VA IRRRL stands for “VA Interest Rate Reduction Refinance Loan” or VA Streamline Refinance
It is a type of refinance loan offered by the Department of Veterans Affairs (VA) that allows eligible veterans, active-duty service members, and their surviving spouses to refinance an existing VA loan to obtain a lower interest rate and reduce their monthly mortgage payments.
The VA IRRRL program is also commonly known as a “VA streamline refinance” because it is designed to simplify the refinancing process by requiring minimal documentation and underwriting. With a VA IRRRL, there is typically no need for a new appraisal, credit check, or income verification.
To be eligible for a VA IRRRL, borrowers must currently have a VA loan, be current on their mortgage payments, and intend to use the refinance loan to lower their interest rate and monthly payment. The VA also requires that the new loan result in a tangible benefit to the borrower, such as a lower interest rate, lower monthly payment, or a shorter loan term.
Overall, a VA IRRRL can be a great option for veterans and active-duty service members who want to take advantage of lower interest rates and reduce their monthly mortgage payments.
The new interest rate must be at least .5% lower than your current rate and 210 days have passed before you can close on the new loan. You have the option based on the closing date to have your first payment start within 30 or 60 days. Closing costs can be rolled into the new loan or ask about our Lender Paid Closing Cost Option.
| Parties Obligated on Old VA Loan | Parties to be Obligated on new IRRRL | Is IRRRL Possible? | |
| 1 | Unmarried veteran | Veteran and new spouse | Yes |
| 2 | Veteran and spouse | Divorced veteran alone | Yes |
| 3 | Veteran and spouse | Veteran and different spouse | Yes |
| 4 | Veteran alone | Different veteran who has substituted entitlement | Yes |
| 5 | Veteran and spouse | Spouse alone (veteran died) | Yes |
| 6 | Veteran and nonveteran joint loan obligors | Veteran alone | Yes |
| 7 | Veteran and spouse | Divorced spouse alone | No |
| 8 | Unmarried veteran | Spouse alone (veteran died) | No |
| 9 | Veteran and spouse | Different spouse alone (veteran died) | No |
| 10 | Veteran and nonveteran joint loan obligors | Nonveteran alone | No |
For more information on a Washington State VA IRRRL, check out our low cost refinance options. If you started your loan with a National VA lender or Regional, you will be shocked how much lower our fees are when compared to them. 253-472-1500 Kevin Tinsley President/Owner of VAHomeLoans.com
VA IRRRL Tacoma Lakewood Washington State