VA IRRRL: Who’s Eligible, Current Rates, And More


The VA IRRRL — also known as the Department of Veteran Administration Interest Rate Reduction Refinance Loan — is one of the best benefits you will get as a veteran. This loan option will allow you to refinance your adjustable loan into a fixed loan for lower rates.

Essentially, this will allow you to pay less on your mortgage, saving you money in the long run.

Of course, in order to qualify for the current VA IRRRL rates, you need to be eligible for the loan in the first place. You also need to check out some factors to see if this benefit is right for.

Here are some things you need to know about the VA IRRRL.

Who is eligible?

To qualify for an IRRRL, you need to be member of the military, a veteran, or a reservist. Spouses of veterans or service men who passed away on active duty may qualify as well.

Active duty members will be able to qualify for the VA IRRRL after six months of service. Reservists, as well as members of the National Guard, can only apply after six years. However, if they are suddenly called to duty before the six-year period, they can become eligible — but only after 181 days (or approximately six months) or service.

There are also other conditions that would allow reservists and members of the National Guard to apply before that said six-year period.

Anyone with a VA loan with good payment history can apply for an IRRRL; basically, it should be a VA loan to a VA refinance.


Because of this, there is no need to get a Certificate of Eligibility for the IRRRL; all you need to do is show your previous use of entitlement for the VA loan. This means that you do not need to show your credit report, your employment verification, your income verification, and your appraisal as well. It stands to reason that since you qualified for the VA loan in the first place, you should qualify for the IRRRL.

There is also no limit to how much you can borrow for your VA IRRRL. But there are limits on how much the VA can assume from your current liability; this will determine the money you can borrow from the VA for your refinancing.

Take note that the VA IRRRL also requires no down payment; this will be included in your current VA IRRRL rates once you are qualified to refinance.

Current rates

With this in mind, what are the current VA IRRRL rates? This should depend on a lot of factors — including the terms of your original VA loan.

However, the main objective of the refinancing option is to find rates that are lower than your current ones. Therefore, you should look around and ask different lenders so you can find the one perfect for your financial goals.

There are also a number of loan fees included in the IRRRL; a number of which are included in your monthly mortgage payment and, in turn, your interest rates.

As with most financial options, veterans should check out their situation and financial goals before committing to anything. But the IRRRL program, when done right, can provide the essential financial assistance to those in need of it.
What are the current VA IRRRL rates? Who can apply for this loan? Find out the answers to these questions and more at

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