Did you know that veterans with VA home loans can save money by refinancing? It’s true! A special VA program called the IRRRL, which stands for “Interest Rate Reduction Refinance Loan,” lets veterans get a new VA loan with a lower interest rate than their current one. This can mean lower monthly payments and more money left in your pocket every month!

Here’s the cool thing: Because it’s for veterans who already have a VA loan, the IRRRL refinance is much simpler than getting a whole new loan. Let’s see why!

• No More Paperwork Piles! You won’t need to show a bunch of papers like pay stubs or tax returns to qualify for an IRRRL. That makes things a lot easier.
• Faster Approval! Since the VA already knows you’re a great borrower because you have a VA loan, the approval process for an IRRRL is much faster than a regular refinance.
• Maybe No Appraisal! In most cases, you won’t need to have your house re-appraised to get an IRRRL. That saves time and money!

But how do you know if you can get an IRRRL? Here are some simple rules:

• You must be a veteran with an existing VA loan.
• The new loan must have at least a 0.5% lower interest rate than your current VA loan (except for switching from an adjustable-rate to a fixed-rate loan).
• Closing Costs must be recouped within 36 months of closing

Ready to see if an IRRRL can save you money? Talk to your bank or a lender who specializes in VA loans. The Lucas Lending team has access to dozens of lenders who have dedicated VA Underwriters to help this refinance close in less than 2-weeks in most cases. The Lucas Lending Team can also shop dozens of interest rates for you to ensure you are getting the best deal. They can help you figure out if an IRRRL is right for you and how much you could save!

Remember: This is just a basic overview. It’s always a good idea to check with the VA directly for the latest information on IRRRL eligibility and guidelines. You can find more details on their website: https://www.benefits.va.gov/homeloans/