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VA IRRRL Streamline Refinance

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The VA Interest Rate Reduction Refinance Loan, VA IRRRL or VA streamline refinance is the easiest way for National Guard members and veterans to easily take advantage of lower mortgage interest rates if they have an existing VA home loan.

The VA has established this refinance program to allow borrowers who currently have a VA home loan to take advantage of lower interest rates through a streamlined refinance process with reduced documentation, no appraisal and no out-of-pocket closing costs.


There are several advantages to a VA IRRRL streamline refinance when you have an existing VA loan on your home:

  • No income or asset documentation
  • No appraisal or valuation option available
  • Low credit score requirements
  • Lowers your monthly payment
  • No out-of-pocket closing costs
  • Several loan terms and programs to choose from to best suit your financial needs
  • Defer up to two mortgage payments
  • Receive an escrow refund from current lender


There are some disadvantages to a VA IRRRL streamline refinance:

  • Limit of $500 cash back at closing, other than Texas which allows no cash back at closing
  • Generally, closing costs are added to loan balance
  • Depending on what loan term you choose, you could extend the length of time your home is financed

Switching to a VA Loan

If you currently have a conventional, Jumbo, FHA or USDA loan, you can switch to a VA home loan with a VA cash out refinance. Switching to a VA loan will allow you to eliminate monthly mortgage insurance, if you have it, and possibly receive a lower interest rate than you currently pay. You are not required to remove any equity from your property, when switching to a VA loan.

To ensure that you meet VA eligibility requirements for a VA cash out refinance, please check our VA Home Loan Eligibility page.


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