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If you have a current VA loan, you may be able to lower your interest rate by getting an Interest Rate Reduction Refinance Loan (IRRRL). Also called a VA Streamline Refinance, the IRRRL can help you quickly and easily refinance your home through the VA Loan program with a lower interest rate with no costs out of pocket and often completely covered at closing.

Here are five things you need to know about the VA IRRRL process:

  1. The VA IRRRL Is quick and easy. In fact, it’s often called a “streamlined” refinance because of its simplicity. There’s no need for a home appraisal and no income or employment verification is required. In most cases we can close your loan in under 30 days.
  2. You’ll be able to refinance with no money out-of-pocket with a VA IRRRL. Closing costs may even be covered at closing depending on market conditions and options.
  3. The VA IRRRL may help you save on your monthly mortgage payment by refinancing your home through the VA Loan program. You may be able to lower your interest rate and your monthly mortgage payment. Even a small decrease in your interest rate can add up to big savings over the life of your loan. You may also be able to shorten your loan term with your savings which could save you additional interest.
  4. The Veterans Administration does not require a minimum credit score for a VA IRRRL. However, most lenders will require a 620 credit score. If your score is below a 620, you might still qualify if you have made timely payments on your current VA loan for the last 12 months.
  5. You must meet certain eligibility requirements, You must have a current VA Loan and you must also have made at least six timely payments on your current VA loan. And, you must not have been delinquent on your loan at any time in the last 12 months.

If you are interested in learning more about the VA IRRRL process, please contact us today. We are here to help you every step of the way.