VA IRRRL
The VA IRRRL, also known as the VA Interest Rate Reduction Repayment Loan, is designed exclusively for homeowners with an existing VA-backed home loan who want to lower their interest rate, reduce monthly payments, or switch from an adjustable-rate to a fixed-rate mortgage. This program offers a simplified, fast-tracked refinancing process with minimal paperwork and no appraisal requirement.
Key Features
Streamlined process with reduced documentation and faster approval
No home appraisal or credit underwriting package required in most cases
Lower interest rates and/or lower monthly payments
Option to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more payment stability
Closing costs and the VA funding fee (0.5% of the loan amount) can be rolled into the new loan, minimizing out-of-pocket expenses
No income limits or minimum income requirements
Eligibility Requirements:
- Must have an existing VA-backed home loan
- The IRRRL must refinance the current VA loan (no cash-out allowed)
- You must currently live in, or have previously lived in, the home covered by the loan
- The refinance must provide a tangible financial benefit, such as a lower interest rate or a more stable loan structure
- Must be current on your mortgage payments, with at least six consecutive on-time payments and at least 210 days since the first payment on your existing VA loan
