Refinancing Your VA Loan: Traditional or IRRRL?

Are you finally getting around to refinancing your VA mortgage? Maybe you put it off waiting for rates to fall further but decided the time is now? Or maybe your hybrid mortgage is about to adjust soon and you’d like to switch from a variable rate to a fixed? You have more options than you might think when refinancing an existing VA loan and your loan officer can help you choose which is your best option. Here are the main differences between a traditional and an IRRRL transaction.

First, you may not be familiar with the IRRRL acronym. IRRRL stands for the “Interest Rate Reduction Refinance Loan” and commonly referred to by lenders as a streamline. They do so due to the reduced documentation needed when refinancing an existing VA loan. The IRRRL does not require a credit report check or an appraisal. This simply means there are no minimum credit scores required and there are no valuation issues. If you owe more on your VA loan than the property is worth, you’re still eligible. It’s important to note here that even though the VA doesn’t require a credit report or an appraisal the lender might very well require both to some extent. The lender may not order a complete appraisal but a so-called “desk review” or “automated valuation” to arrive at a value.

With a traditional refinance, you’ll need to provide full documentation just as you did when you first got approved for your original VA loan. If you want cash out, the streamline isn’t an option and you’ll need to go the traditional route. However, if you want additional funds up to $6,000 to fund energy efficient improvements, you can take out cash with a streamline. You won’t need to order up a brand new certificate of eligibility, as your lender will do the paperwork on that for you. All in all, just a short conversation with a loan officer and you could soon be well on your way to a lower rate. It just depends upon how you get where you want to be.

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