VA IRRRL Program Information

IRRRL = Interest Rate Reduction Refinance Loan

The VA Streamline Refinance (IRRRL) is an exclusive program for Veterans and is one of the easiest refinance programs available. In most cases, these loans can close in two weeks or less.

The program is specifically designed to make it simple, fast, and inexpensive to lower the interest rate on your existing VA mortgage.

You become eligible for a VA IRRRL after seven consecutive months of on-time mortgage payments.

If you have been making your payments on time, the VA assumes that a lower payment will be even easier to manage, which allows the program to eliminate most of the typical refinance requirements.

What Makes the VA IRRRL Unique

For most VA Streamline refinances:

- No appraisal is required
- No income documentation is required
- No credit report is required
- No out-of-pocket costs (closing costs are typically rolled into the new loan)

This makes the VA IRRRL one of the fastest and simplest refinance options available.

What You Will Need to Get Started

To begin the process, please provide:

- Your most recent mortgage statement
- A copy of your photo ID (Driver’s License or Military ID – front and back)
- A copy of your homeowner’s insurance declarations page

Typical VA IRRRL Closing Costs

The costs for a VA Streamline refinance are minimal and typically include:

- VA Funding Fee – 0.50% of the loan amount (Waived entirely if you have any VA disability rating)
- Title and settlement fees
- Lender underwriting fee (Discounted for the IRRRL program)
- County and state recording fees for the new mortgage

In most cases, these costs can be included in the new loan balance, so there are no out-ofpocket expenses at closing.

Next Steps

Once your application is submitted, we will issue a Loan Estimate within three business days showing the new payment and all associated fees. We will review everything with you and answer any questions before moving forward.

For more details, please call us at 727-777-4999