VA IRRRL Refinance
Lower your VA mortgage rate with VA IRRRL (Interest Rate Reduction Refinance Loan). Streamlined refinance process with often no appraisal required in Florida.
Call (855) 744-EDGEWhat is VA IRRRL?
VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamlined refinance program designed specifically for VA loan borrowers. It allows veterans to lower their interest rate with minimal documentation and often without a new appraisal.
Lower Interest Rate
Reduce your monthly payment by refinancing to a lower interest rate.
Minimal Documentation
Streamlined process requires less paperwork than traditional refinance.
No Appraisal Often
No new appraisal required in most cases, saving time and money.
VA IRRRL Eligibility & Requirements
Who Qualifies for VA IRRRL?
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Current VA Loan: You must have an existing VA-insured mortgage
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Interest Rate Reduction: New rate must be at least 0.50% lower than current rate
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Credit Score: Typically 620+ (requirements vary by lender)
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Primary Residence: Must be your primary residence
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Payment History: Good payment history on current loan
VA IRRRL vs Cash-Out Refinance
| Feature | VA IRRRL | VA Cash-Out |
|---|---|---|
| Rate Reduction | At least 0.50% lower | No minimum reduction |
| Cash Access | No cash out | Up to 90% of home value |
| Appraisal | Usually not required | Always required |
| VA Entitlement | No additional entitlement used | Uses VA entitlement |
Benefits of VA IRRRL Refinance
Lower Monthly Payments
Reduce your mortgage payment by refinancing to a lower interest rate.
Faster Processing
Streamlined process means faster approval and closing.
VA Benefits Preserved
Your VA loan benefits and entitlement are preserved.
VA IRRRL Refinance Process
Step 1: Eligibility Check
Verify your current VA loan and confirm you can achieve at least 0.50% rate reduction.
Step 2: Documentation
Gather minimal required documents including pay stubs, tax returns, and current loan info.
Step 3: Underwriting
Loan is processed using streamlined VA guidelines with reduced documentation review.
Step 4: Closing
Close your refinance quickly, often within 30-45 days of application.
Is VA IRRRL Right for You?
Perfect If You:
- Have a current VA loan
- Can get at least 0.50% lower rate
- Don't need cash from home equity
- Want to lower monthly payments
- Prefer streamlined process
Consider Cash-Out If You:
- Need cash from home equity
- Rate reduction is less than 0.50%
- Want debt consolidation options
- Are willing to use more VA entitlement
- Need home improvements
VA IRRRL vs Cash-Out Decision
VA IRRRL is best when you just want to lower your rate without accessing equity. If you need cash for home improvements, debt payoff, or other expenses, VA Cash-Out Refinance might be a better option.
Ready to Lower Your VA Mortgage Rate?
Contact Edge Home Loans today to see if you qualify for VA IRRRL refinance and start saving on your monthly mortgage payment.