How does it work?

If interest rates have significantly dropped since you originated your mortgage, you’ve made at least six payments on your mortgage, and your original mortgage was a VA loan, you are most likely eligible for this refinance option.

You do not have to use your current lender in order to apply for or process an IRRRL, which makes this a great opportunity to shop around for a better rate. A better rate means putting additional money back in your pocket each month as you pay less toward your mortgage interest.

The IRRRL process is much faster than a credit qualifying loan. While a cash-out option is not allowed with an IRRRL, we are happy to talk through other loan and refinancing options with you if you need cash for life’s needs.

What do I need for an IRRRL?

• To be a qualified veteran (or service personnel) with an existing VA loan
• To have made at least 6 on-time payments to your mortgage
• Your current interest rate must drop by at least 0.5%

There is no credit qualification required and other standard mortgage requirements (appraisal, credit reports, income verification, etc.) are limited. VA charges a funding fee of 0.5% of the loan amount but this can be included in the loan.