VA IRRRL stands for Veterans Affairs Interest Rate Reduction Refinance Loan. It is a type of refinancing option available to veterans who have an existing VA-backed home loan and want to reduce their monthly mortgage payments or make their payments more stable. Here are some key points to know about VA IRRRL:

• It is also known as a "streamline" refinance because it is a simpler and faster process than other types of refinancing options.
• It can help you replace your current loan with a new one under different terms, such as a lower interest rate or a fixed interest rate.
• You must already have a VA-backed home loan to be eligible for VA IRRRL.
• You must certify that you currently live in or used to live in the home covered by the loan.
• You can only refinance a property on which you have already used your VA loan eligibility.
• No credit review is performed, and there are no income limits on this program.
• You can get a VA IRRRL on a home youre renting out if you have proof that you once lived in the home.
• You may have to pay an origination fee and discount points, which are upfront fees a lender charges in exchange for lowering the interest rate on your loan.

Overall, VA IRRRL is a useful option for veterans who want to reduce their monthly mortgage payments or make their payments more stable. It is a simpler and faster process than other types of refinancing options, and there are no income limits or credit reviews. However, you must already have a VA-backed home loan and meet other eligibility requirements to qualify for VA IRRRL.