VA Interest Rate Reduction Refinance Loan
The VA Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance, is one of the best options for existing VA loan holders who want to take advantage of lower interest rates or refinance into a fixed-rate mortgage.
PLEASE NOTE that the following information is strictly educational. VAMortgageCenter does not offer VA Refinancing options. To use your VA Loan benefits for VA Refinancing, please use Veterans United Home Loans for your VA Loan refinancing needs.
VA IRRRL Refinance
The VA Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance, is one of the best options for existing VA loan holders who want to take advantage of lower interest rates or refinance into a fixed-rate mortgage.
Refinancing to a lower interest rate can save borrowers thousands of dollars over the life of their loan. Key aspects of the VA Streamline refinance include:
- Closing costs and fees can be rolled into the new loan
- There is no need to request another Certificate of Eligibility (COE)
- In some cases, there is no appraisal or minimum credit score required
- Streamline refinance can often be completed quickly with little paperwork
- Borrowers need only show prior occupancy of the property being refinanced
VA IRRRL Refinance Requirements
The IRRRL refinance option is fairly quick and uncomplicated, but it does come with a few requirements and guidelines.
Borrowers who choose this refinance type are not allowed to extract cash from their equity, and they can only refinance a property on which they have already used their VA loan eligibility. For a full list of eligibility requirements, check the Department of Veterans Affairs website.
It is important to note that even though the VA does not require appraisals or credit underwriting, VA lenders can and often do have their in-house requirements for VA Streamline Refinance loans.
