Interest Rate Reduction Refinance Loan
The Interest Rate Reduction Refinance Loan (IRRRL), provided by the U.S. Department of Veterans Affairs (VA), is tailored for veterans and military families. Commonly known as the VA Streamline Refinance Program, this initiative simplifies refinancing for existing VA loan holders, offering opportunities to lower interest rates, shorten loan terms, or transition from adjustable-rate to fixed-rate mortgages.
The VA Streamline Refinance Program, or IRRRL, stands out for its hassle-free and expedited process. Qualification doesn’t necessitate a minimum credit score or a new Certificate of Eligibility, and property appraisal is not required. Income restrictions are absent, enabling borrowers to benefit regardless of their income level.
This efficient program significantly saves veterans and military families valuable time, effort, and money. It’s important to note that only existing VA loans can be refinanced through the IRRRL program, and the proceeds cannot be used for non-VA mortgage payments.
We’ve made applying easy. To start your loan application and get preapproved click here, to find a local loan officer click here.
