Already have a VA loan? The VA IRRRL lets you refinance to a lower rate with minimal paperwork — no appraisal, no income verification, and as little as 10 days to close.
The VA IRRRL is designed for one purpose: get you a lower rate with as little friction as possible.
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No Appraisal Required
Skip the home appraisal entirely. No scheduling, no waiting, no risk of a low value delaying your refinance.
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No Income Verification
No pay stubs, no tax returns, no W-2s. The VA waives income and employment verification for streamline refinances.
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Close in Under 14 Days
With less paperwork and no appraisal, VA IRRRLs are among the fastest refinances available. Start saving sooner.
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Only 0.5% Funding Fee
The VA IRRRL funding fee is just 0.5% — a fraction of the 2.15–3.3% charged on purchase or cash-out loans. Can be rolled into the loan.
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$0 Out-of-Pocket
Roll all closing costs into your new loan. Refinance with true zero out-of-pocket expense while still lowering your payment.
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No PMI — Ever
Just like your original VA loan, your IRRRL carries no private mortgage insurance. Your savings go straight to your bottom line.
Eligibility
Do You Qualify for a VA IRRRL?
The requirements are straightforward. If you check these boxes, you're likely eligible.
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Existing VA Loan
You must currently have a VA-backed mortgage on the property you're refinancing. This is exclusively for existing VA loan holders.
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Current on Payments
No more than one 30-day late payment in the past 12 months, and you cannot currently be delinquent on your mortgage.
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Net Tangible Benefit
The refinance must improve your situation: lower rate, lower payment, shorter term, or switch from adjustable to fixed rate.
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Credit Score as Low as 500
The VA sets no minimum. While many lenders require 620+, Texana Bank approves VA IRRRLs with scores as low as 500.
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No Cash Out Allowed
The IRRRL is strictly rate-reduction. You cannot take cash back (except up to $6,000 for energy improvements). Need cash? See VA Cash-Out Refinance.
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Previously Used Entitlement
You must have previously used your VA entitlement on the loan being refinanced. Your lender verifies this through the VA’s systems.
How It Works
Streamline Your Way to a Lower Payment
The VA IRRRL replaces your existing VA loan with a new one at a lower interest rate. Because the VA already guarantees your loan, the process skips most of the traditional refinance requirements — making it faster, cheaper, and simpler.
No appraisal — your home value isn't re-evaluated
No income or employment verification required
No credit underwriting package in most cases
Funding fee is only 0.5% (vs. 2.15% on cash-out)
All closing costs can be rolled into the loan
Can switch from ARM to fixed rate
Can shorten your term (30yr → 20yr or 15yr)
Unlimited uses — refinance again if rates drop further
Need to access your home equity or refinance a non-VA loan? A VA Cash-Out Refinance → is a different review: full appraisal, full underwriting, and cash subject to VA program rules.
Compare Options
VA IRRRL vs. VA Cash-Out Refinance
Both are VA refinance options, but they serve very different purposes. Here's how they compare.
VA IRRRL
VA Cash-Out Refi
Purpose
Lower rate only
Lower rate + access equity
Existing Loan Required
Must have VA loan
Any loan type (VA, FHA, Conv.)
Appraisal
Not required
Required
Income Verification
Not required
Required
Credit Underwriting
Minimal
Full underwriting
Funding Fee
0.5%
2.15% (first use) / 3.3% (subsequent)
Cash Back at Closing
✗ No (except $6K energy)
✓ Subject to appraisal and review
Typical Timeline
10–14 days
21–30 days
PMI
None
None
Best For
Quick rate drop, lower payment
Equity access, debt consolidation
Costs & Fees
What Does a VA IRRRL Cost?
VA IRRRLs are one of the lowest-cost refinance options available. Here's the full picture.
VA Funding Fee
0.5%
The VA IRRRL funding fee is just 0.5% of the loan amount — a fraction of what other VA loan types charge. On a $250,000 loan, that's only $1,250.
