VA Refinance Options
Veterans and active-duty service members with existing VA loans have access to two streamlined refinance options that offer significant benefits.
VA IRRRL (Interest Rate Reduction Refinance Loan)
Also known as the VA Streamline Refinance, the IRRRL is designed to lower your interest rate with minimal paperwork. No appraisal or income verification is typically required. The new rate must be lower than your current rate (unless refinancing from an ARM to a fixed rate).
VA Cash-Out Refinance
Allows you to refinance up to 100% of your home’s value and take the difference in cash. Can also be used to refinance a non-VA loan into a VA loan. Full credit and income qualification required.
Benefits
No PMI on any VA refinance · Competitive rates backed by the VA guarantee · Can include the VA funding fee in the new loan amount · Available for primary residences only.