Interest Rate Reduction Refinance Loan (IRRRL) – Veterans Loans
In this article, we have guided you all about Interest Rate Reduction Refinance Loan (IRRRL) – Veterans Affairs (VA). How to apply for VA loan refinance rates, eligibility criteria, and requirements, IRRRL Application Process, and more.
The Interest Rate Reduction Refinance Loan (IRRRL) is a type of mortgage loan provided by the US Department of Veterans Affairs (VA) to veterans and military households. VA IRRRL is a streamlined refinance programs that allow borrowers to get a lower interest rate on their existing VA loan without a full credit check or evaluation.
What is the VA IRRRL program?
The Department of Veterans Affairs Interest Rate Reduction Refinance Loan can be used to refinance existing VA loans to lower the interest rate.
However, IRRRL does not require credit underwriting and covers the entire outstanding balance of the prior loan to cover closing costs and up to two discount points. Please note that some lenders may need additional credit conditions for va irrrl loan approval. Therefore, the VA prompts you to contact several lenders to determine the loan option that best suits your needs.
Requirement for IRRRL:
Individuals who may qualify for this refinance loan include:
- Veterans
- Reserve and National Guard members (means active duty),
- active-duty service member
- Recent Reserve and National Guard members (means after 6 years of creditable service), and
- Some surviving wives.
Eligibility Criteria:
To be eligible for an Interest Rate Reduction Refinance Loan.
The veteran or service member must have been released under conditions other than dishonorable and must have met the length of service requirements.
As a VA home loan requirement, the veteran, the veteran’s spouse, or a dependent child must prove occupancy of the property.
How to Apply for Interest Rate Reduction Refinance Loan
To apply for an interest rate reduction refinance loan, you have two ways for VA Home Loans.
1. Through Customer Care
To apply for the Interest Rate Reduction Refinance Loan form, you must contact the VA home loan representative at 1-877-827-3702. The VA home loan toll-free number is available and the customer operates Monday-Friday, 8:00 a.m. to 6:00 p.m. EST.
2. Regional Loan Centers
Click on Regional Loan Centers through the given link and check out the VA loan refinance rates application procedure.
What are the loan terms for VA loan refinance rates program?
| Max Loan Length | 30 years |
|---|---|
| Interest Rate | Market |
| Max Loan Amount | Varies |
| Payment Frequency | Monthly |
| Prepayment Penalties | None |
| Fees | VA funding Fee |
To get more informaion about Interest Rate Reduction Refinance Loans (IRRRL), please visit the Govloans portal.
