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.
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.