Down payment as low as 0%.
Higher allowable debt-to-income ratios than many other loans.
No mortgage insurance required.
No prepayment penalties.

Closing costs and fees can be rolled into the new loan (out-of-pocket expenses). The IRRRL allows you to refinance into a fixed rate or adjustable rate loan. You must be current on your mortgage with no more than one 30-day late payment within the past year. Your monthly payment for the IRRRL must be lower than the previous loan's monthly payment.

Changing the terms of your VA loan can benefit you and maximize your home's eequity. Refinancing can allow you to free-up money for home improvements, emergencies, pay off debt, or any other purpose.