VA Streamline Refinance (IRRRL)


Not only are there advantages for first-time homebuyers who apply for Veteran's Administration (VA) guaranteed loans, there are benefits for veterans and other qualified individuals who refinance their current mortgages.

Veterans can take advantage of today’s historically low interest rates and perhaps lower monthly mortgage payments with our program specifically designed for America's service men and women!


For those currently in a VA loan and would like to explore a lower rate, a streamline refinance/ Interest Rate Reduction Refinancing Loan (IRRRL) may be your best option. The main requirement for IRRRL is that the existing VA loan is current, and all payments for the past 12 months have been on time.

This streamline loan allows veterans to refinance their VA loan with little or no out-of-pocket costs.

  • No appraisal required

  • May lower your monthly payments

  • Simple and fast closing with no income verification or qualifying debt ratio, in most cases

  • Expand your repayment period

  • Little or no out-of-pocket costs required

  • No need to obtain new Certificate of Eligibility, unless needed to confirm eligibility

What is a VA Streamline Refinance/VA loan?

VA loans are designed specifically for veterans. VA loans should only be issued by a VA-approved lender and are guaranteed by the federal government.

The primary benefit of a VA loan is Veterans with qualifying credit and income can purchase a home with no money down, making it an attractive option for those who have served in the military.

VA loans also feature flexible requirements, no private mortgage insurance (PMI), and competitive mortgage rates.

To qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during wartime, or 6 years in the Reserves or National Guard. Spouses of a service member who was killed in the line of duty may also qualify.

VA Streamline Refinance is a specific program available via the VA Loan Guaranty program.

Known as an Interest Rate Reduction Refinance Loan (IRRRL) by the U.S. government, the VA Streamline Refinance is sometimes called a VA-to-VA Loan.


The VA Streamline Refinance (VA IRRRL) Loan

The VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), allows Veterans to refinance their current mortgage interest rate to a lower rate.

VA loan closing costs can be rolled into the cost of the loan, allowing veterans to refinance with little or no out-of-pocket expenses.

In order to qualify for a VA Streamline, you must meet the following requirements:

  • Be current on your VA mortgage with no more than one 30-day late payment within the past year.

  • Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)

  • You must not receive any cash from the IRRRL.

  • You must certify that you currently or previously occupied the property.

  • You must have previously used your VA Loan eligibility on the property you intend to refinance.

VA Loans should only be handled by a licensed and experienced mortgage professional. Geneva Financial takes extra care in the training of our loan professionals on all VA loan products.

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Copyright©2019 Geneva Financial, LLC, NMLS #42056

This is not a commitment to make a loan.  Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements for refinances, and final credit approval. Not all applicants will qualify. Approvals are subject to underwriting guidelines, interest rates, and program guidelines. Approvals are subject to change without notice based on applicant’s eligibility and market conditions.  Geneva Financial LLC is not acting on behalf of or at the direction of the Veterans Administration (VA), HUD/FHA or the Federal Government. Geneva Financial LLC is approved to participate in FHA programs but the products and services performed by Geneva Financial LLC are not coming directly from VA, HUD or FHA.  Geneva Financial LLC NMLS #42056 is an Equal Opportunity Lender and Equal Housing Lender. 3155 S. Price Rd Chandler, AZ 85248. 1-888-889-0009.  AZ BK #0910215