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VA IRRL

The VA IRRL is an Interest Rate Reduction Loan (IRRL) loan that can only be made to refinance a property for which you have already used your VA loan eligibility. The VA IRRL is the fastest and easiest way to reduce the rate on your VA loan. It does this by simplifying the refinance process by waiving the documentation typically required such as income verification and home appraisal.

To ensure you qualify, please read here are some of the minimum standards you need to be aware of.

  • You must be current on your VA mortgage with no more than one 30-day late payment in the last 12 months.
  • You may not take additional cash from the IRRL. (You may add up to $6,000 of energy efficiency improvements into the loan.)
  • Your new monthly payment for the IRRL must be lower than the previous loan payment. (This does rule does not apply if you are going from an ARM to a fixed rate mortgage.)
  • You must certify that you currently or previously occupied the property.
  • Your new loan may not exceed the sum of the outstanding balance of your existing VA loan, plus allowable fees and closing costs, including and funding fee (if applicable) and up to two discount points.

What documents do I need to apply?

  • A copy of your mortgage note to show your current loan rate and term.
  • A copy of your mortgage statement.
  • Two months of bank statements to cover any out-of-pocket costs (if applicable).
  • Homeowners insurance declaration page to ensure your home is covered.
  • Copy of your driver’s license.

The VA IRRL refinance is simple, fast, and easy. TexasLending.com has been assisting homeowners since 2001 with their VA IRRL refinances. Want to learn more about how TexasLending.com can help you save with a VA IRRL? Click below to get started today.

VA IRRL
Minimum FICO
Credit Score
620
Maximum
Loan To Value
100%
Maximum
Debt To Income
41%*
Mortgage
Insurance
No
Years Since
Bankruptcy
2
Years Since
Foreclosure
2
Years Since
Short Sale
2
Special
Qualification
Requirements
Must be U.S. Veteran
VA IRRL
Minimum FICO
Credit Score
:
620
Maximum
Loan To Value
:
100%
Maximum
Debt To Income
:
41%*
Mortgage
Insurance
:
No
Years Since
Bankruptcy
:
2
Years Since
Foreclosure
:
2
Years Since
Short Sale
:
2
Special
Qualification
Requirements
:
Must be U.S. Veteran