VA IRRRL Streamline Refinance
Lower Your VA Rate. Skip the Appraisal. Keep Your Benefit Earning.
If you already have a VA loan, the IRRRL (Interest Rate Reduction Refinance Loan) is the fastest, cheapest way to drop your rate. No new appraisal. No income docs. No home value check. Just lower payments — sometimes hundreds of dollars per month for the rest of your loan.
Today's IRRRL Rate
5.74%
/ 5.9% APR
No AppraisalRequired
No Income DocsRequired
14-21 daysTypical Close
In this guide
Why the IRRRL Is the Best Refi Move for VA Borrowers
You earned this benefit by serving. The IRRRL is the cheapest, fastest, lowest-friction way to use it again. Most VA borrowers who refinance through other routes leave money on the table. Here's what makes IRRRL different.
No New Appraisal
The VA waives the home appraisal. Saves you $500-$800 and 1-2 weeks. Your existing VA appraisal carries over. Even if your home dropped in value, IRRRL still works.
No Income Documentation
No pay stubs, no W-2s, no tax returns, no employment verification. The lender only needs to see your VA loan payment history (12 months on-time).
Funding Fee Just 0.50%
The lowest VA funding fee tier — one-fifth of a cash-out refinance. On a $400K loan that's $2,000, financed into the loan. Waived entirely if you have a 10%+ disability rating.
14-21 Day Closings
No appraisal wait, no income underwriting back-and-forth, no title delays (your existing title work carries over in most cases). Most IRRRLs close in 2-3 weeks.
ARM-to-Fixed Allowed
Got a VA ARM that's about to adjust? An IRRRL lets you lock into a fixed rate, even if the new fixed rate is HIGHER than your current adjustable. This is the one exception to the "must lower rate" rule.
Reusable Anytime
IRRRL doesn't use up new entitlement. Your VA benefit stays at its current level. You can IRRRL again in the future if rates drop further.
Today's IRRRL Rate: National Average vs OnPoint
National retail averages for VA refinance vs. OnPoint's posted wholesale IRRRL pricing. On a $400,000 loan, every 0.25% lower rate saves you about $60/month — or roughly $22,000 over a 30-year hold.
| Refinance Type | National Avg | OnPoint Rate | OnPoint APR | You Save |
|---|---|---|---|---|
| VA IRRRL (Streamline) | 6.24% | 5.74% | 5.9% | -0.50% |
Are You Eligible? The 6 IRRRL Checks
IRRRL is the simplest VA refi. If you check these six boxes, you're in.
You already have a VA loanIRRRL refinances an existing VA loan only. If your current loan is FHA, Conventional, or anything else, you'd use VA Cash-Out instead.
The new loan must lower your rate (net tangible benefit)VA requires either a lower interest rate OR conversion from an adjustable rate (ARM) to fixed. No "rate-equal" IRRRLs allowed.
You've had your current VA loan at least 210 daysPlus you've made at least 6 monthly payments. VA waiting period rule, no exceptions.
Your last 12 months show on-time mortgage paymentsOne 30-day late within the past 12 months may still qualify with explanation; multiple lates likely disqualify.
You originally lived in the home as primary residenceUnique to IRRRL: you don't have to live there NOW. The home can have become a rental or second home. Original occupancy at the time of the first VA loan is what matters.
You can pass a soft credit checkMost lenders want a 580+ FICO. We work with lenders who go to 580. The VA itself doesn't set a minimum — lender-by-lender.
Free · 24-Hour Turnaround
Get Your IRRRL Savings Estimate
A licensed VA loan specialist will call within 24 hours with your IRRRL quote, savings math, and the path to close. No credit pull on the first call.
Got it. We’ll be in touch within 24 hours.
A licensed VA loan specialist will call you with today's IRRRL pricing matched to your file.
Need to talk now? Call us directly:
☎ (877) 870-0007How Much Could You Save with an IRRRL?
Enter your current VA loan balance and rate, and we'll show your potential savings against today's IRRRL rate. Real numbers, not estimates.
Current P&I
$0
New P&I
$0
Monthly Savings
$0
5-Year Savings
$0
The 5-Step IRRRL Process
Faster than any other refinance. Most files close in 14-21 days from application.
1
15-Min Call
We confirm eligibility, current rate, balance, and pull live IRRRL pricing for your file.
DAY 12
Soft Doc Submit
Driver's license, recent VA loan statement, homeowner's insurance declaration page. That's it.
DAY 1-23
Underwriting
No appraisal. No income docs. Lender confirms 12-month payment history and pulls a soft credit report.
DAY 3-104
Clear to Close
We review your Closing Disclosure 3 days before closing. You see every fee in writing.
