VA Streamline Refinance IRRRL Program

The Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), is a hugely beneficial type of refinance program for homeowners who already have a VA Loan and would like to refinance to a lower monthly mortgage payment.

This refinance type is relatively easy and can be completed quickly, due to the fact that homeowners are refinancing from one VA Loan product to another. VA IRRRL refinance comes with several advantages over other loan programs mainly a lot less documentation. A benefit to the veteran has to be realized in a VA IRRRL streamline refinance, generally a lower interest rate than the existing VA loan, and a lower monthly principal and interest payment than the existing VA loan.

To avoid out-of-pocket costs, homeowners can choose to roll the closing costs and fees into the balance of the loan and still manage to save on their monthly payments.

There are only a few requirements and stipulations. Primarily, the borrower is not allowed to receive any cash back from the IRRRL and the borrower must also certify that he or she currently or has previously occupied the property.