The VA Interest Rate Reduction Refinance Loan (IRRRL) is the VA's version of the FHA Streamline Refinance.  Eligible Veterans can refinance their homes without having to qualify for the new loan or have their home appraised.  



1.  You must be a qualified Veteran.

2.  You must already have a VA loan as your existing mortgage.  The IRRRL is a VA to VA loan only product.

3.  No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien.

4.  You cannot have more than one late payment in the last 12 months and have had no late payments in the previous 6 months.



Other Notable VA IRRRL Information

Funding Fee.  The VA charges a 0.50% funding fee on all VA loans except for borrowers with a 10% or more disability attributable to their military service.

No Cash-out.  You cannot take cash out of the equity in your home with an IRRRL loan.

Certificate of Eligibility.  Certificates of eligibility are not required on IRRRL loans.