VA IRRRL

If you are a veteran with an existing VA mortgage, you may qualify for the VA Interest Rate Reduction Refinance Loan, or IRRRL. This loan is also known as the VA streamline refinance loan. With this program, you can refinance your existing VA mortgage without having to re-qualify. With this loan you can lower your current interest rate, or convert from an ARM to a fixed rate loan. Apply now for a VA IRRRL loan with the nations #1 VA lender!

VA IRRRL: Quick Facts About The IRRRL Program

• The IRRRL is a simple process compared to the original VA mortgage loan. Most of the time, the lender is able to close automatically.
• The VA does not require an appraisal, credit information, or underwriting, but your VA approved lender may require these.
• You can roll all closing costs and fees into the new loan so there are no out-of-pocket charges to you.
• The monthly payment for the IRRRL must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
• The IRRRL must be at a lower interest rate than the previous loan. The exception is if you are refinancing from an adjustable rate loan. The reason you might want a higher, fixed rate loan is that your adjustable rate loan’s interest rate will eventually increase.
• An IRRRL can be a fixed rate or adjustable rate loan.
• Energy efficient improvements can be refinanced into your IRRRL, up to $6000.
• Your monthly mortgage payment may increase if you finance energy efficient home improvements, finance your closing costs including the funding fees, finance points, or get a higher interest rate if you move to a fixed rate loan.
• You cannot receive any cash out at closing with an IRRRL.
• You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.