VA · INTEREST RATE REDUCTION REFINANCE
Your home.
A new VA loan.
Already have a VA-backed loan? Explore a lower rate or move from an adjustable rate to a fixed rate, with a simpler refinance and a 0.5% funding fee unless exempt.
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- No cash-outDesigned to refinance
- 0.5% feeUnless funding-fee exempt
- Benefit rulesSeasoning and recoupment apply
BEFORE YOU GO FURTHER
A refinance needs
a clear benefit.
An existing VA-backed mortgage is the starting point. Check the benefit, payment seasoning and applicable cost-recoupment tests.
- 01
Lower or fix your rate
Explore an eligible rate reduction or switch from an adjustable rate to a fixed rate.
- 02
A simpler refinance
Documentation can be lighter than a full cash-out refinance, subject to lender requirements.
- 03
Check cost recovery
Applicable VA net tangible benefit, seasoning, and fee-recoupment rules must be satisfied.
COMPARE YOUR PATHS
Simplify the refinance
or access equity?
THIS LOAN
VA IRRRL
- Existing VA-backed mortgage
- Qualifying refinance benefit
- No cash-out purpose
ANOTHER PATH
VA Cash-out
- VA or eligible non-VA mortgage
- May release eligible equity
- Full underwriting and appraisal
KNOW WHERE YOU STAND
Loan details.
AT A GLANCE
VA IRRRL
- Existing loan
- Must be VA-backed
- Funding fee
- 0.5% unless exempt
- Cash-out
- Not a cash-out program
- Occupancy
- Certify current or prior occupancy as required
WHAT GETS REVIEWED
Your starting checklist.
- A VA-backed mortgage that meets the program rules
- Required payment and time seasoning
- A qualifying benefit and any required cost-recovery tests
- Lender payment-history and documentation rules
Worth considering
A lower payment may come from a longer term and can increase total interest. Adding closing costs to the loan increases the balance, even when no cash is paid upfront.
A THOUGHTFUL NEXT STEP
Rethink your mortgage.
Put today’s payment beside the full cost of a new loan.
An Interest Rate Reduction Refinance Loan replaces an existing VA-backed mortgage.
VA generally does not require a new appraisal or credit-underwriting package, but lenders can require their own checks.
How it works.
You set the goal. Explore your options and understand what you’ll need next.
- 01
Tell your story
Start with your goal, your property and how you earn.
- 02
Explore your options
Compare the loan features that fit your situation.
- 03
Review the details
Confirm eligibility, documents, rates and total costs.
- 04
Choose your next step
Proceed when the offer and numbers work for you.
A little more clarity
Common questions.
Clear answers to help you choose your next step.
What does IRRRL stand for?
Interest Rate Reduction Refinance Loan. It is commonly called a VA streamline refinance.
Can I take cash out with an IRRRL?
No. An IRRRL is designed to lower your rate or make your payment more stable. If you want to use your equity, a VA cash-out refinance may be the better fit.Draft, pending review
Can I move from an adjustable rate to a fixed rate?
Yes. Moving from an adjustable rate to a fixed rate is one of the main uses of an IRRRL, even when the fixed rate is slightly higher.Draft, pending review
Is the funding fee always due?
The standard IRRRL funding fee is 0.5%, but eligible exempt borrowers do not pay it. We’ll verify your exemption status as part of the process.
Make your next move with clarity.
Review the benefit today and the cost over time.
Apply Now