Loan option
VA Loan Refinance Options
Veterans have two specialized refinance programs: the IRRRL (Interest Rate Reduction Refinance Loan) for streamlined rate-drops, and the VA Cash-Out Refinance for tapping equity.
What VA Loan Refinance Options actually is.
The VA benefit includes two refinance programs built specifically for service members, and they solve different problems.
The IRRRL, often pronounced "Earl", is a streamline refinance for an existing VA loan. No appraisal, no income documentation and no credit minimum on most files. VA also requires the transaction to recoup its own costs within 36 months, which is a break-even test written into the program rather than a suggestion.
The VA Cash-Out Refinance lets veterans pull up to 90% of their home value in cash - far higher than any conventional cash-out. It also lets you refinance a non-VA loan into a VA loan, taking cash out in the process.
Illustrative sample figures for a template demonstration. Not a rate quote, not an offer to lend, and not live market data.
Who this fits
- Veterans with an existing VA loan (for IRRRL)
- Veterans with a non-VA mortgage who want to switch (cash-out)
- Veterans needing to tap equity
- Veterans whose rate is above current market
What this program buys you.
- IRRRL Has Minimal Docs
- No appraisal, no income verification, no minimum credit score on most files.
- VA Cash-Out Up To 90% LTV
- VA permits cash-out to a higher loan-to-value than most conventional programs allow.
- No PMI
- Neither program adds mortgage insurance.
- Roll In Closing Costs
- Both programs allow closing costs financed into the loan.
The process
Four moves from first call to keys.
Each step has one job and one owner. You always know which of the four the file is sitting in.
- 01Choose ProgramIRRRL for rate drop; cash-out for equity.
- 02Confirm EligibilityWe pull your COE and check entitlement.
- 03ApplyIRRRL is streamlined; cash-out is full application.
- 04CloseAn IRRRL has no appraisal to wait on, so it turns faster than a full VA cash-out refinance.
Questions this program raises.
If yours is not here, ask it. You will get an answer in writing from the officer who would work the file.
Other programs
Get this priced against your own file.
Tell us the scenario and we will come back with real figures for VA Loan Refinance Options, and for the programs you did not ask about, so you can see all of them at once.
Illustrative sample figures for a template demonstration. Not a rate quote, not an offer to lend, and not live market data.