Government-Backed Loan
VA IRRRL Refinance
Already have a VA loan? The Interest Rate Reduction Refinance Loan can move you into a lower rate or a fixed rate with less paperwork, when it meets the VA's net benefit test.
- ForHomeowners with an existing VA loan
- AppraisalOften not required
- Funding feeReduced, and waived if you are exempt
- Must passThe VA's net benefit test
How It Works
A streamlined refinance, with guardrails.
The IRRRL refinances one VA loan into another. Because the VA already guarantees your loan, much of the usual paperwork is skipped. In return, the VA requires the new loan to benefit you, and the costs to be earned back within a set period.
- 01
We review your current VA loan
We confirm your loan is VA guaranteed, your payments are on time and enough time has passed since it closed under current VA rules.
- 02
We run the net benefit test
The new loan must lower your rate, or move you from an adjustable rate to a fixed one, and the closing costs must be recouped within the period the VA allows.
- 03
We price it across our lenders
IRRRL pricing and lender requirements vary. We compare your options and show you whether refinancing is worth it, not just whether it is possible.
Program Highlights
Why veterans choose an IRRRL.
- Refinances one VA loan into another with less paperwork
- Often no new appraisal and lighter income documentation
- A reduced VA funding fee, or none if you are exempt
- Can move an adjustable-rate VA loan into a fixed rate
- Works even if you have moved out, as long as you lived in the home before
- Must meet the VA's net benefit test, which protects you from a refinance that does not help
Common Questions
What veterans ask about the IRRRL.
IRRRL stands for Interest Rate Reduction Refinance Loan, often called a VA streamline. It refinances an existing VA loan into a new VA loan, usually to lower the rate or to move from an adjustable rate to a fixed one, with less paperwork than a standard refinance.
Under current VA rules, your existing loan must be a VA loan, your payments must be current, and a minimum waiting period must have passed, generally at least six monthly payments and 210 days from your first payment due date, which usually means about eight months or more after closing. You must certify that you lived in the home at some point. The new loan must pass the VA's net benefit test. Lenders may add their own credit requirements.
It is the VA's check that a refinance actually helps you. The new loan generally has to lower your interest rate, or move you from an adjustable rate to a fixed rate, and the closing costs have to be recouped through lower payments within the period the VA allows. If a refinance does not pass, it cannot be done as an IRRRL.
Usually not. The VA does not require an appraisal or a new Certificate of Eligibility for most IRRRLs, though some lenders may ask for one in certain situations.
No. An IRRRL is for lowering your rate or changing the loan's structure, not for borrowing against your equity. If you need cash, a VA cash-out refinance may be the better fit, and we can compare the two.
Yes, unless you are exempt, but the IRRRL funding fee is lower than the fee on a purchase or cash-out loan. Under current VA rules, veterans receiving VA disability compensation, surviving spouses receiving Dependency and Indemnity Compensation and certain other borrowers are exempt, and the fee can be included in the new loan.
General information only, not a commitment to lend. Loan programs, guidelines, interest rates and terms are subject to change without advance notice.
Related Programs
See if an IRRRL pays off across 50+ lenders.
Tell us about your current VA loan. We will show you whether an IRRRL passes the net benefit test and whether it would save you money.