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This video will go over the pro and cons of the VA IRRRL. It will address the eligibility requirements of the VA IRRRL, and also go over some red flags to watch out for when refinancing your VA home loan.

The VA IRRRL, or VA Interest Rate Reduction Refinance Loan, is a refinance program offered by the Department of Veterans Affairs (VA) that enables veterans and active-duty service members to refinance their existing VA mortgage to lower their interest rate and monthly mortgage payment.

This program is specifically designed for those who currently have a VA loan, and it streamlines the refinancing process with very limited paperwork or verification required.

Also, VA IRRRL allows homeowners to roll the closing costs into the loan amount, so they don't have to pay the fees upfront.

It's important to note that VA IRRRL is only available to those who currently have a VA loan and occupy the home being refinanced as their primary residence. Additionally, the interest rate for the refinance must be at least .5% lower than the veterans current interest rate.

00:00 Introduction
00:17 VA IRRRL Definition
00:30 Eligibility Requirements
01:35 IRRRL Benefits
03:15 Red Flags To Watch For
03:55 Summary

Scott Hodge Broker | Owner | Veteran US Navy
Homeport Residential
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