VA Interest Rate Reduction Loan (IRRL) is a is a refinance mortgage loan available to homeowners with existing VA mortgages.  Designed to allow homeowners who already hold VA loans to refinance at a lower interest rate, shorten their loan term, or to convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.  This program simplifies home refinancing by waiving the documentation typically required, including income and employment verification, credit score validation, and an appraisal of the home.