VA Streamline Refinance Program: AKA The VA IRRRL Program

VA Streamline Refinance Program (aka The VA IRRRL Program)

The VA Streamline Refinance is designed to help veterans secure the lowest fixed interest rate available and is also known as the VA Interest Rate Reduction Loan program (IRRRL). This loan option is a way for current VA homeowners to lower their interest rate with very little or no out-of-pocket costs. The VA IRRRL Streamline is supposed to be “fast and easy” with minimum documentation requirements, it can help veterans start saving money on their monthly mortgage immediately.

VA Streamline Program highlights include:

  • No appraisal is required
  • Will not need to provide bank statements, W2s, job verification or paycheck stubs
  • You cannot receive any cash at closing
  • It is possible to roll all closing costs and prepaid items into the loan amount – so no out-of-pocket costs
  • You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the last 12 months.
  • Upon closing, it is possible to defer a monthly mortgage payment
  • Within 30 days of closing, you will receive the money that was held in your old escrow account because a new escrow account will be set up with your new loan


VA Streamline Refinance Information from VA.gov

“Veterans are strongly urged to contact several lenders.  There may be big differences in the terms offered by the various lenders you contact.

Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs.  Remember – Any lender may make you an IRRRL.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan.  Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

The occupancy requirement for an IRRRL is different from other VA loans.  When you originally got your VA loan, you certified that you occupied or intended to occupy the home.  For an IRRRL you need only certify that you previously occupied it.”

If you are veteran, now is a great time to see if the VA Streamline program can help you lower your monthly payments.

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