What is the VA mortgage Interest Rate Reduction Loan program (IRRL)?


The VA mortgage Interest Rate Reduction Loan program (IRRL) is a streamline refinance program. Veterans taking a VA loan may refinance with very little or no immediate closing costs. These are also loans that close faster and less than usual documentation is required.

VA Mortgage Interest Rate Reduction Loan Program (IRRL) Features

The VA IRRL or Streamline Refinance:

  • does not require another appraisal;
  • nor demands high credit;
  • no additional underwriting is done;
  • income is not verified;
  • allows for online and by phone application;
  • assumptions are not allowed;
  • no cash back;
  • mortgage must have been up to date for at least the last 12 months;
  • the rates of the new loan are lower than the original VA loan interest rate, but high enough to pay off closing costs rolled into the loan.
Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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