Learn about the VA IRRRL (Interest Rate Reduction Refinance Loan), a streamlined refinance option for veterans to lower their mortgage payments and interest rates.
More than a home loan. A lot more. No appraisal, PMI, or closing costs1 ; No income or asset verification required ; Rates as low as 6.0% (6.175% APR)2
Veterans and active duty military personnel lower the interest rate on your VA Home Loan - the VA Streamline Refinance Program, also known as the Interest Rate Reduction Refinance Loan (IRRRL).
A VA IRRRL may be the best option for you if you want lower monthly payments. Read our article to learn more about VA streamline refinance and how it works.
If you already have a VA loan, a VA streamline refinance might be the easiest way to lower your interest rate--and save money and time.
For VA loan borrowers, the VA streamline refinance — officially, a interest rate reduction refinance loan (IRRRL) — can save time and money.
The IRRRL program makes the refinancing process faster than other refinance types because it typically requires less documentation and paperwork. For instance, the VA doesn’t require an appraisal, credit check or employment verification for a Streamline refinance (although your lender might require them). Instead, the primary qualification borrowers must show is that they’re current on their mortgage payments. In addition, a title search and title insurance are necessary. The borrower can also roll any incurred closing costs into the new lo ...
10 Min Read ; Updated Feb. 23, 2024 · FACT-CHECKED · Disclosure
Am I eligible for an IRRRL? ; You may be eligible for an IRRRL if you meet all of these requirements. ; All of these must be true: ; Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
A VA refinance can prove a handy way to help you lower your interest rate and save money on your monthly mortgage payments. If you’re looking to refinance your VA loan, there are some important VA refinance guidelines and eligibility requirements that you should be aware of, however. Let’s take a closer look at how a VA loan refinance can put more money back in your pocket − and what you need to know about VA refinance guidelines and requirements before applying to receive one. A Departmen...