A VA Streamline Refinance (IRRRL) is the fastest way for Colorado Springs veterans to lower their VA loan rate. Less paperwork, often no appraisal, and a low 0.5% funding fee. 719 Lending, NMLS #1601989, Equal Housing Lender.
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What is a VA IRRRL?
The Interest Rate Reduction Refinance Loan (IRRRL), or VA Streamline, lets you refinance an existing VA loan into a lower rate with minimal documentation. The VA designed it to be fast and simple, often with no new appraisal and no income or credit deep-dive.
IRRRL benefits
- Lower your rate and payment quickly.
- Often no appraisal and reduced paperwork.
- Low 0.5% funding fee (financeable; exemptions apply).
- Little to nothing out of pocket in many cases — roll costs in.
- Switch an ARM to a fixed rate for stability.
IRRRL requirements
- You must already have a VA loan.
- The refinance must generally lower your rate (or move an ARM to fixed).
- You must have made your recent payments on time.
- The home was your primary residence (occupancy rules are more flexible than for purchase).
IRRRL vs. VA cash-out
An IRRRL is for lowering your rate with minimal hassle — you can’t take cash out. Need to tap equity? See our VA cash-out refinance. New to VA loans? Start at our VA loans page.
VA IRRRL FAQ
Do I need an appraisal for a VA IRRRL?
Often no. The VA streamline frequently waives the appraisal, which speeds up closing.
What is the funding fee on an IRRRL?
0.5% of the loan amount, which can be financed. Borrowers with a service-connected disability are typically exempt.
Can I take cash out with an IRRRL?
No. An IRRRL is rate-and-term only. Use a VA cash-out refinance to access equity.
719 Lending — NMLS #1601989. Equal Housing Lender. Not a commitment to lend; subject to credit approval. Not affiliated with or endorsed by the VA.