Can be rolled into the new loan
$0 out-of-pocket at closing
Waived for disabled veterans
Waived for Purple Heart recipients
Waived for surviving spouses receiving DIC
Other Closing Costs
$2K–$5K
Total closing costs vary by loan amount and location. Typical costs include:
Origination fee
Title search & insurance
Recording fees
Credit report fee
All costs can be rolled into the loan
Who's Exempt from the Funding Fee?
The following individuals pay no funding fee at all, saving up to $1,250+ on a VA IRRRL:
Estimates only. Actual rates and payments will vary based on credit, loan balance, and market conditions. Subject to credit approval.
The Process
Your VA IRRRL Timeline
From application to closing, the IRRRL is built for speed. Here's what to expect.
1
Quick Application
1 Day
Contact Texana Bank or apply online. We'll verify your existing VA loan, confirm eligibility, and run a soft credit check (won't affect your score). You'll know your new rate within minutes.
2
Lock Your Rate
Same Day
Once you're happy with the rate, we lock it in. No appraisal to schedule, no income docs to gather. We order the title work and begin processing immediately.
3
Processing & Clear to Close
10–14 Days
Our team handles the title search, prepares closing documents, and moves your file through underwriting. Because there's no appraisal or income verification, this moves fast.
4
Close & Start Saving
1 Day
Sign your closing documents and you're done. Your new lower payment begins with your next mortgage bill. Most VA IRRRLs close in under 14 days total.
Frequently Asked Questions
VA IRRRL FAQs
Everything you need to know about the VA Interest Rate Reduction Refinance Loan.
No. Texana Bank Mortgage uses a soft credit inquiry for pre-qualification, which has absolutely no impact on your credit score. You can check your rate, explore loan options, and get pre-approved without any effect on your credit. A hard inquiry only occurs later if you formally move forward with a full application.
A VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamline refinance program exclusively for veterans and service members who already have an existing VA loan. It's designed to lower your interest rate with minimal paperwork — no appraisal, no income verification, and no credit underwriting package in most cases. It's the fastest, simplest way to reduce your VA mortgage payment.
To qualify, you must currently have a VA loan, be current on your mortgage payments (no more than one 30-day late in the past 12 months), and the refinance must result in a net tangible benefit — meaning a lower rate, lower payment, or switch from adjustable to fixed. You must have previously used your VA entitlement on the property.
No. One of the biggest advantages of a VA IRRRL is that no appraisal is required. This saves you time and money, and eliminates the risk of a low appraisal delaying your refinance. The VA waives the appraisal requirement because you're simply refinancing an existing VA loan to a lower rate.
No. The VA does not require income verification, employment verification, or a debt-to-income ratio calculation for a VA IRRRL. This is one of the key benefits that makes it a true streamline refinance — significantly less paperwork and faster processing.
The VA does not set a minimum credit score for an IRRRL. While many lenders require 620+, Texana Bank Mortgage approves VA IRRRLs with credit scores as low as 500. We focus on your payment history and overall financial picture rather than a single number.
The VA IRRRL funding fee is only 0.5% of the loan amount — significantly lower than the 2.15–3.3% on purchase or cash-out loans. On a $250,000 loan, that's just $1,250. The fee can be rolled into your new loan amount. Veterans with service-connected disabilities are exempt entirely.
No. The VA IRRRL is strictly a rate-reduction program — you cannot receive cash back at closing. The only exception is up to $6,000 for energy-efficient improvements to the home. If you need to access your home equity, a VA cash-out refinance is the right option.
The VA requires that every IRRRL provide a “net tangible benefit” to the borrower. This means the refinance must result in a lower interest rate, a lower monthly payment, a shorter loan term, or a switch from an adjustable-rate to a fixed-rate mortgage. Your lender must document that the refinance genuinely improves your financial position.
VA IRRRLs are among the fastest refinances available. Because no appraisal or income verification is required, most close in 10 to 14 days from application. At Texana Bank, we prioritize fast closings so you start saving sooner.
