The VA IRRRL streamlines refinancing for veterans, requiring six on-time payments and 210 days from the first payment due date. This VA IRRRL refinance timeline ensures borrowers benefit from lower rates without rapid refinancing. IRRRL lowers rates, while VA cash-out refinances access equity. IRRRL skips appraisals and income checks, unlike cash-out.
VA IRRRL Refinance Timeline – What’s the Rule?
Here’s the straight-up rule from the VA:
- You must have made at least six consecutive monthly payments on your current VA loan.
- 210 days must have passed from the date your first monthly payment was due before you can close on a VA IRRRL.
That’s it. The feds want to make sure you’re not getting into a loan, then flipping it in 30 days. They also want you to benefit from the refi — not just rack up more costs. These timelines were put in place in 2018 to protect military families from shady refi churn — lenders pushing too many refinances too soon.
But What If I’m Sitting at Month Three?
Chill. Use those next few months to prep. Get your docs in line. Watch the rates. By the time that 6-month and 210-day mark hits — you’re ready to move. It’s not just about waiting for the calendar to flip. You want to be ready the moment the green light flashes.
Quick Math Example
Let’s say:
- Your first mortgage payment was due January 1st, 2024.
- Your 210-day window opens around July 29th, 2024.
- You must also have made 6 full, on-time monthly payments (i.e. January through June).
So based on that, you’re eligible for a VA IRRRL refinance at the very end of July 2024.
What Is a VA IRRRL Anyway?
VA IRRRL stands for Interest Rate Reduction Refinance Loan. It’s also known as the VA Streamline Refinance — because it’s super lightweight on paperwork. No appraisals. No income check if you’re sticking with the same lender. Less headache. But no — you can’t use it to cash out equity. This is just to lower your rate or switch from an ARM to a fixed rate. So don’t plan to use this like a home equity ATM. For that, you’d need to look into a VA cash-out refinance.
Why So Many Vets Are Asking About Refi Timing Right Now
It’s no secret — rates were brutal in 2023. Some of you closed on VA loans at 6.5% or worse. Now it’s 2024, and average VA rates are trending down. There’s this FOMO: “Am I missing out on savings?” Short answer: probably. But you’ve got to wait until your VA IRRRL refinance timeline aligns with the guidelines.
Case Study: Robert, Navy Veteran from Ohio
Robert bought his first home in November 2023. Locked in at 6.75%. Painful, I know. His first mortgage payment was due December 1st. He’s already planning a refi with the help of his lender. Based on the 210-day rule and payment history, Robert will be eligible to close on a VA IRRRL by July 29, 2024. His lender expects to knock his rate down to ~5.25% if market conditions hold. That could shave $185 off his monthly. Over a year? That’s $2,220. And that’s just on his current balance. Smart play — but gotta time it right.
What Happens If You Try to Refi Too Early?
Plain and simple: the VA won’t back the new loan. No VA guarantee means no streamline refinance. You’d be stuck — or forced to look at conventional options, which are often worse in terms of cost. So don’t game the system.
You’ll just waste time.
Tips to Prepare While You Wait
You’ve got a window between now and refinance eligibility. Use every day wisely.
- Track your payments. No late payments — VA requires a perfect six-month history.
- Check current VA IRRRL rates weekly. Even a 1% drop could be worth it.
- Note your 210-day mark. Set a calendar alert. Phone reminder. Whatever it takes.
- Talk to a lender in advance. Make sure they’re experienced with VA loans — that’s key.
- Calculate your break-even point. How long until your new payment saves more than the closing costs?
- If you’re close to moving? Sit tight. May not be worth it unless you’d hold the mortgage long enough. Time + prep = savings.
FAQs Around the VA IRRRL Refinance Timeline
Can I refinance with a VA IRRRL in less than 6 months?
Nope. The VA says you must hit both:
- 6 on-time monthly payments.
- 210 days since your first payment due date.
What if I skipped or missed a payment?
You’re going to have to reset the clock. The VA only counts full, on-time payments. No shortcuts.
Can I use IRRRL to refinance from ARM to fixed?
100%, yes. Swapping out your adjustable for a stable fixed-rate mortgage is one of the main use cases for VA IRRRL refinances.
Do I need a new appraisal or VA Certificate of Eligibility?
Usually no. The VA IRRRL skips the appraisal step. Some lenders might ask for basic verification, but it’s super streamlined — hence the nickname.
Are there closing costs on a VA IRRRL?
Yes, but you might be able to roll them into the loan. Or trade them off with a slightly higher rate. Again, do the math with a lender you trust.