
Aurora
Colorado VA IRRRL questions
Is Home Loans Inc licensed in Colorado?
No. Home Loans Inc is licensed in South Carolina, North Carolina, Virginia, West Virginia, Florida, Georgia, Alabama, Mississippi, Iowa and Wyoming. We cannot take a Colorado IRRRL application, which is why we point Colorado veterans to a partner who can.
Who can help me with a mortgage in Colorado right now?
Our Colorado partner is Vic Malone, a retired Navy captain and owner of Peak Seven Mortgage in Colorado Springs (NMLS #1084279, company NMLS #1712479). Call him at 719-304-4900. Peak Seven Mortgage is independent and not affiliated with Home Loans Inc, and Home Loans Inc receives no compensation for the referral.
Can I do a VA IRRRL in Colorado?
Yes. The IRRRL is a federal VA program, so the rules are the same in Colorado as everywhere else. You need an existing VA loan, and the lender has to be licensed in Colorado.
How soon can I refinance my VA loan with an IRRRL?
VA seasoning rules require at least 210 days from the first payment due date on your current loan and at least six monthly payments made, whichever comes later.
What does an IRRRL cost?
The VA funding fee on an IRRRL is 0.5% of the loan amount, and veterans receiving VA disability compensation are exempt. Lender and title costs vary. Under VA rules, the costs have to be recouped through the monthly savings within 36 months.
Do I need to still live in the home?
No. For an IRRRL you only have to certify that you lived in the home at some point, so a Colorado home you moved out of after PCS orders can still qualify.
Not in Colorado?
Home Loans Inc can do your IRRRL in South Carolina, North Carolina, Virginia, West Virginia, Florida, Georgia, Alabama, Mississippi, Iowa and Wyoming.
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