VA IRRRL Streamline Refinance 04/23/2025
Guidelines and Rates
WHAT IS THE VA IRRRL Streamline Refinance?

Veterans seeking to improve their existing VA loan terms can leverage the streamlined program known as the “VA Interest Rate Reduction Refinance Loan.”
This program offers simplified steps by eliminating the need for income, employment, asset documentation, and potentially even an appraisal. Additionally, reduced closing costs with the option to roll them into the loan and eliminate upfront financial burdens.
VA 30-Year Fixed Rate
5.875% (6.0% APR)
VA 15-Year Fixed Rate
5.125% (5.4% APR)
*Scenario: loan amount of $400,000-660 FICO-95%LTV- SFR-CA. 04/23/2025
VA IRRRL RATES
VA IRRRL rates consistently rank among the most competitive mortgage options available. This is largely thanks to the government backing provided by the Department of Veterans Affairs, which allows the lenders to offer exceptionally attractive interest rates on these loans.
It’s important to remember that individual VA refinance rates will vary based on several factors, such as loan size, credit score, home value, property type and more.
HOW THE VA IRRRL STREAMLINE REFINANCE WORKS
Similar to other mortgage refinances, the VA IRRRL will pay off your existing mortgage with a new loan. The new loan will start at 30 or 15 years, depending on your chosen term.
However, the process for this program is different from a traditional refinance.
There is no income and employment verification requirement. You DO NOT supply pay stubs, W2s, or Tax Returns. Since this program is to be used on an existing VA loan the lender already knows you’re VA-eligible.
Lastly, there’s no home appraisal. Not only can this save you a week or two in processing time it also saves you on out-of-pocket costs.
VA IRRRL program Pros and Cons
While the VA IRRRL program boasts numerous advantages, it’s important to acknowledge the limitations and potential drawbacks involved.
Pros
- No income documentation required
- No employment verification required
- No appraisal required
- No out-of-pocket costs
- FICO score can be lower than a 620
- $6,000 cash back for energy-efficiency improvements
Cons
- Current loan must be a VA home loan
- No cash-out over $500 unless it’s for energy-efficiency improvements
- New loan must have a lower rate and payment
- Waiting Period of 210 days or 7 months
- Funding fee of 0.5% is added to the loan amount unless VA has 10% or more disability rating
How to qualify for a VA IRRRL?
- Existing Mortgage: Current loan has to be a VA Home Loan.
- Payment History: Current with no more than one late payment in the past 12 months.
- Occupancy: The property is occupied by the borrower.
- Net Benefit: The new payment and rate must be lower unless the loan is refinancing an ARM or the term will be shorter.
- Waiting Period: Current VA loan has to be open for at least 7 months or 210 days.
It’s a great time to talk to a VA loan specialist when you’ve made at least 5-6 payments.
Christopher Houghtaling2025-04-11Trustindex verifies that the original source of the review is Google. Honest, Straightforward and No Nonsense, we had a easy refinance experience on our home here in CA and would recommend Victor to our friends Isaac B2025-03-14Trustindex verifies that the original source of the review is Google. As daunting as refinancing might seem, Victor walks you through and explains every step. I was aware of all my options and any questions I had were quickly answered. Victor ensured the process was smooth and extremely efficient. I would not hesitate to reach out to for any future services. Thank you Victor! Denise Garrett2025-03-03Trustindex verifies that the original source of the review is Google. My experience working with Victor goes beyond the highest level of professionalism! He was absolutely wonderful and so very amazing to work with! He went above and beyond as it relates to ensuring that everything was properly prepared through completion! I couldn't be more satisfied with his service! Outstanding!!!! Mimi Lee2025-01-17Trustindex verifies that the original source of the review is Google. Had to refinance my home and Victor was on top of everything. Tx so much🙏 Joanna Goertz2024-12-11Trustindex verifies that the original source of the review is Google. My husband and I have used Victor and OnPoint for several and look to him when we've refinanced or purchased property. His knowledge, experience, professionalism and timelines are all reasons why we continue to come back! Rebels Sales & Marketing2024-12-09Trustindex verifies that the original source of the review is Google. I had an outstanding experience with on point mortgage pro. They were honest, punctual, and provided a highly professional service. I appreciate their commitment to quality and would definitely recommend them to others!" ron caringal2024-11-29Trustindex verifies that the original source of the review is Google. Victor was easy to deal with. He made the effort to exhaust all possible means for him to meet my target loan amount given the predicament. Gary Chisholm2024-10-18Trustindex verifies that the original source of the review is Google. Victor was great and always avalible Joshua Cruz2024-10-18Trustindex verifies that the original source of the review is Google. I highly recommend Victor Santos, (OnPoint Mortgage Pro)to anyone looking for a trustworthy and dedicated mortgage broker. His expertise and commitment to client satisfaction truly set them apart! He made our mortgage closing as effortless and painless for us. Leona Evaristo2024-10-17Trustindex verifies that the original source of the review is Google. I had an outstanding experience working with Victor Santos at OnPoint Mortgage Pro. From the very beginning, he took the time to understand my unique financial situation and goals. He was incredibly knowledgeable about the mortgage process and guided me through each step with clarity and patience. What I appreciated most was his responsiveness; I could reach out with questions at any time, and he always made me feel valued and informed. He helped me secure a great rate and made the closing process seamless. I highly recommend Victor Santos, (OnPoint Mortgage Pro)to anyone looking for a trustworthy and dedicated mortgage broker. His expertise and commitment to client satisfaction truly set them apart! Sincerely Leona Evaristo
Contributed by: Victor Santos NMLS#888844 Onpoint Mortgage Pro NMLS #2134550
Victor Santos is a licensed mortgage loan officer with over 20 years of experience. He has spent many years assisting homeowners and home-seekers in obtaining the optimal solutions for their mortgage needs.