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What is a VA IRRL or Interest Rate Reduction Refinance?

April 26, 2017Interest rate reduction Refinance VA

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What is a VA IRRL or Interest Rate Reduction Refinance?

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An IRRL or “Streamline” is a loan that refinances your existing VA Loan. No appraisal or income documentation is required. The funding fee for an IRRL is reduced to only 0.5% and all closing costs can be financed into the loan so there are no out of pocket expenses at the time of closing.