Or maybe you’re asking what is a VA IRRRL? Well, to answer both, a VA streamline refinance is an interest rate reduction refinancing loan (IRRRL) designed to support past and present military service members in refinancing their homes. This special program is for homeowners who already have a VA loan but would like to refinance that mortgage with a lower interest rate.

• No home appraisal required
• No mortgage insurance required
• Minimal documentation and approval requirements
• Use the lower interest rate to get a lower monthly payment or turn the equity in your home into cash

Interest rates for VA home loan refinancing change all the time based on market trends.

Qualifying for a VA streamline refinance takes more than military service. Although it’s certainly a base requirement (unremarried surviving spouses are also eligible), you will need to have served the equivalent of one of the following terms:

• 90 days of active service during wartime
• 181 days of active service during peacetime
• Six or more years of service in the National Guard or Reserves