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Interest Rate Reduction Refinance Loan (IRRRL)
Persons who may qualify for this refinance loan include:
- Veterans,
- Reserve and National Guard members (called to active duty),
- Active duty service members
- Current Reserve and National Guard members (after six years of creditable service), and
- Certain surviving spouses.
To be eligible, the Veteran/service member must have been discharged under conditions other than dishonorable and meet length of service requirements.
As a requirement for a VA home loan, the Veteran, the Veteran's spouse, or dependent child must certify occupancy for the property.
Veterans can negotiate the interest rate with the lender on all loan types. A VA funding fee must be paid unless the Veteran is exempt due to receipt of disability compensation. The funding fee can be paid in cash or rolled into the loan. The Veteran, the spouse or the child of an active duty service member must certify their intent to occupy the property. VA does not require an appraisal to refinance an IRRRL.
| 30 years | |
| Market | |
| Varies | |
| Monthly | |
| None | |
| VA funding Fee |
If you have questions:
- Visit the Ask VA (AVA) webpage to ask a question electronically.
- Please contact a Regional Loan Center if you have detailed questions.
To apply for VA benefits and services, view your benefit status, and many more services go to www.va.gov and either logon with your eBenefits sign on or use www.Logon.gov to enroll. VA.gov is a one-stop source for information on Department of Defense and Department of Veterans Affairs benefits and services. Veterans, service members and their family members can conduct self-service transactions such as checking compensation and pension claim status information, enrolling in GI Bill, and obtaining copies of civil service preference letters, military records (DD214), and other personal information. For further information visit the VA.gov website.
