VA streamline refinance (IRRRL)

What an IRRRL is

IRRRL stands for Interest Rate Reduction Refinance Loan, often called the VA streamline. It replaces your current VA loan with a new VA loan. It is only available if you already have a VA-backed mortgage on the home.

Why veterans use it

• Lower the interest rate on the existing VA loan
• Move from an adjustable rate to a fixed rate
• Adjust the loan term
• Less paperwork than a standard refinance

I cannot quote a rate on this page. Rates change daily. Call and I will review your current loan against today’s options.

Basic IRRRL requirements

• You must have an existing VA loan on the property
• You must be current on payments, with no more than one 30-day late payment in the past 12 months
• At least 210 days must have passed since your first payment due date, and you must have made at least six monthly payments
• The new loan must give you a net tangible benefit under VA rules, such as a lower payment or a move to a fixed rate
• You must certify that you live in the home, or lived in it before
• Your lender may apply its own credit and documentation standards

VA sets the baseline rules and lenders may add their own. Eligibility is determined at underwriting.

Costs

The VA funding fee on an IRRRL is 0.5% of the loan amount, unless you are exempt. See the funding fee guide. VA generally does not require an appraisal on a streamline, and income verification is lighter than on a purchase, which keeps the process shorter. Closing costs still apply.

IRRRL questions

Talk it through

If you have a VA loan now, send me your current payment and balance and I will tell you whether a streamline makes sense.

Many veterans pay no funding fee

Veterans who receive VA disability compensation, Purple Heart recipients on active duty, and certain surviving spouses are exempt from the VA funding fee. On a typical loan that can save thousands of dollars. Your Certificate of Eligibility shows whether you qualify. See the funding fee guide or call or text me and I will check for you.