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VA Interest Rate Reduction Refinance Loans

What is a VA IRRRL?

VA Interest Rate Reduction Refinance Loans (IRRRL), or VA Streamline Refinance, can help homeowners with an existing VA Home Loan refinance to take advantage of lower interest rates and reduce their monthly loan payments.

How does a VA IRRRL help?

  • Appraisals and credit underwriting are not required in the process
  • The closing costs of the IRRRL can be wrapped into the new loan
  • An existing VA adjustable rate mortgage can be modified into a fixed rate VA loan.
  • A 30-year mortgage can be reduced into a 15-year mortgage to enable early payoff.

What are the eligibility requirements?

It is not required to have a Certificate of Eligibility, but it is suggested to provide it to show that you have previously made use of your VA entitlement.

Note: You cannot use funds from an IRRRL to pay for non-VA loans. If you have a second loan, it must be subordinated so that the VA loan is your first mortgage.