VA IRRRL streamline refinance for current VA borrowers
The VA Interest Rate Reduction Refinance Loan, or IRRRL, lets veterans refinance an existing VA loan with less paperwork. VA does not require an appraisal or income verification.
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Overview
The VA IRRRL is a refinance of an existing VA-guaranteed loan into a new VA loan. VA does not require an appraisal or income verification, which makes it one of the simplest refinances available to veterans and service members. It can only be used when the loan being refinanced is already a VA loan, and it is not a cash-out refinance, so it cannot be used to take equity out of your home.
VA requires a net tangible benefit, such as a lower rate or a move from an adjustable rate to a fixed rate, and the closing costs must be recouped within a period VA sets. Your current loan must be seasoned, which generally means at least 210 days since your first payment was due and at least six monthly payments made. You must also certify that you live in the home now or lived there in the past.
VA does not require income verification, but lenders may add overlays, such as a minimum credit score or a review of your recent payment history. QMS compares VA-approved lenders on pricing and overlays and confirms the net tangible benefit before you apply. A reduced VA funding fee usually applies, and veterans who receive VA disability compensation are generally exempt. All loans are subject to credit approval and lender guidelines.
Is it a good fit?
- Already have a VA loan on a home you live in or used to live in
- Want a lower rate or a lower payment
- Want to move from an adjustable rate to a fixed rate
- Have made your recent payments on time
- Prefer not to document income or pay for an appraisal
- Have had your current VA loan for at least 210 days
What you'll need
- Current mortgage statement
- Government-issued photo ID
- Homeowners insurance information
- Signed certification of current or prior occupancy
- VA disability award letter, if you are exempt from the funding fee
- Any additional items your lender requires under its own guidelines
How it works
How it works with QMS
Confirm eligibility
We confirm your current loan is a VA loan, check seasoning and review your payment history.
Show the benefit
We compare VA-approved lenders and confirm the new loan meets VA's net tangible benefit and recoupment rules.
Close with less paperwork
With no VA appraisal or income verification required, the file moves to closing with fewer steps.
FAQ
VA IRRRL Streamline loan FAQs
Don't see yours? Call us or send a message. We answer the same business day.
305-425-1990Does a VA IRRRL require an appraisal or income verification?
VA does not require either one for an IRRRL. Some lenders add their own overlays and may ask for a credit report or, in certain cases, an appraisal or income documentation. Because overlays vary from lender to lender, comparing VA-approved lenders matters. We look for lenders whose requirements fit your situation and tell you up front what they will ask for.
Do I have to live in the home to do an IRRRL?
Not right now. You must certify that you live in the home today or that you lived there in the past. That means you can often use an IRRRL on a former home that you now rent out, as long as the loan being refinanced is a VA loan. In some cases, the spouse of an active-duty service member can certify occupancy, for example during a deployment.
Can I take cash out with a VA IRRRL?
No. The IRRRL is a rate reduction refinance, not a cash-out loan. If you want to access your equity, a VA cash-out refinance may be an option, and it can also refinance a non-VA loan into a VA loan. A VA cash-out refinance requires an appraisal and full income documentation. We can compare both refinances for you.
What is the net tangible benefit test?
VA requires the new loan to benefit you. In most cases that means a lower rate than your current loan, or a move from an adjustable rate to a fixed rate. VA also requires that the closing costs be recouped through the monthly savings within a set period. We confirm these tests before you apply, so you know the refinance makes sense for you.
Get started
Know your numbers before you make an offer.
Tell us about your scenario and we'll price it across our lenders the same business day.