Veterans Affairs IRRRL Loans (VA Streamline Refinance) Program

What is a VA IRRRL Loan or Interest Rate Reduction Refinance Loan?

A VA Interest Rate Reduction Refinance Loan (IRRRL) — also known as a VA Streamline Refinance — is a veteran mortgage refinance program that can help veterans who already have a VA home loan benefit from a lower interest rate and lower monthly payments by refinancing their mortgage.

What Are the Benefits of a VA IRRRL Loan?

Some benefits of a VA IRRRL loan or streamline refinance loan are:

  • 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 home 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 for a VA IRRRL Loan?

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

CrossCountry Mortgage has helped active military personnel, veterans, and other eligible groups make sense of VA loans, guide them through the process, and ultimately match them with the best mortgage option. Our commitment to the military extends to helping take the guesswork out of VA home loans and making obtaining one a straightforward and painless process. If you have a VA home loan and are having a hard time making the monthly payments, then a VA streamline refinance loan could give you lower interest rates and a lower monthly mortgage. Talk to your licensed CrossCountry Mortgage loan officer today!

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