The HIRO program is a type of refinance option that allows borrowers with conventional loans owned by Fannie Mae to get a lower rate, even if their home is underwater and they owe more than the home is worth.
While the VA loan program doesn’t have an exact equivalent to the HIRO program, the VA IRRRL actually offers a lot of the same benefits, but can be used in even broader circumstances. It also often offers even more benefits, beyond just getting a lower interest rate. To find out all of the details, though, of how HIRO and the IRRRL are similar, you’ll have to watch the full video.
In addition to the IRRRL, VA loan borrowers can also qualify for mortgage forbearance under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. You can learn more about forbearance and the type of relief offered by the CARES Act by checking out our recent mortgage forbearance series: https://www.youtube.com/playlist?list=PLiN1dI7NUVmnSfZ5Y2C4nhCPO8upCQYY3
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This video is not intended for residents or homeowners in the states of WA, NY or MA.
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