🏡 The VA Interest Rate Reduction Refinance Loan (VA IRRRL) is a streamlined refinance program offered through the US Department of Veteran Affairs. The program is available to homeowners with an existing VA loan that want to quickly lower their interest rate and reduce their monthly mortgage payment. The programs requires minimal documentation, no appraisal, and easier credit qualifications which allows veterans to refinance with ease. ​

🎯 Why VA IRRRL? At its core, the VA IRRRL exists to help homeowners save. A VA IRRRL must have a lower interest rate, as well as lower principal and interest payment (unless the loan being refinanced is an ARM) than the loan being refinanced to be completed. Homeowners are commonly motivated to refinance using VA IRRRL to take advantage of savings, however there are other key reasons to consider the VA IRRRL. ​

This program also allows homeowners with a VA loan to change the length of their mortgage term. Homeowners that have a 30-year mortgage loan can move to a 15-year mortgage loan and pay off their loan sooner. Borrowers with a variable rate or ARM may use VA IRRRL to refinance into a loan with a fixed rate for security! ​

🇺🇸🪖⚓️✈️ What are the eligibility requirements for VA IRRRL? The VA IRRRL program isn't only available to veterans. National guard, reserve, active-duty service members and surviving spouses with an existing VA loan may be eligible for VA IRRRL. It's important to keep in mind that homeowners interested in this program must have had their VA loan for at least 7 months and no late payments in the last 12 months. ​

⚡️ Easy and streamlined process! Refinancing can often be time consuming or seem like a hassle, but the VA IRRRL process is much simpler compared to traditional refinance options. VA IRRRL is guaranteed by the Department of Veteran Affairs, so there are no income or asset verification requirements, limiting the amount of documentation borrowers need to gather before refinancing. There is also no appraisal requirement, cutting down the refinancing timeline and saving the borrower money on appraisal costs. ​

💸 Refinancing with VA IRRRL is cost friendly! While the funding fee on a VA loan used to purchase a home is typically anywhere from 1.5% to 3.3%, the funding fee is only .5% for qualifying borrowers when you refinance with the VA IRRRL. AND there's no need to worry about out-of-pocket costs! Closing costs can be rolled into the total cost of the loan ​
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Better Mortgage Corp | NMLS #330511​

Disclaimer: Refinancing may cause your finance charges to be higher over the life of the loan.

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