VA IRRRL

• The borrower must have an existing VA-backed home loan
• The borrower must meet the minimum credit score requirement (min. FICO 580)

No, a borrower cannot take cash out with a VA IRRRL loan program. This is a key difference between a VA IRRRL and a VA Cash-Out Refinance loan. A VA IRRRL is designed to refinance an existing VA loan to potentially lower interest rates and monthly payments. A VA Cash-Out Refinance allows borrowers to borrow against the equity built up in a property and receive cash at closing.

No, a credit check is typically not required for a VA IRRRL loan program.

Typically, an appraisal is not required for a VA IRRRL. This helps expedite the process.

There aren’t strict income requirements, but the borrower’s income stability will be considered when determining eligibility.

If the borrower doesn’t have PMI on their existing VA loan, they won’t have it on their refinanced loan either. However, the VA funding fee may apply.

There’s no single minimum score set by the VA, but A&D Mortgage’s requirement is min. FICO 580.

There’s no limit on the number of times a borrower can use a VA IRRRL, as long as it results in a benefit (such as a lower interest rate) and they meet the eligibility criteria at the time of each refinance.