U.S. Mortgage Index

VA IRRRL

Also called IRRRL

Definition

A VA IRRRL is the Department of Veterans Affairs Interest Rate Reduction Refinance Loan, a refinance of an existing VA-backed loan. It is a VA-specific program, not a generic streamline refinance and not a cash-out refinance.

In plain English

A veteran who already has a VA-backed loan may be able to refinance that same VA loan to lower the rate or move from an adjustable rate to a fixed rate. VA calls that an IRRRL and also describes it as a streamline refinance of a VA loan. An FHA streamline is a different agency’s program. A rate-and-term refinance is the broader conventional idea. This page is the VA program only.

Technical definition

VA’s official IRRRL consumer page is PRIMARY. CFPB’s VA-loan key-terms heading is supporting program context. Current funding-fee, seasoning, and net-tangible-benefit numbers are omitted.

Why it matters

VA advertising uses streamline and IRRRL together. Readers need the VA program kept on its own page.

Sources reviewed

Important note

Do not author current funding-fee, seasoning, or net-tangible-benefit thresholds.