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.
While the program offers reduced documentation and no appraisal in most cases, closing costs still apply—and it’s important to know what you're paying for.
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