VA IRRRL Refinance

Introduction

VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamlined refinance for existing VA borrowers. It typically requires minimal documentation and no appraisal. See Streamline Refinance Explained, What Is a VA Loan, and Can You Refinance with Bad Credit.

Frequently Asked Questions

What is a VA IRRRL?

VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamlined refinance for existing VA borrowers. It typically requires minimal documentation and no appraisal.

Who qualifies?

You must have an existing VA loan and be current on payments. The new rate must be lower than your current rate (with limited exceptions).

Is there a funding fee?

VA IRRRL has a reduced funding fee (0.5% as of 2024). Veterans with disability may be exempt. The fee can be financed into the loan.

Can I get cash out with IRRRL?

IRRRL is typically rate-and-term only. You may be able to refinance up to the amount of your existing loan plus closing costs and the funding fee.