VA IRRRLs

If you have a VA mortgage in California, you can take advantage of the VA IRRRL program to quickly and easily refinance your home loan.

What is an Interest Rate Reduction Refinance Loan (IRRRL)?

IRRRL stands for “interest rate reduction refinance loan.” Another simpler name for it is a “VA to VA” mortgage. It may also be known as a “streamline refinance.”

With a VA IRRRL, you can refinance an existing VA mortgage into a new VA mortgage.

VA IRRRL Benefits

• The VA IRRRL process is streamlined and fast. Applicants do not require a new certificate of eligibility (COE). The one that you used to apply for your existing VA loan will work just fine. Paperwork required for a VA IRRRL is minimal.

• If you cannot afford the cost of refinancing upfront, you can bundle it into your new mortgage and pay it off over time.

• Your next loan will be a VA mortgage, just like your existing loan. That means that it will include all of the advantages of a VA loan, such as affordable rates and no PMI.

If you no longer have your COE from your original mortgage application, no worries. I can use the VA Home Loan program portal to retrieve your COE on your behalf.

Who Qualifies for a VA IRRRL?

• To be eligible for a VA IRRRL, you must currently have a VA mortgage. This type of refinance is only for refinancing from one VA mortgage to another, not another type of loan. If you have a conventional or FHA loan and you want to refinance to a VA loan, you can do that, but not with a VA IRRRL.

• You can only use a VA IRRRL to refinance the mortgage for a current or former residence, not other types of properties.

During your consultation, I can go over the full qualification requirements for a VA IRRRL with you in more detail, and let you know if you are eligible.

Apply for a VA IRRRL

If you have questions about VA refinancing, or you are ready to refinance your existing VA mortgage to a new VA mortgage, I can help. Please give me a call today at (619) 857-7191 to schedule your consultation. I can help you refinance your VA mortgage anywhere throughout California.