VA Loan

Refinance options for Veterans

For eligible* Veterans, you could refinance with an interest rate reduction refinance loan (commonly referred to as an IRRRL) or a cash-out refinance loan.

The first option—an IRRRL—allows you to refinance your current VA-backed home loan through a streamlined process. This refinance allows you replace your current loan terms to potentially lower your monthly mortgage payment.



  • No appraisal or credit underwriting package required.
  • Potentially no out-of-pocket costs.**
  • Refinance a VA adjustable-rate mortgage to a VA fixed-rate mortgage.
  • Potentially lower your interest rate.




  • Only available on a current VA loan.
  • No cash-out option.


The second option—a cash-out refinance—allows you to tap into home equity for renovations, repairs, or upgrades to your home, or to take a vacation (there are no restrictions about how you use the cash). Your current loan can be conventional or VA, and you might be able to refinance up to 100 percent of the home’s value.




  • You can get cash for projects or vacations.
  • You can finance up to 100 percent of the home’s value.
  • Refinance a non-VA loan into a VA-backed loan.




  • Minimum income and credit score requirements may apply.
  • An appraisal might be required.
  • You must occupy the home you’re refinancing.


*For information on how to secure a Certificate of Eligibility (COE), visit here.

**A VA interest rate reduction refinance loan may be done with no out-of-pocket costs if all costs are included in the new loan or the interest rate on the new loan is high enough to enable the lender to pay the costs.

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