Yes. You can roll the VA funding fee and other closing costs into your new loan amount, meaning you can refinance with true $0 out-of-pocket costs. Your new loan balance will be slightly higher, but your monthly payment should still be lower thanks to the reduced interest rate.
A VA IRRRL is a streamline refinance that requires an existing VA loan, has no appraisal or income verification, charges only a 0.5% funding fee, and cannot provide cash back. A VA cash-out refinance can refinance any loan type, may provide cash subject to the appraisal and VA program rules, but requires full appraisal and underwriting and charges a higher funding fee (2.15–3.3%).
While the VA does not always require a new COE for an IRRRL, your lender will need to verify that you previously used your VA entitlement on the loan being refinanced. Texana Bank can verify this quickly through the VA's systems.
Yes. Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage is one of the qualifying net tangible benefits. Even if your new fixed rate is slightly higher than your current ARM rate, the stability and predictability of a fixed payment qualifies as a benefit.
VA IRRRL closing costs typically include the 0.5% VA funding fee, an origination fee, title search and insurance, recording fees, and a credit report fee. Total costs usually range from $2,000 to $5,000 depending on your loan amount and location. All costs can be rolled into the loan.
Veterans receiving VA disability compensation, Purple Heart recipients serving on active duty, and surviving spouses receiving Dependency and Indemnity Compensation (DIC) are exempt from the 0.5% funding fee. This saves approximately $1,250 on a $250,000 loan.
You must be current on your VA mortgage to qualify. Specifically, you cannot have more than one 30-day late payment in the past 12 months, and you cannot currently be delinquent. If you're struggling with payments, contact us to discuss other options that may be available.
There is no limit. As long as each refinance meets the net tangible benefit requirement, you can use a VA IRRRL as many times as rates drop. Most lenders require you to have made at least 6 monthly payments since your last refinance before doing another IRRRL.
A surviving spouse may be able to use a VA IRRRL if they are on the existing VA loan or have assumed it after the veteran's passing. The surviving spouse must meet the same net tangible benefit and payment history requirements. Contact us for a personalized assessment.
When you refinance, your old escrow account is closed and any remaining balance is refunded to you by your previous servicer (typically within 30 days). Your new loan will establish a new escrow account. The refund from your old escrow typically covers any new escrow setup costs.
Even a small rate reduction can result in meaningful savings. On a $300,000 loan, a 0.5% rate reduction saves approximately $90/month or $1,080/year. Because VA IRRRL closing costs are low and can be rolled into the loan, the break-even point is often just a few months. Your loan officer can calculate your exact savings.
Yes. You can use a VA IRRRL to refinance from a 30-year to a 20-year or 15-year term. A shorter term means higher monthly payments but significantly less interest paid over the life of the loan. Shortening your term while getting a lower rate is one of the most powerful ways to build equity and save money long-term.
Reviews
What Veterans Say About Texana Bank
Real reviews from real borrowers. See why veterans trust Texana Bank Mortgage.
I had an excellent experience working with my texana bank mortgage from start to finish. They were extremely professional, knowledgeable, responsive, and made the entire mortgage process feel much easier than I expected.
They took the time to explain everything clearly, answered all of my questions, and kept me informed throughout the entire process. I always felt like I had someone in my corner who genuinely cared about helping me reach my goals.
If you’re looking for a mortgage broker who is trustworthy, dependable, and willing to go the extra mile for their clients, I highly recommend them. I truly appreciate all of their hard work and would definitely work with them again!
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Kent Sisco
★★★★★
Adam McCormick is fantastic! Easy to work with and keep me informed every step of the way! Looking forward to working with him again in the future
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Andrea Ferrell
★★★★★
Adam was phenomenal from start to finish! He was friendly and professional. He assisted me every step of the way, walking me through the process with ease. He was always there for whatever questions I had. He was very, very patient and always reached out to me in a timely manner if I contacted him and he was unavailable at the time. Moreover, he made me feel as if he cared for more than just my loan, but me as a person!!! Texana is blessed to have him as an associate!!
