VA High-Balance IRRRL Interest Rate Refinance
Best For: Large Loan Amounts, Rate Reduction, Easy Process
Quick and easy program for lowering your VA monthly payment with minimal documentation and loan amounts above the standard conforming loan limits.
Program Description
The VA High-Balance IRRRL, or Interest Rate Reduction Refinance Loan, is designed to quickly and easily lower a qualified VA borrower's interest rate, and inherently monthly payment, when the loan amount exceeds the standard conforming loan limits. This type of loan requires minimal documentation In order to be an option, the VA borrower must show that the cost of the refinance will be recouped in 36 months or less.
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VA High-Balance IRRRL Interest Rate Refinance
Min. Credit Score
620
Min. Equity
0%
Max Loan Amount
$1,500,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Quick, streamlined process with fewer steps
- Lower closing costs compared to other VA refinances
- Higher loan amounts
- Limited to veterans and active-duty military with existing VA loan
- Not generally available when interest rates are trending higher
Program Availability
VA High-Balance IRRRL Interest Rate Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“When refinancing your existing VA mortgage over the standard conforming loan limit, consider the VA IRRRL option. If you qualify, you could easily lower your monthly payment without even having to get an appraisal."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
41.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Reduce your interest rate and monthly payment
- No appraisal required
- Can also be used with second homes and investment properties
Additional Conditions
- Mortgage being refinanced must already be a VA loan and cannot be delinquent on any Federal Loans
- Borrowers using an IRRRL must yield a 36 month or less recoupment in savings
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee for an IRRRL is a standard 0.5 percent or 1 percent for a manufactured home unless the veteran has been entitled 10% or greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
CHOICERenovation® High-Balance Refinance
Best For: Large Loan Amounts, Home Renovations
Refinance above the conforming loan limits with funds for home improvements and repairs with this convenient and flexible renovation loan program.
Conventional High-Balance Rate-and-Term Refinance
Best For: Large Loan Amounts, Lowest Rates, Easy Process
Conventional refinancing above the conforming limit in high cost counties with flexible qualification for qualified homeowners.
Related Resources
VA Purchase : The Bottom Line
Are you a veteran, service member or military spouse considering purchasing a home? Here’s the bottom line on the VA loan – its background information, most notable products, common criteria and an expert analysis from our experienced team.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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