VA IRRRL Lenders

Veterans who currently have a VA loan and wish to lower their interest rate and payment should apply for a VA IRRRL, also known as the “VA streamline refinance”.   The IRRRL (which stands for “interest rate reduction refinance loan”) is a special refinance program for Veterans that allows borrowers to lower their interest rate with very little effort.

We offer the VA IRRRL loan to members of the military and veterans in the following states:  Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming.  If your state is not listed, please contact other VA mortgage lender to assist you.

Benefits of the VA IRRRL Program:

• No credit check.
• No income or tax documentation is required.
• No appraisal is required saving you time and money.
• Efficient process resulting in a quicker close.
• No need to reapply for COE (previously issued COE will be used).
• Lower VA funding fee (compared to home purchases and cash out refinances).
• All loan fees can be paid with proceeds of the loan (nothing “out of pocket”).
• Change from an ARM to a Fixed Rate Mortgage if applicable and desired.
• Change amortization (30 year to 15 year for example).

Would you like to learn more about the VA IRRRL streamline refinance program?  We can help match you with a lender that offers VA loans in your location.  They will provide you with a free consultation, and the opportunity to get pre-approved for a VA loan.

Click here to get matched with a VA lender

More Information on the VA Streamline Refinance Program:

You can only refinance a VA loan.  You may not payoff any other mortgage or loan.  If you are in a non-VA loan and wish to refinance to a VA loan, you may do so, but it would be through a VA cash out refinance (even if you are not taking any cash out).  You also may not take any cash out on an IRRRL loan, but you may do so through the VA cash out program.

Contact us today to get preapproved for a VA IRRRL loan and compare our offered terms to any other VA lender in the country.  We are confident that our rates and fees are compete against any other major lender in the USA. The best way to rexeive a quote is to submit the web form on the right hand side of this web page.

VA IRRRL / VA Streamline Refinance Questions
Below are the most common questions we receive about the VA streamline refinance program. If you have a question that you do not see here, send us a request for a free consultation through the contact form on this page.

Does the IRRRL have fixed rates and adjustable rates?
Yes, you have the option to choose from a fixed rate or adjustable rate mortgage.

Can I take cash out with this loan?
No, the VA IRRRL does not allow for cash to be taken out. You will want to apply for a VA cash out refinance if you need to take money out of your home. There is one exception to this rule, however, and that is that you can take out another $6,000 to pay for energy efficient improvements.

Is switching from a 15 year to 30 year or vice versa allowed?
You are allowed to switch loan terms, such as from a 15 year to 30 year loan, or from a 30 year to 15 year loan.

What is the VA funding fee for the Interest Rate Reduction Refinance Loan?
The VA funding fee is lower on the IRRRL than it is for a purchase or cash out refinance. For a VA IRRRL the funding fee is 0.50%. This fee is waived for those that have service related disabilities, spouses of military members who died while on duty, or

I no longer occupy the home I financed through the VA. Can I still use the IRRRL loan?
Yes, you can still refinance your VA home loan if you no longer occupy it.

What are the pros and cons of this program?
The pros are that you can lower your rate and payment, fix your rate, and potentially skip two payments. The cons of any refinance is that you are resetting the loan amortization resulting in more interest paid in the long run. All loan fees have closing costs and funding fees too. You should only refinance if the advantages of lower your payment make it worthwhile to cover the cost of the refinance. We will simplify the numbers for you to see if it will be advantageous to refinance and how much you will save.

How much is the VA IRRRL funding fee?
The VA funding fee for an IRRRL loan is 0.50%. This is less than the 1.25%-2.15% funding fee on first time VA loans (the amount on a VA first home purchase loan depends on the down payment amount). This fee is waived for those that have service related disabilities, spouses of military members who died while on duty, or

Can I switch from an ARM to a fixed rate?
Yes, and this along with reducing your interest rate is one of the best reasons to refinance using this program.

If I divorced my spouse, or am in the process of a divorce, will this affect my eligibility?
Unfortunately, a divorce can affect your application. Both co-borrowers, whether spouses or not, must sign for the new loan. The streamlined process does not require a credit check, or any scrutiny into finances. One of the only requirements, is that both names on the original loan sign for the new mortgage. You can still refinance your VA loan, but it will be considered a VA cash out loan regardless if any money is taken out.