VA Interest Rate Reduction Refinance Loans

What is a VA Interest Rate Reduction Refinance Loan?

If you already have a VA loan, a VA Interest Rate Reduction Refinance Loan (IRRRL) — also known as a VA Streamline Refinance — can help you benefit from a lower interest rate and monthly payments.

What Are The Benefits?

• No appraisal or credit underwriting package is required.
• You can include the costs of getting an IRRRL in the new loan.
• You can refinance an existing VA ARM into a fixed rate VA loan.
• You can reduce a 30-year mortgage into a 15-year mortgage to pay it off sooner.

What Do I Need To Be Eligible?

While a Certificate of Eligibility is required for a VA loan, it is not required to obtain a VA IRRRL. However, you should still provide it to us to show that you previously used your VA entitlement. Note that you cannot use the funds from your IRRRL to pay another non-VA mortgage. If you have a second mortgage, that loan must be subordinated so that your VA loan is your first mortgage.