IRRRL Interest Rate Reduction Loans- VA Refinance Loans

IRRRL Mortgage Loans AKA VA Streamline

Main goal of an IRRRL is to allow a veteran to save money in monthly interest.
Allow Veteran to refinance their loan in a streamlined manner
No appraisal is required when applying for a VA IRRRL Loan.
A VA IRRRL can be completed with no money out of pocked by the veteran.
Veteran can refinance out of a VA Adjustable Rate Mortgage to a
higher interest as long as its going onto a fixed term.
On a VA IRRRL your will not be able to receive any cash out from the refinance transaction.
IRRRL loans can only be used to refinance a property on which you have already used your VA loan eligibility on.

Other things to consider.

Your Certificate of Eligibility (COE) is not required.
If you have a second mortgage we will have to get the 2nd lien holder to subordinate that lien so the VA Loan will be in first position.
The occupancy for a VA IRRRL is also different from other VA loans as a veteran only needs to prove they once occupied the home, bit not mandatory for an IRRRL.
One of the best things about this loan is they require much less paperwork than the VA Purchase Loan.
A VA IRRRL will let you refinance your high interest rate loan into a lower rate loan with minimal fees and costs as compared to the initial loan.
How to Apply

Since a Veteran has already paid their VA Funding Fee in Full on their purchase loan for the home, the IRRRL Funding Fee is typically reduced.

Most VA Borrowers will pay a .5% funding fee for their VA IRRRL Refinance loan.
Veterans who had a service related disability that are deemed more than 10% disable that were honorable discharged are exempt from VA Funding Fees.
The surving spouse of a Veteran who died of a service related disablity is also exempt from the VA Funding fee.
If you want up to date information and accurate funding fee information check the VA Funding Fee Chart