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The VA IRRRL is a simple way to refinance your current VA loan into a lower rate and monthly payment.

IRRRL stands for “VA Interest Rate Reduction Refinance Loan.” With the VA IRRRL, there’s less documentation (no credit, income, or employment verification) and you might not need an appraisal. Closing costs also tend to be lower and can be rolled into your loan to eliminate upfront charges.

This IRRRL information is accurate as of April 28, 2023.

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VA IRRRL rates are some of the best mortgage rates on the market. Thanks to backing from the Department of Veterans Affairs, lenders can offer exceptionally low interest rates on these loans.

Today’s starting rate for a 30-year VA IRRRL is % (% APR), according to our lender network*.

Of course, VA refinance rates vary by customer. Your rate will likely be higher or lower than average depending on your loan size, credit score, loan-to-value ratio, and other factors.

*Interest rates and annual percentage rates for sample purposes only. Average rates assume 0% down and a 740 credit score. See our full loan VA rate assumptions here.

Like any mortgage refinance, the VA IRRRL program replaces your existing mortgage with a new loan. The new loan starts fresh at 30 or 15 years, depending on which loan term you choose.

But the process for a VA Streamline Refinance is a little different from a traditional refi.

Because there’s no income, employment, or credit verification required, borrowers have less paperwork to handle. And you don’t need a new Certificate of Eligibility (COE), because the IRRRL can only be used on an existing VA loan. So the lender already knows you’re VA-eligible.

Finally, there’s no home appraisal. This can shave a week or more off your loan’s underwriting time — so VA Streamline loans typically close faster than other refinances.

As with any refinance, using the VA IRRRL results in a brand-new loan. So your mortgage will start over at 30 or 15 years, depending on which loan term you choose.

But using the VA IRRRL is worth it for many homeowners. That’s because today’s ultra-low VA rates can result in a much lower monthly payment and potentially save you thousands in interest payments in the long run.

Another big benefit? VA loan closing costs can be rolled into the loan. This allows veterans to refinance with few or no out-of-pocket expenses. Sometimes it is also possible for the lender to absorb your loan costs in exchange for a higher interest rate on your loan.

The VA IRRRL lets veterans and service members refinance their current mortgage loan to a lower rate and monthly payment.

The biggest benefits of the VA Streamline program compared to other refinance options are:

The VA Streamline loan program is extremely popular because it’s easy to use.

If you already have a VA mortgage on your home, the IRRRL program makes refinancing to a lower rate relatively quick and painless.

However, lenders can set their own requirements for credit checks and appraisals. So if you want to skip these steps, be sure to shop around and ask about lenders’ policies before you apply.

To qualify for a VA Streamline Refinance (IRRRL), your current mortgage must be a VA home loan. Homeowners must also meet underwriting requirements set by the Department of Veterans affairs.

Current guidelines for the IRRRL include:

You can easily figure out if you meet the VA IRRRL guidelines by checking with your current mortgage lender, or any other lender that’s authorized to do VA loans (most are).

It pays to shop around for the best lender when you do a VA Streamline Refinance. And that’s because not all lenders have the same rules.

For instance, some lenders require credit and income approval even though the VA doesn’t. And interest rates can vary a lot from one company to the next. So depending on which lender you choose, you may or may not have access to the full suite of VA IRRRL benefits.

Not sure where to start? According to the Department of Veterans Affairs, these are the most popular VA loan lenders by volume:

For more information on how to choose a VA IRRRL lender, check out our review of the Best VA Loan Lenders.

Generally, homeowners are not allowed to get cash back with the VA IRRRL program. There’s just one exception: IRRRL users may get up to $6,000 cash-back if they plan to use it for energy-efficient home improvements.

For everyone else, there is a VA cash-out refinance loan.

A cash-out refinance allows borrowers to refinance their existing loan into a lower rate while also taking cash from the home’s value. This replaces your existing mortgage, instead of simply withdrawing cash like a home equity loan.

A qualified borrower can refinance up to 100 percent of the home’s value (100% LTV) using a VA loan in some cases. Another benefit is that the VA cash-out refinance can be used regardless of your current loan type — whether VA, USDA, FHA, or conventional.

Just like the VA Streamline Refinance loan, the home must be used as a principal dwelling by the owner. There is no set period of time that you must have owned your home, however, you must have enough equity to qualify for the loan.

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