DAY 11-145
Sign at Home
A mobile notary comes to YOU. Sign in 30 minutes. Funded the next business day.
DAY 14-21What an IRRRL Cannot Do
IRRRL trades flexibility for speed. Here's what it doesn't cover — in those cases, you'd use VA Cash-Out or a Conventional refi instead.
- Cannot take cash out for any reason (use VA Cash-Out for that)
- Cannot pay off non-mortgage debt with the new loan (no credit card consolidation)
- Cannot refinance a non-VA mortgage into a VA loan (use VA Cash-Out)
- Cannot keep the same rate — must lower OR convert ARM to fixed
- Cannot add a new borrower who wasn't on the original VA loan
- Cannot use a higher loan amount than the existing balance + closing costs + funding fee
IRRRL vs VA Cash-Out vs Conventional Refi
If you have a VA loan and want to lower your rate, IRRRL wins on every metric. Cash-Out is for accessing equity. Conventional is for borrowers who lost VA eligibility or want to drop VA funding fees long-term.
| Factor | VA IRRRL This Page | VA Cash-Out | Conventional Refi |
|---|---|---|---|
| Funding fee / closing fee | 0.50% | 2.15% (first) / 3.30% (subsequent) | None, but standard closing costs apply |
| Appraisal required | No | Yes | Yes |
| Income verification | No | Yes | Yes |
| Credit check | Soft pull, 580+ FICO | Hard pull, 580+ FICO | Hard pull, 620+ FICO |
| Typical close time | 14-21 days | 30-45 days | 30-45 days |
| Take cash out | No | Yes (up to 100% LTV) | Yes (up to 80% LTV) |
| Occupancy requirement | Original VA loan only (can be rental now) | Must be primary now | Primary, second home, or investment |
| ARM-to-Fixed allowed | Yes (even if new rate higher) | Yes | Yes |
| Drops VA mortgage insurance | N/A (no VA MI to begin with) | N/A | Drops VA funding fee burden but adds PMI if <20% equity |
| Best for | Existing VA borrowers seeking lower rate | Cash for renovation, debt consol, investments | Loss of VA eligibility or 20%+ equity refi |
IRRRL Pros & Cons
For the eligible, IRRRL is almost always the right move. Here's the balanced view.
Pros of VA IRRRL
- Lowest VA funding fee (0.50%) of any VA refinance type
- No new appraisal — saves $500-$800 and 1-2 weeks
- No income documentation — no pay stubs, W-2s, or tax returns
- Soft credit check (some lenders), no hard pull on most files
- 14-21 day typical close, vs. 30-45 days for other refis
- Closing costs can be rolled into the loan — zero out of pocket possible
- ARM-to-Fixed conversion allowed even if new rate is higher
- Doesn't use up new entitlement — benefit stays intact
- Funding fee waived entirely for 10%+ disability rated veterans
- Mobile notary closing — sign at your kitchen table, not a title office
Cons of VA IRRRL
- Cannot take cash out for any reason
- Cannot pay off non-mortgage debt with the new loan
- Only available if you already have a VA loan
- Must have lived in the property as primary at time of original VA loan
- 210-day seasoning required (6 months minimum on current loan)
- New loan must lower payment OR convert ARM to Fixed — no "same-rate" refis
- Funding fee adds 0.50% to the balance unless you're exempt
- Rate must be locked through the lender doing the IRRRL — cannot "rate shop" mid-process
Who Should Definitely Do an IRRRL Right Now
These are the scenarios where IRRRL pays back in months, not years. If you fit any of these, call us today.
Your VA Rate Is 1%+ Above Today's
If you locked in 2022-2024 at 6.5-7.5%, today's IRRRL rate is materially lower. Even a 0.75% drop saves $180+/month on a $400K loan.
Your VA ARM Is About to Adjust
Got a 5/1 or 7/1 VA ARM hitting its first reset? IRRRL is the only refi that lets you lock to fixed even if the new fixed rate is higher than your current low ARM rate.
You Have a Disability Rating
10%+ service-connected disability = zero funding fee. The savings from a rate-only IRRRL flow straight to your pocket. Often pays back in 6-12 months.
You Want to Skip Bringing Cash
IRRRL closing costs can be rolled into the loan. Many veterans close with $0 out of pocket. No appraisal cost. No "fund the escrow account" big-check moment.
You Rented Out Your VA Home
Most other refis won't let you refi a former primary that's now a rental. IRRRL allows it as long as you originally occupied. Other lenders may not know this rule — we do.
