VA Loan Refinance Options
If you have already used your VA loan, you may still benefit from working with a lender to get better terms. Called “refinancing,” this process is similar to the home buying process but does not include the home search or contract negotiations.
VA Loan Refinance Options
If you’re a qualified veteran, active-duty service member, or eligible surviving spouse, you may be able to refinance your current mortgage using powerful VA-backed options. These programs are designed to help you lower your monthly payment, tap into your home’s equity, or improve your financial security—often with fewer costs and less red tape than conventional loans.
VA Interest Rate Reduction Refinance Loan (IRRRL)
Also known as the VA Streamline Refinance, the IRRRL is a simplified refinance program for existing VA loan holders. It allows you to lower your interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan.
- No appraisal or income verification typically required
- Minimal paperwork and faster processing times
- Can roll closing costs into the new loan
- Must be used on a home previously financed with a VA loan
This option is designed to make refinancing more accessible for veterans who simply want better terms without needing to access cash.
VA Cash-Out Refinance
The VA Cash-Out Refinance lets eligible borrowers refinance any type of existing mortgage—VA or non-VA—into a new VA loan while taking out cash based on their home equity.
- Access up to 100% of your home’s appraised value in some cases
- Can be used to consolidate debt, pay for improvements, or meet other financial needs
- Requires full credit, income, and appraisal review
- Can also be used to refinance out of FHA, USDA, or conventional loans
This is a strong option if you need funds for life expenses and want to take advantage of VA loan benefits at the same time.
Benefits of VA Refinance Programs
Both IRRRL and VA Cash-Out options offer advantages unique to VA loans:
- No private mortgage insurance (PMI), regardless of equity level
- Competitive interest rates backed by the Department of Veterans Affairs
- Flexible credit and income requirements compared to conventional loans
- Option to reuse your VA loan benefit more than once
These programs are built with veterans in mind, providing greater flexibility, lower barriers to approval, and long-term savings potential.
Is a VA Refinance Right for You?
You may benefit from a VA refinance if:
- You currently have a VA loan and want to reduce your interest rate (IRRRL)
- You want to refinance a non-VA loan into a VA loan
- You need to access equity through a cash-out refinance
- You want to remove a co-borrower from the loan (available with cash-out refinance only)
Your individual financial goals and current loan situation will determine which option fits best. Speaking with a knowledgeable mortgage professional can help clarify which path forward aligns with your needs.
Let’s Explore Your VA Refinance Options
Refinancing with a VA loan is a smart way to maximize your home’s value and protect your long-term financial health. Whether you want a lower monthly payment, more predictable terms, or access to your home’s equity—we’re here to help you take the next step with confidence.
Surf our website to learn about our company, see our loan programs, and request a free consultation.
Get started today!
Fill out the questionnaire on this page to start a discussion about your mortgage needs today!
Frequently Asked Questions
What is a VA Loan Refinance?
A VA loan refinance allows eligible veterans, active-duty service members, and certain military spouses to replace their existing mortgage with a new VA-backed loan. It can help lower monthly payments, change loan terms, or access home equity.
What types of VA refinance options are available?
There are two main types: the VA Interest Rate Reduction Refinance Loan (IRRRL), often called a “Streamline Refinance,” and the VA Cash-Out Refinance. The IRRRL is designed to lower your rate or payment with minimal paperwork, while the Cash-Out option lets you tap into your home’s equity.
Do you need to be currently using a VA loan to refinance with one?
Not always. The VA Cash-Out Refinance may be used to refinance a non-VA loan into a VA-backed mortgage, as long as the borrower meets eligibility and property requirements.
What are the benefits of a VA Streamline Refinance (IRRRL)?
The IRRRL typically requires less documentation, may not require an appraisal, and often allows lower closing costs. It’s designed to make refinancing faster and easier for eligible homeowners who already have a VA loan.
Can you take cash out with a VA refinance?
Yes. A VA Cash-Out Refinance lets eligible homeowners borrow against their home equity and receive the difference in cash. This can be used for home improvements, debt consolidation, or other financial needs.
