The VA IRRRL is used to refinance one VA mortgage to another. It's an improvement over your old VA loan. With it, you get a lower rate, a lower payment, or both. You can also upgrade from an adjustable-rate loan to a fixed-rate one.
If you already have a VA-backed mortgage loan and want to reduce your monthly mortgage payments or make your payments more stable, a refinance loan with reduced interest rates (IRRRL) may be right for you. Refinancing allows you to replace your current loan with a new one under different conditions. Find out if you meet the requirements and how to apply. Veterans and active military personnel may be eligible for the IRRRL program, which allows VA loan holders to refinance at a lower interest rate or a lower monthly payment.
You'll need to apply for an IRRRL through a bank, credit union or mortgage company, rather than through the VA.