Interest Rate Reduction Refinance Loan
The VA interest rate reduction refinance loan (IRRRL) otherwise known as a VA streamline refinance, was designed to enable veterans with a current VA loan to lower their interest rate to the current market rate. The guideline allows veterans to change from an adjustable rate mortgage to a fixed rate mortgage or from a fixed rate mortgage to an adjustable rate mortgage. The program is only offered to veterans with a current VA home loan and it is a requirement of this loan is to reduce their current interest rate and to ultimately provide a benefit to the borrower.

Unlike most refinance loans, the VA interest rate reduction refinance loan does not require any type of income or asset documentation, nor does it require an appraisal. Most lenders require a minimum credit score of 580 or better and the mortgage history must be current during the past 12 months.

If you are considering a VA streamline refinance (IRRRL), you will definitely find the process to be much easier from both the documentation standpoint and the relaxed guidelines.


Our VA mortgage specialists are ready to answer all of your questions 7 days a week:
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Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Bureau of Real Estate: Broker # 01821025. NMLS # 135622. California Bureau of Real Estate #01326712, NMLS #84095. Oregon Division of Financial Regulation License #4917 and #84095, Washington Department of Financial Institutions License #MB-135622 and #MLO-84095, Colorado Department of Regulatory Agencies MLO License #100508568, Florida Office of Financial Regulation License #MBR 487 and #LO47057. *Closing costs are paid with additional yield spread premium which is the revenue paid to a mortgage broker for providing a borrower with a higher interest rate on a mortgage loan in exchange for lower up front costs.
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