You Want Speed Above All
Closing a sale of another property, planning a move, or just hate paperwork? IRRRL closes faster than any other refinance type. 14 days is realistic.
IRRRL FAQ
The most common questions from veterans considering a streamline refinance.
Do I really not need an appraisal?
Correct. The VA waives the home appraisal entirely for IRRRLs. Your existing VA appraisal (from the original loan) is what counts. This is a big deal because it means your refinance still works even if your home has lost value — you're not capped by current loan-to-value. Most other refi types would require you to bring cash to closing if your home dropped below 80% LTV; IRRRL doesn't care.
Will I need to provide pay stubs or tax returns?
No. The VA does not require income documentation for IRRRLs. The lender only needs to verify you've made 12 months of on-time payments on your current VA loan (which we pull from your servicer, not from you). Some lenders add overlays asking for soft income confirmation; we work with lenders who follow VA's no-doc rule strictly.
How much does the IRRRL funding fee cost?
0.50% of the new loan amount. On a $400,000 IRRRL, that's $2,000, typically financed into the loan. If you have a 10%+ service-connected disability rating, you're exempt and pay nothing. Purple Heart recipients and qualifying surviving spouses are also exempt.
Can I IRRRL right after buying my VA home?
Not immediately. You must wait 210 days from the FIRST payment date on your current VA loan, AND you must have made at least 6 monthly payments. Most veterans hit both rules around the 7-month mark from their original closing.
I rented out my VA home. Can I still IRRRL?
Yes — this is a unique IRRRL benefit. You must certify you originally occupied the home as your primary residence (which you did, otherwise the original VA loan wouldn't have been allowed). Current occupancy doesn't matter. Your home can be a rental, a second home, or any other use today.
Can I lower my term with an IRRRL (e.g., 30-year to 15-year)?
Yes. IRRRL allows term changes — you can go from 30-year to 15-year, or 30 to 20, or 25 to 15. The new term doesn't have to match your old one. Veterans often use IRRRL to shorten the term AND lower the rate at the same time, saving 6-figures in lifetime interest.
What's the "net tangible benefit" rule?
The VA requires the IRRRL to actually benefit you — you can't refinance just to generate fees for the lender. "Net tangible benefit" means EITHER (a) the new rate is lower than the old rate OR (b) you're converting an adjustable rate (ARM) to a fixed rate, even if the new fixed rate is slightly higher than your current ARM. Both count.
Can I roll closing costs into the loan?
Yes. The IRRRL allows financing of: the 0.50% funding fee, lender fees, title fees, recording fees, and prepaid interest. You can effectively close with $0 out of pocket. Some lenders offer "no-cost" IRRRLs where they take a slightly higher rate to cover closing costs entirely.
Does an IRRRL hurt my credit?
Minimally. Many IRRRL lenders only do a soft credit check, which doesn't ding your score. Even with a hard pull, mortgage inquiries within 45 days count as ONE for FICO purposes, and the impact is 5-10 points temporarily. Once your new loan reports on time for a few months, your score typically recovers.
How fast can OnPoint close my IRRRL?
14-21 days is typical for our IRRRL closings. We've closed in as little as 10 days for veterans who turn around documents quickly. The bottleneck is usually the wait period (210-day seasoning rule), title work refresh, and the 3-day Closing Disclosure review window mandated by federal law — not actual underwriting time.
You Earned This Benefit. Use It Again.
Free IRRRL quote within 24 hours. No credit pull on the first call. We'll model your exact savings, calculate the funding fee (or confirm your exemption), and tell you straight whether the math works. If it doesn't, we'll tell you that too.
☎ (877) 870-0007Mon-Fri 8am-7pm PT · Sat 9am-3pm PT · Licensed in 9 states · NMLS #2134550
Terms & Conditions: VA IRRRL (Interest Rate Reduction Refinance Loan) rates shown are illustrative based on 740 FICO, existing VA loan, primary occupancy at original VA loan, single-family residence, 30-year fixed. Actual rate depends on credit profile, payment history, loan amount, and current market conditions at lock time. APR includes estimated closing costs and is for comparison purposes. IRRRL funding fee is 0.50% of the new loan amount, typically financed; waived for veterans with 10%+ service-connected disability rating, Purple Heart recipients, and qualifying surviving spouses receiving DIC. Eligibility requires: existing VA loan, 210-day seasoning from first payment, 6+ on-time payments, "net tangible benefit" (lower rate OR ARM-to-fixed conversion), and lender-set minimum credit score (typically 580). Subject to credit and program approval. Source: VA.gov VA Lender Handbook. OnPoint Mortgage Pro is a licensed mortgage broker; NMLS #2134550. Equal Housing Lender.