Shift made a comment about VA also having a Streamline program in the post below about the FHA Streamline Refinancing. Seeing Shift’s comment, Justin McHood of volunteered more information about VA Streamline Refinancing, below.

When interest rates drop, the VA Interest Rate Reduction Refinancing Loan (also known as the VA Streamline program) becomes a popular way to reduce both the interest rate and monthly payments for veterans who are currently in a VA loan. The VA IRRRL program is designed to help veterans secure the lowest fixed interest rate available without making them fully qualify for a new loan with very little or no out-of-pocket costs.

The VA IRRRL program requires very minimal documentation, and can help veterans start saving money on their monthly mortgage very quickly. Because the VA IRRRL program is also known as a “streamline” loan, you cannot receive any cash back at closing.

VA IRRRL Program highlights include:

  • You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the last 12 months.
  • No appraisal is required
  • It is possible to roll all closing costs and prepaid items into the loan amount
  • No need to provide bank statements, job verification, pay stubs or W2’s

VA IRRRL Program Information from

Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact.

Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs. Remember – Any lender may make you an IRRRL.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.

If you are currently in a VA loan, the VA IRRRL program has made it easy for you to get a lower fixed rate and lower monthly payment, and in today’s economy every little bit helps!