Refinance Loans
VA Refinance (IRRRL)
One of the easiest refis available. Could save you hundreds per month.
The VA IRRRL is the gold standard of streamlined refinances. If you have a VA loan and rates have dropped, this is almost always the fastest, cheapest path to a lower payment. No appraisal, minimal docs, reduced funding fee — the VA built this program specifically to make saving money easy.
Key Features
- • No appraisal required in most cases
- • No income verification
- • Reduced funding fee (0.5% vs. 2.15–3.3%)
- • Funding fee waived with VA disability rating
- • Closes in 2–3 weeks typically
- • Cash-out option available (separate program) up to 100% LTV
How it works
An IRRRL reuses your existing VA entitlement — the VA is already on the risk, so they allow the lender to skip appraisal, income docs, and most underwriting. You sign a streamlined application, the lender pulls a basic credit check, confirms 12 months of on-time mortgage payments, and orders title. Closes fast.
What this looks like in Washington
Washington is veteran country — Joint Base Lewis-McChord, NAS Whidbey, Naval Base Kitsap, and Fairchild AFB anchor enormous veteran homeowner populations in Tacoma, Lakewood, DuPont, Oak Harbor, Bremerton, Silverdale, and Spokane. Many WA veterans who bought during the 2020–2022 rate window or before are sitting on IRRRL-eligible loans worth refinancing. And because the IRRRL works even if you've moved out and rented the home, deployment and PCS moves don't kill your eligibility.
Pros
- • Cheapest, fastest refi on the market
- • Often $0 out of pocket
- • Works on rented-out former primary
- • Disability rating = no funding fee
Cons
- • Must have existing VA loan
- • 210-day seasoning required
- • No cash-out on the IRRRL itself
- • Funding fee adds to balance unless waived
Best for: Any WA veteran with an existing VA loan and a current rate at least 0.5% above today's market.
Common Questions
Related Loan Types
Popular WA markets for VA Refinance (IRRRL)
VA IRRRL refinances are easiest near major WA bases — I run them constantly.