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Attention Veterans – VA IRRRL Streamline Refinances are at extremely low rates!

The Mortgage Brothers Show

Attention Veterans – VA IRRRL Streamline Refinances are at extremely low rates!

Interest rates are low right now and it’s a great time to refinance if you’re a veteran.

If you have a VA loan, you can do a streamlined VA Interest Rate Reduction Refinance Loan, or IRRRL (pronounced “Earl”). With the VA IRRRL you can get lower payments, reduce your rates, and even change some terms on the loan.

To be eligible for an IRRRL loan, according to the U.S. Department of Veterans Affairs, all the following must be true. You must:

  • Already have a VA-backed home loan, and
  • Are using the IRRRL to refinance your existing VA-backed home loan, and
  • Can certify that you currently live in or used to live in the home covered by the loan

Some misconceptions

We do a lot of VA loans here and one of the big misnomers is that you need to talk to the VA or that you need to talk to a broker or a mortgage company with the word VA in it. You don’t. Frankly, this is erroneous because the VA does not do loans, rather they insure the VA loans.

So, right up front, that’s nothing to worry about folks.

You also can’t buy a home with a VA loan and refinance it two months later or the like. Generally speaking, it’s going to take about eight months or so to pass before you can do another VA loan.

What’s so great about right now VA IRRRL loans?

Now, we don’t plug loans very often so when we do, you know it’s a big deal. While this is being published in November, if you’re reading this in June of 2021 rates may still be good. We don’t want to go too much into rates because they could change. But right now, if you have an interest rate in the high two percent or higher, give us a call. We’ll keep it very, very simple and let you know whether it’s worth it or not. 

The other great thing about the VA IRRRL loans is that they’re pretty straightforward to do. We don’t need to worry about your income and appraisal of your home, nor do we your credit. There are some banks that have different credit requirements, but technically we just need you to have on-time payments. You can even roll in the closing costs, which are often quite low for most of these loans. And, generally speaking, closing costs should be around $1,200 to $1,800 for these.

All that said, while the VA IRRRL is much faster than a conventional loan or a full documentation loan, you still need to be patient and go through the process. So, the sooner you get it started the sooner we can help you get it finished.


Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to or

Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.


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