VA Refinance

Homeowners with existing VA mortgages who wish to refinance their mortgage may benefit from the VA Interest Rate Reduction Refinance Loan Program.

This program works to make the home refinancing process easier for veterans.

The VA Refinance program waives the need for documentation required for conventional refinance loans. By eliminating the need to verify income, employment, credit score and other financial information, the application process is kept simple and straightforward. Also called a VA-to-VA Loan, the VA Refinance program is provided by standard lenders but guaranteed by the VA.

VA Refinance Program Criteria

To qualify for a VA Streamline, applicants must meet the following criteria:
  • Must be current on existing mortgage
  • Must have one or fewer late payments over 30 days in the last 12 months
  • New IRRRL monthly payment must be lower than the previous VA loan’s monthly payment
  • May not apply when applicant is refinancing an ARM to a fixed rate mortgage
  • Borrower may not receive any cash out from the IRRRL
  • Borrower either must currently occupy or have previously occupied the property as a primary residence
  • Borrower must have previously used VA Loan eligibility for the property