VA IRRRL
Your VA Loan May BeReady for an Upgrade.
A VA Interest Rate Reduction Refinance Loan—often called a VA Streamline—may help eligible VA homeowners lower their interest rate and monthly payment or move to a more stable loan structure.
Already have a VA loan? Let's see whether refinancing actually makes sense.
Run the Numbers First
Built for Military Families by Veterans
VA Streamline Refinance
A Simpler Refinance for Your VA Loan.
An IRRRL is specifically designed to refinance an existing VA-backed mortgage into another VA-backed mortgage.
Lower Your Interest Rate
An IRRRL is built to move an existing VA-backed loan into another VA-backed loan at a lower rate when market conditions allow.
Reduce Your Monthly P&I
A lower rate or a different term can reduce the monthly principal and interest payment.
Move From an ARM to a Fixed Rate
If your current VA loan adjusts, refinancing into a fixed rate can remove future rate adjustments.
Create More Payment Stability
A predictable payment can make budgeting easier through PCS moves and changes in duty status.
Important Distinction
An IRRRL is not a cash-out refinance.
VA states that borrowers may not receive cash from IRRRL proceeds. If accessing equity is the goal, review the VA cash-out refinance.
Beyond the Rate
A Lower Rate Doesn't Automatically Mean a Better Loan.
Before refinancing, compare:
The goal isn't simply to refinance. It's to determine whether the new loan puts you in a better financial position.
Run My IRRRL ScenarioKnow the Cost
Understand the Cost of a Lower Rate.
An IRRRL can still involve closing costs and a VA funding fee. VA currently lists the IRRRL funding fee at 0.5%, subject to applicable exemptions. VA also permits certain IRRRL costs to be included in the new loan rather than paid upfront.
Discount Points
Points paid to buy down the rate are a real cost. A lower rate with points isn't automatically a lower-cost loan.
Lender Fees
Origination, underwriting, and processing fees vary by lender and belong in the comparison.
VA Funding Fee
VA currently lists the IRRRL funding fee at 0.5%, subject to applicable exemptions.
Other Closing Costs
Title, recording, escrow, and other third-party costs still apply on a streamline refinance.
Compare the savings to the cost—not just the new payment.
Get a Second OpinionThe IRRRL Process
Streamlined Doesn't Mean Blind.
VA IRRRL FAQ
Streamline RefinanceQuestions.
Can an IRRRL refinance a conventional or FHA loan?+
No. An IRRRL is specifically designed to refinance an existing VA-backed mortgage into another VA-backed mortgage. Refinancing a non-VA loan into a VA loan is generally handled through a VA cash-out refinance instead.
Can I take cash out with an IRRRL?+
No. VA states that borrowers may not receive cash from IRRRL proceeds. If accessing equity is the goal, a VA cash-out refinance is the transaction to review.
Do I have to currently occupy the property?+
IRRRL occupancy requirements differ from a purchase. VA generally requires that you previously occupied the home as your residence; occupancy rules are situation-specific and should be reviewed based on your circumstances.
Can I refinance from an ARM into a fixed-rate mortgage?+
Yes, that's one of the common uses of an IRRRL. Moving from an adjustable rate into a fixed rate can create more payment stability, subject to applicable VA and lender requirements.
What costs can be included in the new loan?+
VA permits certain IRRRL costs, including the funding fee and allowable closing costs, to be included in the new loan rather than paid upfront. Financing costs increases the new loan balance, so compare both ways.
What is the VA IRRRL funding fee?+
VA currently lists the IRRRL funding fee at 0.5% of the loan amount. Exemptions apply to qualifying borrowers, including certain Veterans receiving VA compensation for a service-connected disability.
Keep Reading
Related Pages
Make Sure theSavings Are Real.
We'll compare your current VA mortgage with the proposed refinance so you can see the rate, payment, costs and overall structure side by side.