VA
Glory Mortgage LLC
Department of Veterans Division
(888) 342-0172
A VA Approved Mortgage Broker; Glory Mortgage LLC – NMLS #2123511. Not affiliated with the Department of Veterans Affairs or any government agency. This website is an advertisement for Veteran home loans and is for educational purposes only.
Housing Assistance
Interest Rate Reduction Refinance Loan (IRRRL)
Refinancing lets you replace your current loan with a new one under different terms. If you have an existing VA-backed home loan and you want to refinance to reduce your monthly mortgage payments—or make your payments more stable—an Interest Rate Reduction Refinance Loan (IRRRL) may be right for you. Find out if you can get an IRRRL and how to apply.
Donate to Veterans
Can I get an IRRRL?
You may be able to get an IRRRL if you meet all of the requirements listed below.
All of these must be true. You:
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Already have a VA-backed home loan, and
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Are using the IRRRL to refinance your existing VA-backed home loan, and
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Can certify that you currently live in or used to live in the home covered by the loan
Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
Why might I want to get an IRRRL?
Often called a “streamline” refinance, an IRRRL may help you to:
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Lower your monthly mortgage payment by getting you a lower interest rate, or
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Make your monthly payments more stable by moving from a loan with an adjustable or variable interest rate (an interest rate that changes over time) to one that’s fixed (the same interest rate over the life of the loan)
On a no-down-payment loan, you can borrow up to the FannieMae/FreddieMac conforming loan limit in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment. See current effective loan limits.
VA Streamline Refinance and the VA Funding Fee
The VA Funding Fee is an upfront fee applied to every purchase and refinance loan. Proceeds from this fee are paid directly to the Department of Veterans Affairs and are used to cover losses on any loans that may go into default.
The good news is the VA Funding Fee is lower on IRRRLs than for typical VA purchase loans and for the Cash-Out refinance. Borrowers who are not exempt pay a 0.5 percent funding fee on a Streamline. This is a cost homeowners can finance into the new loan.
Homeowners who receive compensation for a service-connected disability and qualified surviving spouses are exempt from the funding fee.
Getting started on a VA Streamline refinance is easy.