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Refinance

The IRRRL is the fastest refinance in the business.

The VA Interest Rate Reduction Refinance Loan lowers the rate on an existing VA loan with no appraisal, no income verification and a funding fee of just 0.5%. The VA cash-out refinance lets any eligible veteran borrow up to 90% of the home's value, even from a non-VA loan.

IRRRLNo appraisal, no income docs
Cash-outUp to 90% of value
Funding fee0.5% IRRRL, waived if exempt
Mortgage insuranceNone
See if I qualifyCall (856) 606-1070
4.4 on Google · 214 reviewsNMLS 13988Licensed in 15 states + DC
Who it's for

Is a VA refinance right for you?

  • VA borrowers with a rate above today's market
  • Veterans with an FHA or conventional loan who want to move to VA
  • Owners who need cash out at a higher loan-to-value than conventional allows
  • Anyone who wants to move from an ARM to a fixed rate
How it works

Three steps from here to closing.

Which VA refinance

IRRRL if you already have VA and want a lower rate; cash-out to take funds or to switch loan types.

Application

IRRRL needs 210 days and six payments on the current loan. Cash-out is full-doc with an appraisal.

Close

IRRRLs often close in two weeks. Costs can be rolled into the new loan.

What you'll need

Requirements at a glance.

  • Existing VA loan with 210 days and six on-time payments (IRRRL)
  • Rate reduction, or ARM to fixed, that meets the VA net tangible benefit test
  • Certificate of eligibility and full documentation for cash-out
  • Loan-to-value up to 90% for cash-out
  • Occupancy: you must certify you occupied the home (IRRRL) or currently occupy it (cash-out)
Straight talk

The upside, and what to weigh.

Why people choose it

  • No appraisal and no income verification on an IRRRL
  • Cash-out to 90% with no mortgage insurance
  • Closing costs can be financed

Things to consider

  • Cash-out funding fee is 2.15% to 3.3% unless exempt
  • The 36-month recoupment rule can block an IRRRL if the savings are small
Common questions

Asked on almost every first call.

Do I need an appraisal?

Not for an IRRRL. Cash-out requires one.

Can I take cash out with an IRRRL?

No. It only reduces the rate or moves you to a fixed loan.

Is the funding fee waived?

Yes for veterans receiving VA disability compensation and certain surviving spouses.