The details
The VA IRRRL generally requires the new rate to be lower than the old one unless you are moving from an ARM to a fixed rate.
FHA streamlines require the refinance to show a net tangible benefit, such as a lower payment or a more stable loan type.
Run it yourself
Related loan programs
Home loan
FHA Streamline Refinance
An FHA streamline refinance replaces an existing FHA loan with a new FHA loan using reduced documentation and often no appraisal.
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Home loanVA IRRRL (Streamline Refinance)
A VA IRRRL (Interest Rate Reduction Refinance Loan) replaces an existing VA loan with a new VA loan at a lower rate or more stable terms, usually with limited documentation and often no appraisal.
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Home loanFHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
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More answers
- Is there such a thing as a free mortgage?
- Can you get an interest-free mortgage?
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- What is the difference between lender-paid and borrower-paid compensation?
- What does “lender-backed” mean on a mortgage?
- Mortgage broker or bank: which is better?
- How is DSCR calculated for a mortgage?
- What DSCR ratio do I need to qualify?