VA IRRRL
The simplest refinance in mortgage lending.
The VA Interest Rate Reduction Refinance Loan (IRRRL) is the streamline refinance for existing VA borrowers. On most files, there's no appraisal, no income documentation, and no home value check — just a lower rate and a modest funding fee. It's often called "the simplest refinance in mortgage lending" for good reason.
What is a VA IRRRL?
A VA IRRRL is a refinance program available exclusively to veterans, active-duty service members, and surviving spouses who currently have a VA-guaranteed mortgage. Because the VA already backs the existing loan, the process to refinance into a new VA loan is heavily streamlined.
IRRRLs must be VA-to-VA refinances — you cannot IRRRL from a Conventional, FHA, or USDA loan into a VA loan. If you don't currently have a VA loan, a standard VA refinance may be an option instead.
What is skipped on an IRRRL?
Standard IRRRLs skip the appraisal (no home value verification required), skip income documentation, skip employment verification, and skip the traditional credit-qualifying underwrite in most cases. Some lender overlays may require a soft credit pull, but the VA itself does not require credit-qualifying.
Just like the FHA Streamline, this means IRRRLs can proceed even if your home's value has dropped since you bought.
The VA IRRRL funding fee
IRRRLs carry a reduced VA Funding Fee of just 0.5% of the loan amount (versus 2.15% – 3.3% for a standard VA purchase). The funding fee can be rolled into the new loan so you don't have to bring cash to closing. Veterans with a service-connected disability rating are exempt from the funding fee entirely.
Key benefits
- No appraisal required
- No income documentation required
- No employment verification required
- No home value check
- Reduced VA Funding Fee of 0.5% (versus 2.15% – 3.3% on standard VA)
- Funding fee waived for veterans with service-connected disability
- Fast closing — often 14 – 21 days
- Funding fee can be rolled into the new loan
Who this loan fits best
- Veterans with existing VA loans whose current rate is above today's VA rate
- Active-duty service members refinancing before moving
- Veterans converting an existing VA ARM to a fixed rate
- Anyone wanting the simplest, fastest VA refinance available
Estimate your monthly payment
VA IRRRL payment calculator
Estimate only. Actual rate, taxes, insurance, and mortgage insurance depend on your specific loan and property. Belong Lending confirms your exact payment at pre-approval.
Serving Detroit and surrounding Michigan communities
Belong Lending helps borrowers with VA IRRRL loans across Detroit, Troy, Southfield, Ann Arbor, Flint, Livonia, Warren, Sterling Heights, Farmington Hills, Novi, Rochester Hills, Dearborn, and beyond — plus additional coverage throughout Wayne County, Oakland County, Macomb County, Washtenaw County, Livingston County, Genesee County. We also lend on eligible properties in Ohio, Florida, Georgia, and Texas.
Frequently asked questions
Do I need a current VA loan to use an IRRRL?
Yes. The VA IRRRL is only available to borrowers who currently have a VA-guaranteed mortgage. If you have a Conventional, FHA, or USDA loan and are eligible for a VA benefit, a standard VA refinance may fit.
Do I need to live in the home to IRRRL?
No — but you must have previously occupied it as your primary residence at some point. This makes IRRRLs one of the few refinance products available on a previously-owner-occupied home you've since converted to a rental.
Is there an appraisal on a VA IRRRL?
On most IRRRLs, no. The VA does not require an appraisal, so home value is not a factor. Some lenders may pull an AVM (automated valuation) internally, but no formal appraisal is ordered.
What is the VA IRRRL funding fee?
The IRRRL funding fee is just 0.5% of the loan amount — significantly lower than the 2.15% – 3.3% on a standard VA purchase. The fee can be rolled into the loan. Veterans with a service-connected disability rating are exempt from the funding fee entirely.
How fast can a VA IRRRL close?
Because there's no appraisal, income documentation, or credit-qualifying underwriting, most IRRRLs close in 14 – 21 days.