VA IRRRL Eligibility Guide
Complete guide to qualifying for VA Interest Rate Reduction Refinance Loan. Understand requirements, check your eligibility, and get started today.
Core IRRRL Requirements
These are the fundamental requirements you must meet to qualify for VA IRRRL
Existing VA Loan
You must currently have a VA loan on the property you're refinancing
- Original loan must be a VA loan
- Cannot refinance from FHA, conventional, or other loan types
- Property must have been your primary residence
Seasoning Requirement
Your current VA loan must meet minimum seasoning requirements
- 210 days since first payment on current loan
- 6 consecutive monthly payments made
- No late payments in last 12 months (recommended)
Payment History
You must be current on your mortgage payments
- No payments 30+ days late in past 12 months
- Current on mortgage at time of application
- Good payment history improves approval odds
Net Tangible Benefit
The refinance must provide a clear financial benefit
- Lower interest rate by at least 0.5%
- Reduced monthly payment
- Switch from ARM to fixed-rate
- Shorter loan term with manageable payment
Who Qualifies for VA IRRRL?
VA IRRRL is available to eligible veterans and service members who meet the service requirements:
Important: You must have previously used your VA loan entitlement for the property you're refinancing. First-time VA loan users cannot use IRRRL.
What's NOT Required
VA IRRRL streamlines the process by eliminating these typical requirements:
No Appraisal
Property value assessment not needed in most cases
No Income Verification
Employment and income documentation typically not required
No Asset Verification
Bank statements and asset documentation not needed
No Cash to Close
All costs can be financed into the new loan
Credit Score Guidelines
While VA doesn't set minimum credit scores, lenders typically have their own requirements
Excellent
Best rates and easiest approval
Good
Generally approved with competitive rates
Case-by-Case
May qualify with compensating factors
Challenging
Difficult but not impossible with strong payment history
CMG Home Loans works with all credit profiles. Your payment history matters more than your score.
Rates subject to credit approval and market conditions
Common Disqualifiers
These situations would make you ineligible for VA IRRRL
Non-VA Loan
Current loan is FHA, conventional, or other non-VA type
Cash-Out Desired
IRRRL doesn't allow cash-out (use VA Cash-Out Refinance instead)
Investment Property
Property is not and was never your primary residence
Loan Assumption
Loan has been assumed by a non-veteran
Delinquent Payments
Currently behind on mortgage payments
Don't qualify for IRRRL? You may still have options:
Check Your Eligibility Today
Our VA loan specialists can quickly determine if you qualify for IRRRL refinancing
Or call us at (908) 698-0150 for immediate assistance