VA – Discount Points on an IRRRL: Does VA require an appraisal when any discount points are being charged on an IRRRL? VA Refinance Comparison Chart

Answer: VA only requires an appraisal on an IRRRL when a fixed rate is refinanced to an ARM rate and the 2% reduction in rate was produced solely from discount points.  (See the details below.) Reference: VA Guidelines – Chapter 4 Fixed to ARM: New rate must be 2% lower and the new rate can’t be [...]