Interest Rate Reduction Refinancing Loan (IRRRLs)

From the VA Lenders Handbook:

An IRRRL is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan.

Generally, no appraisal, credit information or underwriting is required on an IRRRL, and any lender may close an IRRRL automatically.

Note: Exceptions and specific requirements are explained in the remainder of this section.

Source: VA Lenders Handbook - VA Pamphlet 26-7

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IRRRL is a Streamlined VA Refinance

A VA IRRRL loan is a streamlined VA refinance for service members and veterans whose current mortgage is a VA loan. The IRRRL is used only to lower the interest rate and/or monthly payment.

In general, IRRRLs require very little underwriting, including no appraisal, no credit qualifying, and no income verification.

You cannot get cash back exceeding $500 at closing with a VA IRRRL.

If you want cash back or your current mortgage is NOT a VA loan, get VA cash-out refinance information here.