Can I refinance my VA loan in Missouri without a new appraisal?

Question

Zach Brown · Accepted Answer

Usually, yes. A VA IRRRL (Interest Rate Reduction Refinance Loan) is a reduced-documentation refinance for borrowers who already have a VA loan. In most cases it doesn't require a new appraisal or income re-verification. The new loan has to lower your rate or move you from an adjustable rate to a fixed rate, and it can't include cash out. The VA funding fee on an IRRRL is reduced compared to a purchase and can be rolled into the loan. If the numbers don't improve your position after closing costs, the right answer is to wait, and a good loan officer will tell you that.