Loan Types
Compare VA IRRRL (streamline) and VA Cash-Out options, including funding fees and typical use cases.
Your VA Refinance Options
Whether you want to lower your rate or tap into your home's equity, the VA has a refinance program for you.
VA IRRRL: The Streamline Refinance
An Interest Rate Reduction Refinance Loan (IRRRL) helps you get a lower interest rate on your existing VA loan.
- Primary Goal: Lower your monthly payment and interest rate.
- No appraisal or credit underwriting is typically required by the VA.
- Can be a very fast and simple closing process.
- You must be refinancing an existing VA-backed home loan.
VA Cash-Out Refinance
Replace your current loan with a new one under different terms, and tap into your home's equity as cash.
- Primary Goal: Access cash from your home's equity for any purpose.
- You can refinance any type of loan (FHA, Conventional, etc.), not just an existing VA loan.
- Can finance up to 100% of your home's appraised value in some cases.
- Use cash for debt consolidation, home improvements, education, and more.