VA IRRRL No Credit Score Required

Interest Rate Reduction Refinance Loan and IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.

 

  • NO credit score required.
  • VA mortgage must be current.
  • No appraisal or credit underwriting package is required when applying for an IRRRL.
  • No Income required.
  • No Assets.
  • A true rate reduction loan.
  • An IRRRL may be done with “no money out of pocket” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
  • When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
  • The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home.