For buyers looking at homes that need work—or current homeowners dreaming of a remodel—the Fannie Mae HomeStyle® Renovation Loan offers a powerful, all-in-one financing option. Instead of taking out a separate loan or draining your savings, this program lets you roll the renovation costs into a single mortgage.

For existing homeowners, refinancing into a HomeStyle® Renovation loan allows you to tap into your home’s future value—not just current equity—to fund renovations big or small. Whether you're upgrading your kitchen, adding a bedroom, or modernizing a fixer-upper, this single-loan solution helps you finance both your current mortgage and your desired improvements in one easy process.

Both aim to simplify the refinance process, but the documentation and borrower requirements differ significantly.

The VA Streamline Refinance, officially known as the Interest Rate Reduction Refinance Loan (IRRRL), helps homeowners with an existing VA loan refinance into a lower interest rate or better loan terms. It’s one of the simplest refinance options available—often requiring no appraisal, no income verification, and minimal paperwork.

The VA Streamline Refinance, officially called the Interest Rate Reduction Refinance Loan (IRRRL), is a fast and hassle-free way for eligible veterans, active-duty service members, and surviving spouses to refinance an existing VA home loan into a lower rate or better terms—without an appraisal or income verification in most cases.

While both options share the goal of simplifying the refinance process, they differ in documentation requirements, underwriting review, and borrower flexibility.