Get a New-and-Improved VA Loan Through an Interest Rate Reduction Refinance Loan
Veterans, active duty military, and retired military personnel can refinance a VA loan to reduce their interest or convert an adjustable-rate VA loan into a fixed-rate loan with an Interest Rate Reduction Refinance Loan (IRRRL). A new Certificate of Eligibility is not required to apply for a VA IRRRL, and no appraisal is generally required and there is limited credit underwriting.
What can I achieve with a VA IRRRL?
- Reduce your VA loan interest rate
- Switch from an adjustable rate to a fixed rate
- Possibility to refinance with no out of pocket expenses
- Possibility to refinance without an appraisal and with limited credit underwriting
What are the eligibility requirements for a VA IRRRL?*
- Existing VA loan holders, i.e. military personnel, Veterans, or National Guard and Reserve Veterans
- A VA IRRRL can only be used to refinance a property on which you have already used your VA Loan eligibility.
- Proceeds from an IRRRL can only be paid to an existing VA loan. If you have a second mortgage on your home, it must be eligible to remain a second mortgage to your new VA loan.
Enhance your VA IRRRL with Heroes First
At Apex Home Loans, we believe that those who keep our community safe, healthy, and moving forward deserve appreciation.That's why we created Heroes First, a financing discount program that provides...
- $500 maximum towards closing costs per loan on purchase or refinances.
- Heroes First is available with any loan program we offer, including those with down payments as low as 0%.
- Benefit from a dedicated mortgage expert to act as your in-process guide and go-to adviser throughout the entire life of your loan.
Think this is the loan for you? Complete the form to find out more.
Disclaimer: *Other requirements apply. Please visit https://www.benefits.va.gov/homeloans/irrrl.asp for a complete accounting. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. Equal Housing Lender.