In an effort to help veterans secure the lowest fixed interest rate available, the VA started a Streamline Refinance program called Interest Rate Reduction Refinance Loan program (IRRL). This loan option is a way for current VA homeowners to lower their interest rate with very little or no out-of-pocket costs. These refinance loans are done with very little effort and can help veterans start saving immediately.
IRRL allows you to refinance your mortgage to a lower interest rate. This is only available to veterans who used their VA eligability when initially purchasing their house, The IRRL program lets you refinance your mortgage with very little or no out-of-pocket expenses, as well as take advantage of these great benefits:
- No Appraisal Required
- No Credit Check required (unless the payment will increase 20% or more)
- No upfront application fee collected
- No income documents required (unless the payment will increase 20% or more)
- Skip up to two monthly payments
Visit the official Government site which explains, in great detail, this VA program and how it can work for you.