Active military personnel, veterans, and surviving spouses associated with Nellis Air Force Base, Creech AFB, and Southern Nevada reserve centers can refinance existing VA loans using the Interest Rate Reduction Refinance Loan (IRRRL).
1. Statutory VA IRRRL Mandates
The 36-Month Recoupment Rule
Under the Economic Growth, Regulatory Relief, and Consumer Protection Act, all closing costs, fees, and prepaid expenses associated with a VA IRRRL must be fully recouped through monthly principal and interest savings within 36 months.
- Reduced 0.50% VA Funding Fee: The VA funding fee for an IRRRL is reduced to just 0.50% of the loan amount (waived entirely for veterans with service-connected disability ratings of 10%+).
- Zero Income Verification: No W-2s, paystubs, or tax transcripts are required if the borrower currently occupies or previously occupied the property as a primary home.