VA Home Loan Help Blog

So you have been hearing about the VA Streamline Loan Program also called the VA IRRRL Refinance.  You would like to lower your VA Mortgage Rate and payment, but are concerned about your loan amount.

 

What is the maximum you can borrow on a VA IRRRL Refinance?  Can you roll in all of the closing costs?  How much is the VA Funding Fee?

 

These are all great questions and the answers are not difficult to explain.  Although it is possible to structure a VA IRRRL Refinance with little or no closing costs, there will likely be some costs.  The rule on the Maximum VA IRRRL Loan Amount is that as long as the new loan amount does not exceed your VA County Loan Limit or your personal VA Maximum Eligibility, you are good to go. 

 

The VA IRRRL Funding Fee is only .5% of your new loan amount, and can be financed into the new loan amount as well. 

 

In most cases, it is possible to roll in all closing costs on a VA IRRRL Refinance.