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VA Streamline Refinance

Veterans Affairs logo VA Streamline Refinance mortgage irrrl interest rate reduction refinancing loan

The United States Department of Veterans Affairs (VA) offers some special support in the home buying process for veterans, active servicemembers, reservists, and eligible spouses / beneficiaries. In the case of refinancing your home, if you currently have a VA mortgage loan, you may be eligible for a VA Streamline Refinance. This is also called an Interest Rate Reduction Refinancing Loan, or IRRRL by the VA, and you may see some lenders refer to it as a “Streamline” or a “VA to VA” loan.

In simple terms, a VA Streamline Refinance Loan / IRRRL exists to make the refinancing of a house that was purchased with a VA loan easier. Because the VA already guaranteed the loan at the time of purchase, they are able to refinance it with less paperwork and scrutiny. The end goal is for the homeowner to improve their terms and / or reduce their payment. Check out our easy to read  IRRRL Guide for Veterans.

VA Streamline Refinance Explained

Refinancing your VA loan within this process is considered “streamlined” for various reasons:

  • VA Streamlines require less documentation & paperwork
  • You may qualify for no appraisal or credit report depending on the program
  • Closing costs can be included in your loan

Cornerstone First Financial affirms that when refinancing a consumer’s existing loan, the consumer’s total finance charges may be higher over the life of the loan.

A VA Streamline requires that you must also be current on the last 12 months of payments on your mortgage without any lates. You may not take any cash out from a VA Streamline Refinance.

Looking to buy a new home?

If you are a veteran or active servicemember who wants to purchase a home, please visit our VA Home Purchase Loan Programs page, or contact us!

Need a rate quote? Request a free rate quote here.

CONTACT US to speak to one of our knowledgeable mortgage loan officers or to receive more information on our home loan / mortgage products and services.

Cornerstone First Financial is a home loan lender serving Washington DC, Maryland, Virginia, Georgia, Florida, Colorado, California, and Pennsylvania with mortgage, FHA and VA streamline refinance loans, home improvement loans, HECM / reverse mortgage loans, and more.

That's right! Cornerstone First Financial started in the Washington DC area in 2001, but has grown to serve home buyers and homeowners in Maryland, Virginia, Georgia, Florida, Colorado, California, and Pennsylvania in recent years.