If you have a VA loan and want a lower rate or lower monthly payments, the easiest — and cheapest — way to get that done is with a VA Interest Rate Reduction Refinance Loan (IRRRL).
Also known as a VA streamline refinance loan, this product allows borrowers to get a lower rate at a fraction of the cost: a 0.50% funding fee, compared with the 1.25% to 3.30% typically tacked onto the VA loan. Plus, you can roll the funding fee into the loan, meaning you won’t have to put any cash down up front. Keep in mind, though, that doing this will increase the principal amount, meaning you’ll have to pay interest on it.
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10, 15 or 30 years for fixed-term conventional loans, 30-year VA and FHA loans. Custom mortgages with fixed-rate terms from 8 to 29 years.
620 for conventional, 500 for FHA
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
To qualify for this product, VA loan holders must be able to show that they will be refinancing to a lower rate or a different rate structure — for example, fixed-rate to adjustable-rate orvice versa — that will help lower theirmonthly payments.
Additionally, it must be 210 or more days since your first payment on the existing loan was due, and you must have made six of your last payments on time.
Here are more details about the financial, occupancy and service requirements:
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Is a VA streamline refinance loan right for you?
VA streamline loans are not for everyone. For starters, you must have a VA loan to use this refinance option.Plus, a VA streamline loan is a rate-and-term loan — meaning you only get enough financing to cover your existing debt at an adjusted rate or a different term.
If you need a cash-out refinance — a new larger loan that replaces your existing mortgage plus extra cash to use for whatever you want — you’ll have to go with a different option.
You also need to make sure you meet one of the requirements:
- Would a different rate structure (fixed-rate or adjustable-rate)help you get a lower monthly payment?
- Could you get a lower rate with this type of refinance?
If you meet one of these requirements, then a VA streamline refinance may be right for you.
Best VA streamline loan lenders
If you’re considering a VA streamline refinance, here are some lenders we recommend.
Navy Federal Credit Union
Navy Federal Credit Union is a great option for those looking for an affordable lender. It consistently offers VA loans at lower rates than its competitors. Plus, it has a $1,000 rate-match guarantee, meaning that it will pay you if you find a lower rate elsewhere.
Veterans United
If customer service is a top priority for you, consider Veterans United. It has an A+ rating from the Better Business Bureau and consistently gets the highest scores on J.D. Power’s customer satisfaction surveys.
Veterans United
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Types of loans
Conventional, FHA, VA, USDA, jumbo, refinancing, HELOC, home equity loan
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Terms
10-, 15-, 20-, 25- and 30-year fixed-rate
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Minimum credit score
620 for conventional, 500 for FHA
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Minimum down payment
0% for VA loan, 3% for conventional, 3.5% for FHA
USAA
If you have a large mortgage, consider USAA. It offers streamline refinancing on VA jumbo loans, which are loans beyond the conforming loan limit set by the Federal Housing Finance Agency. In 2026, that ceiling is $832,750 to $1,249,125, depending on where you live. We also like that USAA does not charge origination fees.
- Boasts lower-than-average rates, making it a great option for those with prioritizing affordability
- Available in all 50 states
- Geared towards members of the military, so veterans and service members can be certain USAA’s team will know how to help them get the best financing option for them.
- Does not offer FHA loans
- Does not offer USDA loans
- Does not offer home equity loans or home equity lines of credit
- Only veterans, servicemembers and some others can join bank.
AtCNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of home loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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