What Is a VA IRRRL?
The VA IRRRL (Interest Rate Reduction Refinance Loan), commonly called the VA Streamline, is a refinance option exclusively for borrowers with an existing VA loan. It lowers your interest rate and monthly payment with minimal documentation. No appraisal required. No income verification. No credit underwriting in most cases. The VA funding fee is only 0.5%.
The IRRRL can refinance a VA fixed-rate loan to a lower fixed rate, or convert a VA ARM to a fixed rate. It cannot be used for cash-out — that requires a separate VA cash-out refinance program.
The key benefit: The VA IRRRL has the lowest funding fee of any VA loan product (0.5%), can be done with no out-of-pocket costs (closing costs rolled in), and requires virtually no documentation. It is the fastest, cheapest refinance available to veterans.
Who VA IRRRL Is For
- Veterans with an existing VA loan who can lower their rate
- VA borrowers converting from an ARM to a fixed rate
- Veterans who want the fastest possible refinance with no appraisal
- Borrowers who want zero out-of-pocket costs
Key Features
No appraisal required. No income or employment verification. VA funding fee of only 0.5% (waived for disabled veterans). Must show net tangible benefit. 6+ payments on current VA loan and 210+ days since first payment. No cash-out. Closing costs can be financed.