VA IRRRL Program Eligibility Guidelines

Are you a VA mortgage holder? See if you may be eligible for potential cost-savings through the VA Interest Rate Reduction Refinance Loan (IRRRL) program.

VA IRRRL Program FAQs

If you meet these requirements, you may be eligible.

General eligibility requirements include:

  • Your existing loan must be insured by Veterans Affairs (VA)
  • Your existing VA loan must be current
  • All applicants must be full borrowers (signing both note and mortgage)
  • The new loan must have a lower interest rate than the loan being refinanced (unless the original loan is an adjustable rate mortgage)
  • Principal and interest payment on the new loan must be less than the principal and interest payment on the existing loan (unless the original loan is an adjustable rate mortgage or the loan term on the new loan is shorter than the loan term on the original loan)​
  • A new second mortgage is not permitted

These are general program guidelines. An M&T Mortgage Loan Officer can speak to you about your eligibility Monday-Friday 8:30am-9:00pm ET and Saturday 10:00am-2:00pm ET.

All lending products are subject to credit and property approval. This is not a commitment to make a mortgage loan. Products are not available in all states. Certain conditions and restrictions apply. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense compared with your current situation. NMLS #381076.