Loan Details

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VA - Home Loans - Interest Rate Reduction Refinancing Loan

Program Description

VA loan guarantees are made to service members, veterans, reservists and certain qualifying unmarried surviving spouses for the refinancing of a VA home loan.

General Program Requirements

You must have a current VA loan to be able to utilize the Interest Rate Reduction Refinancing Loan (IRRRL) program.

Loan Terms

The interest rate varies and the length of the loan cannot exceed 360 months. Payments are due monthly. No more than 2 points may be rolled into this loan plus allowable closing costs.
Your Next Steps
The following information will lead you to the next steps to apply for this benefit.

Application Process

Contact a lender to discuss qualifying for an IRRRL. The lender will make sure you meet basic program requirements, including the following:
  • The monthly payment must be for less than the original loan.
  • The interest rate must be for less than the original loan (unless refinancing an Adjustable Rate Mortgage).
  • The term cannot exceed 360 months or no more than 10 years more than the original loan (up to a max of 360 months).
Please note that if you are interested in obtaining an Adjustable Rate Mortgage (ARM) loan, the loans are being offered as a traditional 1 year ARM and also as hybrids with 3, 5, 7 and 10 year fixed rates, where available.

NOTE: If you plan to stay in your home for longer than the fixed rate period, an ARM may not be in your best interest.

It is a good idea to use a mortgage calculator to determine what the best loan, term and interest rate are for you and your family.

Program Contact Information

For more information on this program, please visit:

You may contact a Regional Loan Center to discuss purchase and Refinancing issues:

Managing Agency

Veterans Benefits Administration (VBA)