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VA Interest Rate Reduction Refinance Loan (IRRRL)

The streamline refinance was created by the VA to assist those who currently have a VA loan in reducing their interest rate with very minimal or even no out of pocket costs. The IRRRL has much less documentation than a standard loan and can therefore often be completed faster. With the IRRRL you can refinance your current VA loan from an adjustable rate mortgage into a fixed rate or lower the fixed rate you already have. With the IRRRL borrowers don’t need to intend to occupy the home they just need to show it was previously owner occupied. You have options like accepting a slightly higher rate so the lender can cover the closing costs or if you want the market rate you can have the closing costs rolled into the loan. Credit scores are also not required by some lenders. See below for a few main features.


  • No paystubs or w2 required

  • No bank statements required

  • No appraisal required so no loan to value issues to worry about

  • Closing costs can be included in new loan

  • Funding fee is lower than your VA purchase

  • Very little or no credit score requirements


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Purchase a home with a VA loan

People think buying a home with a VA loan takes longer than other financing types, this is a myth and in most cases the processing time is the same. A VA loan purchase offers similarly competitive interest rates.

Private lenders handle most of the approval process with little involvement from the VA. The VA guarantees a portion of the loan. The VA guarantee is a form of “insurance” for the lender in case the borrower stops being able to make payments.


Advantages to the VA purchase

  • VA may be able to assist if you start having issues making the loan payment

  • No down payment as long as the sales price isn’t greater than the appraisal value

  • There is no prepayment Penalty

  • Closing costs may be paid by the seller

  • No private mortgage insurance

  • VA limits the amount borrowers can be charged for closing costs

Call me today and I'll happily answer any questions or simply click here to get a FREE Quote