VA Streamline Refinance
VA IRRRL Rates - Streamline Refinance for Veterans
The VA Interest Rate Reduction Refinance Loan (IRRRL) is the easiest refinance in the mortgage industry - no appraisal in most cases, no income verification, and fast closings. See live IRRRL pricing below.
VA Loan Facts
- Available to eligible veterans, active-duty military, and surviving spouses
- No down payment required - 100% financing available
- No private mortgage insurance (PMI) ever required
- VA funding fee applies (2.15% first use, 3.3% subsequent) - can be financed; exempt for disabled veterans
- No maximum DTI, but 41% is the benchmark; higher allowed with residual income
- Certificate of Eligibility (COE) required to verify service
- Primary residence only - must certify intent to occupy
- No loan limits for borrowers with full entitlement
IRRRL vs Regular Refinance
| Factor | VA IRRRL | Regular refi |
|---|---|---|
| Appraisal | Not required (most cases) | Required |
| Income verification | Not required | Required |
| Credit pull | Minimal | Full underwriting |
| Funding fee | 0.5% | 2.15-3.3% (regular VA) |
| Typical close time | 14-21 days | 30-45 days |
Frequently Asked Questions
What is a VA IRRRL?+
A VA IRRRL (Interest Rate Reduction Refinance Loan), also called a VA Streamline Refinance, lets veterans refinance an existing VA loan with minimal paperwork. No appraisal in most cases, no income verification, no credit underwriting in the traditional sense.
Who qualifies for an IRRRL?+
You must already have a VA loan, be current on payments, and the refinance must result in a lower interest rate (or convert ARM to fixed). You do not need to re-prove income, employment, or get a new appraisal in most cases.
How fast can a VA IRRRL close?+
Often 14-21 days, sometimes faster. The lack of appraisal and income re-verification removes the two longest steps from a normal refinance. Closing speed depends on title work and lender pipeline.
Is there a funding fee on a VA IRRRL?+
Yes - the VA charges a 0.5% funding fee on IRRRLs (vs 2.15% to 3.3% on regular VA loans). Veterans with service-connected disability are exempt. The funding fee can be rolled into the new loan.
Can I take cash out with an IRRRL?+
No - an IRRRL is rate-and-term only. To take cash out, you need a VA Cash-Out Refinance, which is a fully underwritten loan with appraisal and income documentation.
Is the $2,000 Best Price Guarantee available on IRRRLs?+
Yes, on qualifying IRRRLs of $200,000+ that meet the program rules (same-day quotes, locked LE submitted in time, etc.). The Loan Factory $2,000 Best Price Guarantee covers VA refinances alongside purchase loans.
Start your IRRRL
Fast close, minimal documentation, $0 origination, $2,000 guarantee on qualifying loans.
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0% down, no PMI
All refinance rates
Conv, FHA, and VA refi options
FHA streamline
FHA equivalent of the IRRRL