The VA Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance, helps Nevada veterans lower their mortgage rate and monthly payment with minimal paperwork and fast processing.
Most VA IRRRLs don't need a new appraisal, saving time and money
Streamlined process with fewer docs than traditional refinancing
Only 0.5% funding fee vs 2.15% on purchase loans
Close in as few as 15-30 days with streamlined underwriting
Must reduce your interest rate to qualify (lower payment)
VA IRRRL doesn't require income or employment verification
The VA Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined refinance option designed exclusively for veterans who already have a VA loan. It's the fastest, easiest way for Nevada veterans to refinance to a lower interest rate without the hassle of traditional refinancing.
Unlike a standard refinance or cash-out refinance, the VA IRRRL focuses solely on one goal: reducing your interest rate and monthly payment. That's why it's called an Interest Rate Reduction Refinance Loan—the VA requires that your new rate be lower than your current rate.
A Las Vegas veteran with a $350,000 VA loan at 5.5% refinances to 4.5% via IRRRL:
To qualify for a VA Interest Rate Reduction Refinance Loan in Nevada, you must meet these basic requirements:
You must currently have a VA loan that you're refinancing. IRRRL can only refinance an existing VA loan into a new VA loan.
The new VA loan must have a lower interest rate than your current loan (unless going from ARM to fixed-rate).
Must have made at least 6 consecutive on-time payments on your current VA loan and be current on your mortgage.
At least 210 days must have passed since your first payment on the existing VA loan you're refinancing.
You must provide your VA Certificate of Eligibility (COE). Your lender can help you obtain this quickly if needed.
You must certify that you previously occupied the home as your primary residence (you don't need to live there now).
Based on $350k loan refinancing from 5.5% to 4.5%
Use Refinance CalculatorThe VA IRRRL streamline refinance process is designed to be simple and fast. Here's what Nevada veterans can expect:
Compare today's VA IRRRL rates against your current rate. Generally, if you can reduce your rate by at least 0.5%, refinancing makes financial sense. Use our refinance calculator to estimate your potential savings.
View Today's VA RatesApply online or with your Nevada VA loan specialist. You'll need basic info about your current VA loan and your COE. No income verification, employment verification, or credit check required in most cases.
Because VA IRRRLs are streamlined, underwriting is much faster than traditional refinancing. No appraisal needed in most cases, and minimal income/credit documentation required. Underwriting typically completes within 5-7 business days.
Sign your closing documents with a notary or at the title company. Pay the VA funding fee (0.5% of loan amount, which can be rolled into the loan) and any other minimal closing costs. Your new lower payment starts immediately.
One of the best IRRRL perks for Nevada veterans
When you refinance with a VA IRRRL, you can skip 1-2 mortgage payments. Here's how: If you close your IRRRL on, say, January 15th, your first payment on the new loan won't be due until March 1st. That means you skip the February payment entirely, giving you extra cash flow during the refinance process.
This "payment holiday" is unique to VA loans and can provide welcome financial relief, especially during the holidays or when managing moving expenses. The skipped payment doesn't disappear—it's simply rolled into your new loan—but it gives you breathing room when you need it most.
The VA IRRRL has one of the lowest funding fees of any VA loan product, and most Nevada veterans can roll all costs into their new loan amount, making it a true no-out-of-pocket refinance.
Significantly lower than the 2.15% funding fee on VA purchase loans
While VA IRRRL closing costs are typically lower than traditional refinancing, you may encounter these additional fees:
Many VA lenders offer low or no origination fees on IRRRLs
Required in Nevada; reissue rate discount may apply
County recording fees for new deed of trust
May be waived or minimal for IRRRL
Not required for most VA IRRRLs - saving $500-600
Most costs can be rolled into your loan amount for a true no-out-of-pocket refinance
If you can lower your rate by at least 0.5% and plan to stay in your Nevada home for 2+ years, a VA IRRRL usually makes sense. The break-even point is typically 12-18 months.
Our Nevada VA loan specialists can answer all your questions about IRRRL refinancing and help you determine if it's the right move for your situation.