VA Streamline Refinance

Nevada VA IRRRL:Interest Rate Reduction

Streamline refinance program exclusively for Nevada veterans to lower monthly payments with minimal paperwork and no appraisal required

Check Your IRRRL Savings (702) 696-9900
No
Appraisal Needed
No
Income Verification
2-3wk
Close Time
$200+
Avg Monthly Savings

What is a VA IRRRL?

The VA Interest Rate Reduction Refinance Loan (IRRRL, pronounced "Earl") is a streamlined refinance program exclusively for veterans who currently have a VA loan. It's designed to help Nevada veterans lower their interest rate and monthly payment with minimal documentation.

Key Benefits

  • No appraisal required in most cases
  • No income verification needed
  • No credit underwriting (certificate of reasonable value)
  • Lower rate = lower payment guaranteed
  • Fast closing: 2-3 weeks typical
  • Can skip 1-2 mortgage payments

Must Meet Net Tangible Benefit

VA requires your new loan provides a clear financial advantage:

  • Interest rate must decrease (no exceptions)
  • Fixed-to-fixed: any rate reduction qualifies
  • ARM-to-fixed: qualifies if rate ≤ ARM rate
  • ARM-to-ARM: new rate must be lower
  • Recoupment: costs recovered within 36 months

IRRRL Requirements

You Must Have:

  • Existing VA Loan

    Current loan must be a VA loan (cannot refinance FHA/Conventional into IRRRL)

  • Certificate of Eligibility (COE)

    Already have from original VA loan (we can verify electronically)

  • Current on Payments

    No 30+ day late payments in last 12 months (ideally last 6 months)

  • Seasoning Period

    Made at least 6 monthly payments AND 210 days elapsed since first payment

  • Occupancy Certification

    Certify you previously occupied or currently occupy as primary residence

  • Nevada Property

    Home is in Nevada (Las Vegas, Reno, Henderson, or anywhere in NV)

You Do NOT Need:

  • Home Appraisal

    VA waives appraisal for IRRRL (saves $500-700 and speeds approval)

  • Income Documentation

    No pay stubs, W-2s, tax returns, or employment verification required

  • Credit Qualifying

    Streamlined = no full credit review (just payment history on VA loan)

  • Cash Out-of-Pocket

    Can roll all closing costs into new loan (no-money-out refinance)

  • Asset Verification

    No bank statements or reserves required (unless taking cash out)

  • Debt-to-Income Calculation

    DTI not analyzed for rate reduction IRRRL

IRRRL Cost Breakdown

Typical Closing Costs

  • VA Funding Fee0.5% of loan
  • Origination/Processing$0-$1,500
  • Title Insurance$800-$1,200
  • Recording Fees$100-$200
  • Credit Report$50
  • Total Typical$2,500-$4,000

Example on $400K Loan

Scenario: Refinance $400K @ 6.5% → 5.25%

  • Current Payment (P&I)$2,528
  • New Payment (P&I)$2,209
  • Monthly Savings$319/mo
  • Total Closing Costs$3,200
  • Break-Even Point10 months
  • 5-Year Savings$19,140