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The VA Streamline Refinance (IRRRL), Explained
The fastest, lowest-cost way to refinance an existing VA loan into a lower rate.
An Interest Rate Reduction Refinance Loan (IRRRL), often just called a "VA streamline," is built for one purpose: lowering the rate (or moving from an adjustable to a fixed rate) on a VA loan you already have, with far less paperwork than a typical refinance.
What makes it a "streamline"
- No new appraisal required in most cases
- No income or employment verification required in most cases
- A flat 0.5% VA funding fee — lower than a standard VA purchase or cash-out refinance
General guidelines
- Eligibility: you must already have a VA loan on the property being refinanced
- No cash out: an IRRRL is for rate/term improvement only, not for pulling equity out
- Net tangible benefit: the VA generally requires the refinance to actually benefit you, such as a lower rate or payment
Already have a VA loan? Let's see what an IRRRL could save you.
Every situation is different, and these are general guidelines — the fastest way to know where you stand is a quick conversation. Send us a message or visit our team page to apply directly.