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The VA's Interest Rate Reduction Refinance Loan (IRRRL) offers an opportunity to lower your current VA mortgage payment by streamlining the refinance process.
Your current mortgage must be a VA loan, and you are not permitted to get cash back at closing.
Use a VA cash-out refinance for that.
| Principal & Interest | $2,607 |
| Property Tax | $833 |
| Home Insurance | $208 |
| Base VA Loan | $400,000 |
| VA Funding Fee 0.5% | $2,000 |
| Total VA Payments | $938,650 |
If your current mortgage is a VA loan, you may be eligible to lower your rate, lower your payment, or shorten your loan term with a streamlined VA loan refinance. AKA: VA IRRRL
In many cases lenders will not require an appraisal or income verification. This makes refinancing possible even if you owe more than your home is worth.
Each VA lender is different, but most will ask you to provide copies of the following:
The process is generally much easier than traditional refinances.
Request a VA IRRRL quote to see how much you can save.
VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamlined VA refinance allowing those with VA loans to refinance to a new VA loan with better terms. In many cases no income verification and no appraisal are necessary.
VA IRRRL loans are available only to change the rate and/or term of your current VA loan. If you are looking to get cash back or if your current loan is something other than VA (FHA, USDA, conventional), then your new VA loan will be considered a cashout refinance.
Learn everything about VA loans, their benefits, and how to qualify. Discover why they’re a top choice for eligible homebuyers in 2025.
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