VA Streamline Refinance

VA Streamline Refinance - If you're in the military on active duty or a prior service veteran with an existing VA loan, you may quality for a VA Refinance.

Also known as an Interest Rate Reduction Refinancing Loan or IRRRL, the VA Refinance Streamlined is much faster and carries fewer restrictions than a traditional refinance.

To qualify, the following criteria must be met:

  • The refinance will reuse the VA entitlement you originally used to purchase your home, and must be a VA to VA loan.

  • Unless you're refinancing from an ARM to a fixed rate, the refinanced interest rate must be lower.

  • The loan may not exceed the sum of the balance of your existing VA mortgage plus allowable closing costs and fees, including the purchase of up to two discount points.

  • You may not receive any cash out from the refinance.

  • You must have an on-time payment history for 12 consecutive months.
Although the VA Refinance does not require an appraisal, credit report, or income documentation, each specific lender sets their own loan requirements and may request these documents.

Unlike your original VA loan, you don't have to live in the home to qualify for this type of VA Refinance. As an added benefit, you may include up to $6,000 of eco-friendly improvements, such as replacement windows, insulation, or an energy-efficient water heater, furnace, or air conditioning unit into your loan.

Any lender has the authority to make an IRRRL, so veterans are strongly encouraged to contact several lending institutions before making a decision. As with any loan, interest rates and fees vary widely, so take the time to research what each lender has to offer.

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