Streamline VA Loan (IRRRL)

Retail Banking Mortgage Streamline VA Loan (IRRRL)

​​​​​Supporting those who once fought for our country.

The Department of Veterans Affairs (VA) Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. ​By obtaining a lower interest rate, your monthly mortgage payment has the opportunity to decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

IRRRL Facts:

  • No appraisal required, making the process of refinancing much easier – even if your home has lost value.

  • You are not required to send in pay stubs, tax returns, or W2′s to qualify. Most of the qualifying process is based upon your credit score and history of making your mortgage payment.

  • “Money out of pocket” may not be needed if you include all costs in the new loan, or make the new loan at an interest rate high enough to enable the lender to pay the costs.

  • You can reduce the current term of your mortgage.

  • Under IRRRL you cannot receive any cash from the loan proceeds.


  • An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance.


  • A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.

  • No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.

  • The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL, you only need to certify that you previously occupied the home.

  • Under IRRRL you cannot receive any cash from the loan proceeds.