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What is the VA I.R.R.L. (Interest Rate Reduction Loan)? The VA IRRL is also known as the streamline refinance program. Veterans or active duty members that currently have a VA loan may refinance with little to no closing costs.  In the event there are closing costs the VA IRRL also allows the closing costs to be financed into the loan so that no money comes out of your pocket.


The IRRL aka streamline loan, allows for veterans to do the following with their current VA loan:

  • Take an adjustable rate or ARM rate to a fixed rate
  • Take a higher fixed rate to a lower fixed rate (the rate must go down when fixed to fixed)
  • Add up to $6000 for energy efficient improvements (EEM) as long as the rate on the new loan is lower than current rate or going from an ARM to fixed as stated above
  • Take a higher fixed rate to a lower fixed rate and lower the term of the loan.

Example would be going from 6.5% fixed for 30 yrs to a 5.5% fixed rate for 25 or 20 yrs

It is important to realize that the IRRL does have limitations.  Homeowners are not able to take equity or cash out of their property with the IRRL.  If you are looking to do home improvements you cannot do this with a VA IRRL; unless of course the improvements being done are considered energy efficient.

If home improvements or debt consolidation are your goals, then please visit our home improvement and debt consolidation pages now.

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