What is a VA IRRRL?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A VA IRRRL — Interest Rate Reduction Refinance Loan, or VA streamline — lets you refinance an existing VA loan to a lower rate with little documentation, often no appraisal or income verification.
It must lower your rate or move you from an adjustable to a fixed rate. It's the easiest, lowest-cost way for veterans to refinance. We'll confirm the seasoning and benefit requirements.
The VA streamline
A VA IRRRL, or Interest Rate Reduction Refinance Loan, is the VA's streamline refinance. It lets veterans with a VA loan refinance to a lower rate with minimal paperwork, often no appraisal or income check.
IRRRL is built for speed and low cost, so eligible veterans can cut their rate fast.
Who qualifies
You need an existing VA loan and a record of on-time payments, and the refinance must lower your rate or move you from an adjustable to a fixed rate. There is no cash-out.
We help veterans use the IRRRL to save money. Apply now and we will see if you qualify.