VA Mortgage Refinance (IRRRL)
Streamline refinance to lower your VA loan interest rate. No appraisal, no income verification, minimal paperwork.
Who qualifies: Veterans, Active duty, National Guard, Veterans with a service-connected disability.
The Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance, lets you reduce your existing VA loan interest rate quickly and easily:
• No appraisal required
• No income or employment verification
• Minimal paperwork
• Can roll closing costs into the loan
• Must result in a lower interest rate (with limited exceptions)
• New rate must be fixed or lower ARM
• Typically closes in 2—3 weeks
VA Funding Fee: 0.5% (waived if 10%+ service-connected disability).
Note: You must already have a VA loan to use the IRRRL. For non-VA loans, use the VA Cash-Out Refinance instead.