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VA IRRRLs: Interest Rate Game Changers


One of the greatest benefits of using a VA Home Loan is having access to the VA Interest Rate Reduction Refinance Loan… or as we like to say your favorite Uncle IRRRL (pronounced Earl)!

What does this mean? If you are currently searching for a home and worried about locking in a high interest rate, while lower future rates are never guaranteed, the VA IRRRL is an easy way to get a lower interest rate if a rates do drop down the road.

Three Major Benefits of VA IRRRLs:

  1. They need no appraisal
  2. They need no income verification
  3. There are no major credit score impacts

VA IRRRL’s are called a streamlined refinance for a reason. If you lose your job and your credit score tanks, in most cases you can STILL refinance with a VA IRRRL. There is no other loan type that allows you the same flexibility.

If you are on the fence about buying a home with the VA loan, all things equal, weighing a future VA IRRRL can help edge out other loan types because of the future cost savings.

Requirements for a VA Streamlined Refinance

  1. Your rate must go down by at least .5%
  2. Costs to refinance must be reasonable
  3. Must wait 210 days past your first VA home loan payment

Can you imagine dropping your monthly mortgage payment by a few hundred dollars?

That’s major savings you can accumulate over the course of your loan. Your future self will thank you for keeping the door open for a refinance opportunity!

Have questions about refinancing your loan? Contact one of our VA Loan experts!

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2024 VA Home Loan Guide

VA Guide

This short guide is designed to provide you the most important details of the VA Loan in an easy-to-use format. Print it out and read at your leisure.

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