Andrea
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Clay Ragsdale
★★★★★
Where to really start. Adam walked me through everything and put me at ease. I have had some bad experiences with other companies so I was digging and looking for any red flag. There was none with him and his direct talk is what did it for me. Someone that is real and just says what it is. No false hope or misdirection at anytime.
I would recommend him to anyone and definitely Someone looking for honesty and caring. The communication is top notch and a true professional.
Respectfully,
Clay
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Belvia Lynn
★★★★★
My overall experience while working with Adam McCormick was excellent. He was very pleasant and professional.
J
Joseph Hardman
★★★★★
Adam McCormick is an absolute professional in every sense of the word. I will NEVER use any other loan officer for my financials other than Adam as long as he is in the business. His work as my loan officer was exceptional. Throughout the process, he always responded to an e-mail, responded to a text, called right back if not answering immediately. He always made you feel as though you were his only client. There was never the impression he had more important things to do other than speak with you. He worked with us through a death in the family, personal issues, and numerous other challenges. It's possible other loan officers would have given up on us during this process, but Adam stuck with us through it all. His work ethic is amazing. He is an expert in his craft. I could not possibly give a higher recommendation, he has redefined what right looks like in this business.
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Marsha Kessler-Bradshaw
★★★★★
I was about to go with another company for this refinance no cash out until I received a call from this Adam McCormick. He was so knowledgeable and made me feel very comfortable with this process. Adam is knowledgeable ,courteous, understanding and has a real passion and patience for people. 👍We are at the closing. Thank you Adam McCormick!!
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Peter Jenkins
★★★★★
My situation had its difficulties. Justin was confident and persistent through the process and we the got the result
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Dale Samuel
★★★★★
Mark has been very professional and has been very respectful to my wife and myself.
Mark has shown that genuine human qualities and really worked with us and for us.
This actually been a pleasure to get to know Mark.
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James Fields
★★★★★
Outstanding Service and support from a truly Customer Oriented Agent! My pleasure to have worked with Mr. MCcormick.! Would follow him to next source if necessary. He is concerned in an outstanding balanced way. My pleasure to?know and do Business with him and The Bank!
JFields
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Rose Stone-Stewart
★★★★★
Texana Bank was there for us throughout the entire process. Their personableness, as well, their professionalism. As a financial institution it was nice to know that while obtaining a loan, we had a safe place to relay. They are absolutely “by the book” and at the same time makes the process easier to participate. The hospitality and genuine concern as clients was overwhelming of which we will always consider Texana Bank first, before mostly any other financial institution.
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Mitchell Morris
★★★★★
Greg was awesome and the process was simple. I have nothing but the highest praise for the process and for Greg himself. Thank you.
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Ronald Bylsma
★★★★★
Best refi experience of our lives, Andre was very knowledgeable and always kept us calm when things got stressful. Would recommend Mr. Andre Floyd to anyone looking for a great lending officer!
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Dejan Jajcevic
★★★★★
I’ve worked with mini bankers before and I used to do them over a decade ago myself and my experience that I had with Chad was nothing short of phenomenal. He is a wonderful Banker does a very diligent job and did not miss any moments of reassuring me where my loan was and closing I couldn’t say enough good things about him and I hope if I ever need to go through this stressful process again he is still in business to take care of me
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James Reaves
★★★★★
Adam is awesome super friendly easy to work with always aware of what’s going on and keeps you informed which is great.
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Lesli Hopkins
★★★★★
Lynette is absolutely awesome to work with! She takes the time to make you comfortable with the process and answers any questions completely and accurately
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Bobby Strickland
★★★★★
Andre Floyd was ABSOLUTELY AMAZING. I just love working with him.
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Abraham Sanchez
★★★★★
Working with Greg Darlin has been an awesome experience. An honest and sincere individual. He is to the point and very very knowledgeable. I appreciate the fact that he didn’t try to give me the run around and through the entire process I learned a few things. Thank you.
Ready to Lower Your VA Rate?
If you already have a VA loan, the IRRRL could save you hundreds per month with minimal effort. Let's find out what you qualify for.
