In the VA Loan program, qualified homeowners are able to lower their monthly mortgage payments by refinancing at lower rates. Further, you can actually get cash back when you refinance a VA Loan and use this to pay other debts or make upgrades to your home. The two programs that currently help those with a VA Loan to refinance are the VA Cash Out Refinance Program and the VA Streamline Refinance Program. When you are looking to refinance, be sure to select the right program for you.


The VA Streamline (IRRRL) Refinance, which is commonly referred to as simply “Streamline,” is for those who wish to benefit from lower interest rates and save money over time. The best part is that this refinance option is cheap or free to complete and do not take a lot of paperwork to complete. In order to do a Streamline refinance, you must have already had a VA Loan.

The Cash Out Refinance is for both conventional and VA Loan borrowers. Here, you can use the equity you’ve built in your home to get money to pay for emergencies or any other debts that you have.

Am I eligible?

Overall, it is common to be accepted for a VA refinance if you served over 90 consecutive days in wartime or over 181 days during peacetime. Reservists and National Guard members have to have served more than 6 years. Note that surviving spouses whose significant other died in service may also qualify. The same goes for those whose spouses died from a service-related disability.