va loan

VA streamline allows homeowners to refinance an existing VA loan to a new VA loan with a lower interest rate

VA Streamline Refinance, also known as IRRRL is a common refinance loan for Veterans.

The purpose of this loan is to simply lower your interest rate and lower your monthly payments, saving you money both monthly and over time.

IRRRLs can also be utilized to switch your loan type, such as from a variable-rate VA loan to a fixed-rate loan, or a 30 year loan to a 15 yr loan.

Benefits of a VA Streamline

  • No appraisal needed
  • No income or employment verifcation needed
  • Funding fee is minimal
  • No mortgage insurance
  • Close the loan within 15 days

Who qualifies for a VA Streamline?

Borrowers must have an existing VA Loan to qualify.

The streamline refinance is only for lowering the interest rate and monthly payment.

If you are looking to take some cash out to pay for home improvement, bills, or investments, you would not qualify for a streamline. For a cash out, you’ll need a VA cash out loan.

Qualifying Requirements

  • Must have made payments on time for the last 12 months on the mortgage
  • New mortgage payment must be less than current payment
  • Loan being refinanced has to be a VA loan
  • 210 days must have lapsed since the first payment on your current VA Loan before you can be eligible for a streamline.
  • The Streamline must be a benefit to the borrower – to lower the interest rate and therefore lower the monthly principal and interest payments of the existing VA loan or go from an ARM to a fixed rate mortgage.

Paperwork needed for a VA streamline

  • Drivers License for all borrowers
  • Most recent mortgage statement
  • Copy of homeowners insurance policy
  • Completed loan application

VA funding fee for a streamline loan

The funding fee on a VA streamline is .5%

If you are disabled veteran receiving VA disability, you are exempt from paying the funding fee.

The funding fee is rolled into the loan. No need to worry about paying for this fee out of pocket.

Curious about what the funding fee is all about?

Closing Costs for a VA streamline

Yes, there are closing costs associated with a VA refinance. Veterans Administration will not cover these cost for you.

The good news is that the closing costs can be rolled into the loan. The closing costs will depend on your loan amount and the county you live in.

You can learn more about what closing costs are by going to:

Property Taxes and Insurance

VA streamline will require your homeowners insurance and property taxes to be included in the monthly payment. At closing a few months of property taxes and insurance will be collected for the new escrow/impound account.

If you have funds in your current escrow/impound account, these will be refunded to you after closing on the new loan. The refund will come from the lender that is holding the funds.


Are you ready to apply? Start the process by completing the form below.

  • Are you looking to buy or refinance a home?
  • What is your price range?
  • Do you currently own a home?
  • What type of property are you buying?
  • When are you planning to make your home purchase?
  • Have you (or your spouse) ever served in the US military?
  • Have you declared bankruptcy in the past 7 years?
  • Is this your first time purchasing a home?
  • What is your current credit score?
  • What is your email address?
  • What is your name?
  • What is your phone number?


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