A VA Interest Rate Reduction Refinance Loan (IRRRL, or VA Streamline) lets you refinance an existing VA loan into a new one with a lower rate or from an adjustable to a fixed rate, usually without an appraisal and with less paperwork. You need to have made six payments and waited 210 days, the refinance must recoup its costs within 36 months, and the funding fee is 0.5%.
Requirements
- An existing VA loan on a home you live in or used to live in.
- Seasoning: at least six monthly payments and 210 days since the first payment due date.
- Net tangible benefit: typically a lower rate (often at least 0.5 percentage points for fixed-to-fixed) or moving from an ARM to a fixed rate.
- Recoupment: closing costs must be recovered through lower payments within 36 months.
- No cash out beyond small adjustments.
Costs
- A VA funding fee of 0.5% of the loan, waived for veterans with service-connected disability compensation; see the VA funding fee calculator.
- Standard closing costs, which can often be rolled into the loan.
Advantages
- Usually no appraisal and limited documentation.
- You don’t need to live in the home now, as long as you did before.
- Uses your existing entitlement; it doesn’t require more.
Watch for
- Lenders who push repeated refinances that add fees without much benefit; the seasoning and recoupment rules exist to prevent this.
- Resetting to a new 30-year term, which can add interest; consider a shorter term.
For cash out, a VA cash-out refinance allows up to 90% loan-to-value; see rate-and-term vs. cash-out. Compare offers with compare mortgage offers, and read VA loans, explained.
Common questions
What is the VA IRRRL funding fee?
0.5% of the loan, waived for veterans receiving service-connected disability compensation.
Do I need to live in the home for a VA IRRRL?
No, as long as you lived there before.
How soon can I refinance with an IRRRL?
After six monthly payments and 210 days from your first payment due date.
Updated October 2026. Educational content. OfferBacked is not currently a lender and doesn’t issue pre-approvals or loans.