VA IRRRL

The VA IRRRL, also known as a VA Streamline Refinance, is a simplified refinance option for veterans with existing VA-backed home loans. It allows borrowers to potentially lower their interest rates.

*For more information on the VA IRRRL program, visit the Department of Veterans Affairs website: https://www.va.gov/housing-assistance/home-loans/loan-types/interest-rate-reduction-loan/

– An existing VA-backed home loan

– The property must be a primary residence

– A minimum credit score of 620

No, you cannot take cash out with a VA IRRRL loan program. This is a key difference between a VA IRRRL and a VA Cash-Out Refinance loan. A VA IRRRL is designed to refinance an existing VA loan to potentially lower interest rates and monthly payments. A VA Cash-Out Refinance allows you to borrow against the equity built up in a property and receive cash at closing.

No, a credit check is typically not required for a VA IRRRL loan program.

Typically, an appraisal is not required for a VA IRRRL. This helps expedite the process.

There aren’t strict income requirements, but your income stability will be considered when determining eligibility.

If you don’t have PMI on your existing VA loan, you won’t have it on your refinanced loan either. However, the VA funding fee may apply.

There’s no single minimum score set by the VA, but A&D Mortgage’s requirement is a minimum of 620.

There’s no limit to the number of times you can use a VA IRRRL as long as it results in a benefit (such as a lower interest rate) and you meet the eligibility criteria each time you refinance.