VA Loan Benefits Keep Coming

VA Loan Benefits Keep Coming

If you are on active duty, a veteran, a reservist or member of the national guard, then you may know that one of the most popular benefits of a VA loan is that it allows you to finance 100 percent of the price of the home you are purchasing. What you may not know is the depth of the additional benefits this loan provides even after you’ve closed.

A little-known benefit of having a VA loan is that it is one of the simplest loans to refinance, offering homeowners minimal paperwork and less costs. The VA offers a streamlined refinance option known as an IRRRL or Interest Rate Reduction Refinance Loan. The IRRRL is used primarily for VA eligible borrowers who may want to refinance to take advantage of lower interest rates or refinance from an adjustable rate mortgage to a fixed rate mortgage.


  • No new appraisal required by the VA
  • No credit underwriting package required by the VA
  • No certificate of eligibility is required
  • VA funding fee and closing costs can be financed, reducing out of pocket costs


  • You can only use an IRRRL to refinance your existing VA home loan
  • You must certify that you currently live in or previously lived in the home covered by the VA loan
  • Your mortgage payments must be current, with no late payments in the last 12 months

The main purpose of a VA IRRRL is to provide the homeowner with lower monthly payments or the ability to switch from an adjustable rate mortgage to a fixed rate mortgage; therefore, cash out refinances are not allowed.

No two refinance situations are alike, so contact an Ameris Bank mortgage banker to determine if a VA IRRRL will be beneficial to you. Click here to get started today.

Revised July 2023.

By: Marlene Sheard

Marlene is a mortgage marketing representative for Ameris Bank and previous sales and marketing president for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling, and financing of homes.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All loans subject to credit approval. 

Information presented in the Financial Advice website is provided for educational purposes only and is not related to Ameris Bank's actual products or services. Ameris Bank makes no representations as to the accuracy, completeness or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Ameris Bank recommends you consult a professional for any specific guidance you are seeking.