Underwriting and also the Interest Rate Reduction Refinance Loan (IRRRL) The Interest Rate Reduction Refinance Loan (IRRRL) or VA Streamline refinance mortgage is certainly one of well known refinance choices only at minimal VA prices. Why? Given that it’s effective, fast, and simple. There’s small to no underwriting needed whenever you sign up for an IRRRL, meaning no 2nd home assessment, no brand brand new certification of Eligibility, with no brand new credit underwriting package.