IRRRL.ORG LENDER HOTLINE: 888-581-5008 One of the many benefits veterans and current service members have is a special mortgage program through the VA. The VA also offers a refinance program for those same service members. VA loans don’t require the borrower to pay mortgage insurance or PMI. When buying a new home qualified military members don’t need to put down a down payment when they use the VA home loan. VA IRRRL BASICS Also known as a VA-to-VA loan, the VA IRRRL was designed to let military members who already have an existing VA home loan refinance their current loan into a new one and either lowering your interest rate, transition from an adjustable-rate loan to a fixed-rate loan, or both. VA IRRRLs were designed to be easy and quick. VA Requirements for an IRRRL Must qualify as veteran Must already have a VA loan Homeowner much reside in the home No more than a one 30 day late mortgage payment in the past 12 months VA IRRRL Loan Terms The IRRRL is only available to those who are refinancing an existing VA home loan. You can’t use the IRRRL for a FHA or other conventional loan. The IRRRL is available with fixed rates and you can choose whether your loan term be for 10 years up to 30 years. Thanks to the IRRRL being backed by the VA you can take advantage of rolling all of your closing costs into your new loan. Choosing an Approved VA Streamline Refinance Lender The VA will never limit your choice of lenders, as long as the lender is VA approved. You don’t have to use your current mortgage provider if you don’t want to. It’s always a good idea to use a lender that has extensive experience with the VA IRRRL Program.