VA IRRRL
Interest Rate Reduction Refinance Loan — a streamlined way for existing VA borrowers to lower their VA mortgage rate with reduced documentation, subject to VA and lender requirements.
Program Overview
The VA IRRRL (Interest Rate Reduction Refinance Loan), also known as a VA Streamline Refinance, is designed for veterans who already have a VA loan and want to reduce their interest rate or switch from an adjustable to a fixed rate. It requires minimal documentation, often no appraisal, and can close in as little as 15 days. At Airus Lending, we process VA IRRRLs efficiently and can typically close faster than most lenders.
Who Is This Loan For?
- ✓ Veterans with an existing VA loan
- ✓ Borrowers looking to lower their current VA interest rate
- ✓ Veterans switching from an adjustable-rate to fixed-rate VA loan
- ✓ Homeowners who want a fast, low-documentation refinance
Key Benefits
Minimal Documentation
No income verification, no asset verification, and often no appraisal required.
Fast Closing
Many IRRRLs close in 15-21 days due to streamlined underwriting.
Lower Funding Fee
The IRRRL funding fee is only 0.5% — significantly lower than purchase or cash-out fees.
No Out-of-Pocket Costs
All closing costs can be rolled into the loan so you pay nothing at closing.
Qualification at a Glance
General Requirements
- Must have an existing VA loan
- Must demonstrate a "net tangible benefit" (lower rate or fixed rate)
- At least 210 days since your last VA loan closed
- At least 6 monthly payments made on current VA loan
- Current on payments — no late payments in last 12 months
Documents Typically Needed
- Current VA loan statement
- Certificate of Eligibility (most lenders can verify electronically)
- Government-issued ID
- No income or asset documentation typically required
Frequently Asked Questions
In most cases, no. The VA IRRRL is designed to be streamlined, and most lenders waive the appraisal requirement. Airus Lending typically does not require an appraisal for IRRRLs.
Broker Disclosure: Scout Financial Group Inc DBA Airus Lending is a licensed mortgage broker (NMLS #2187418) and does not make loans or credit decisions. Airus Lending works with multiple wholesale lenders to help borrowers compare available loan options. Final approval depends on the lender, automated underwriting findings, documentation, state requirements, and overall borrower profile. Not all applicants will qualify.