VA IRRRL (Interest Rate Reduction Refinance Loan) | VA Loan Coach
VA streamline refinance
VA Interest Rate Reduction Refinance Loan (IRRRL)
Key features
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No appraisal in most cases
Skip the appraisal and the wait that comes with it.
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No income or employment verification
Minimal documentation compared to a traditional refinance.
$0
No out-of-pocket costs in many situations
Closing costs can often be rolled into the loan.
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Faster, simpler process
Streamlined from application to closing. That's the point.
Every IRRRL must result in a net tangible benefit to you, such as a lower rate, a lower payment, or a more stable loan. This rule exists to protect veterans from unbeneficial refinancing.
Who benefits most?
A VA IRRRL may be a good option if you:
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Have a higher rate than today's market
Bring your rate and your payment down.
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Want fixed instead of adjustable
Move from an adjustable-rate VA loan to the stability of a fixed rate.
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Want minimal paperwork
Prefer a refinance with less documentation and a faster closing.
Requirements
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Seasoning
At least 210 days since your first mortgage payment due date
At least 6 monthly payments made on your current VA loan
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Occupancy
You do not need to currently live in the home
You must have lived in it previously
Investment properties allowed if prior occupancy can be verified
Still have questions about your benefit?
Send them over. Average response time is about an hour.