An IRRRL (Interest Rate Reduction Refinance Loan, said out loud as "Earl") is the VA's streamline refinance: no appraisal and no income requalification. Because you are not re-proving income or value, the paperwork is light: your mortgage statement, your homeowners insurance (plus an HOA statement if you have one), and a short application. The guardrails exist so an IRRRL only happens when it genuinely helps: - Rate reduction. A fixed-to-fixed refinance must lower your rate by at least half a percent. Refinancing a fixed loan into an ARM requires a reduction of at least two percent. Moving from an ARM to a fixed rate counts as a product change and does not have to clear the half-percent floor. - Seasoning. You need six consecutive monthly payments on the loan being refinanced, and at least 210 days must have passed since its first payment due date, whichever comes later. - Recoupment. The refinance's fees and costs (not prepaid items like taxes and insurance) must be scheduled to be recouped within 36 months. The VA funding fee on an IRRRL is a fraction of the fee on a purchase, which keeps costs down. Confirm the current fee schedule, since the VA adjusts it. FHA and USDA have their own streamline versions that work similarly. Conventional loans have no true streamline: Fannie and Freddie's low-cost refi options still require full underwriting and, in general, an appraisal. When the rate math works, an IRRRL often pays for itself well inside that 36-month window. If you have a VA loan and rates have moved, send us your statement and we will run whether one pencils out for you.