What Is a Va Irrrl

You are current on payments with no more than one 30–day late payment within the past year.Your new rate and monthly payment for the IRRRL must be lower than the previous loan’s monthly payment. … You must not receive any cash from the IRRRL.

What are the rules for a VA Irrrl?

• You are current on payments with no more than one 30–day late payment within the past year.
• Your new rate and monthly payment for the IRRRL must be lower than the previous loan’s monthly payment. …
• You must not receive any cash from the IRRRL.

What are the pros and cons of a VA Irrrl?

• Save money by lowering your interest rate.
• In most cases no appraisal is required.
• Employment proof is usually not needed.
• No dept to income verification.
• No minimum FICO score check.
• Change your loan terms.
• Faster closing times.
• Option to defer two months of mortgage payments.