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VA Home Loan

VA REFINANCING

Streamline Refinancing (IRRRL)

Commonly referred to as a VA IRRRL, (Interest Rate Reduction Refinance Loan) the “Streamline” refinancing option is a remarkable tool for eligible borrowers with an existing Home Loan looking to obtain substantial savings and benefits.

A VA IRRRL loan is used to refinance a property that you already have used your VA loan eligibility to purchase reusing the entitlement originally used to purchase the home. This is used strictly for VA to VA refinances.

Here are some things that you need to know about the VA Interest Rate Reduction Refinance Loan (IRRRL)

  • No appraisal is required
  • All costs of the new loan are included in the new loan, so there is no money out of pocket unless you choose to pay the VA Funding Fee upfront.
  • You may NOT receive any cash from the loan proceeds.
  • You may NOT refinance any other loans or second mortgages with the VA IRRRL. If you have a current second mortgage, the lien holder must agree to subordinate the loan so that the new VA loan will be the first mortgage.
  • You must be able to certify that you either currently or have previously occupied the home.
  • A new Certificate of Eligibility (COE) is not required. We can use your original Certificate of Eligibility or an e-mail from the VA to confirm prior use of your entitlement.
  • If you are refinancing from an existing VA ARM loan to a VA fixed rate loan, the interest rate may increase.

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