12 Best VA Mortgage Lenders for Streamline Refinance IRRRL of 2022 - NerdWallet Advertiser disclosure
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These lenders are all experts at VA loans and among the best for a VA streamline refinance, or IRRRL.NerdWallet Apr 4, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. The VA's IRRRL — Interest Rate Reduction Refinance Loan — is loved by military borrowers for its easy efficiency. It's also called a "VA streamline refinance" because of its stripped-down processing requirements: No appraisal is needed, and underwriting is simplified. Shop around when looking for an "Earl" — VA lenders vary in requirements and costs. Here are lenders that excel at IRRRL refinancing. The VA's IRRRL — Interest Rate Reduction Refinance Loan — is loved by military borrowers for its easy efficiency. It's also called a "VA streamline refinance" because of its stripped-down processing requirements: No appraisal is needed, and underwriting is simplified. Shop around when looking for an "Earl" — VA lenders vary in requirements and costs. Here are lenders that excel at IRRRL refinancing. Best VA Mortgage Lenders for Streamline Refinance IRRRL
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more NASB NMLS#400039Learn more at NASB 4.5/5 Best for VA loans overall580 VA:580JUMBO:620FHA:580CONVENTIONAL:620CASHOUT:6200%On VA loans, NASB offers down payments as low as 0%.Learn more at NASB New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for rate transparency580 CASHOUT:620VA:580USDA:640JUMBO:N/AFHA:640CONVENTIONAL:6200%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American Funding Veterans United NMLS#1907Learn more at Veterans United 4.0/5 Best for specializing in VA loans620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620N/ALearn more at Veterans United Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for variety of VA loans620 CASHOUT:620FHA:580CONVENTIONAL:620VA:620JUMBO:N/AN/ALearn more at Rocket Mortgage, LLC NBKC NMLS#409631Learn more at NBKC 4.0/5 Best for specializing in VA loans640 CASHOUT:680CONVENTIONAL:620FHA:660JUMBO:N/AVA:6400%On VA loans, NBKC offers down payments as low as 0%.Learn more at NBKC Pennymac NMLS#35953Learn more at Pennymac 4.0/5 Best for variety of VA loans620 VA:620JUMBO:N/AFHA:620CONVENTIONAL:6200%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.Learn more at Pennymac BNC National Bank NMLS#418467Learn more at BNC National Bank 4.0/5 Best for low VA origination fees640 CASHOUT:N/ACONVENTIONAL:640FHA:640JUMBO:N/AUSDA:640VA:6400%On VA loans, BNC National Bank offers down payments as low as 0%.Learn more at BNC National Bank Network Capital NMLS#11712Learn more at Network Capital 4.0/5 Best for low VA origination fees640 CASHOUT:N/AVA:640CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:6400%On VA loans, Network Capital offers down payments as low as 0%.Learn more at Network Capital Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for variety of VA loans600 FHA:600VA:600USDA:620JUMBO:N/ACONVENTIONAL:620N/ALearn more at Guaranteed Rate PenFed NMLS#401822Read review 4.0/5 Best for ease of applicationN/A CONVENTIONAL:620JUMBO:N/AVA:N/A0%PenFed allows down payments as low as 3% on conventional loans and 0% for VA loans.Read review Carrington NMLS#2600Read review 3.5/5 Best for rate transparency500 VA:500CASHOUT:N/AFHA:500JUMBO:N/AUSDA:550CONVENTIONAL:6200%On VA loans, Carrington Mortgage Services offers down payments as low as 0%.Read review Flagstar NMLS#417490Read review 3.5/5 Best for ease of application660 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:620CASHOUT:N/A0%On VA loans, Flagstar offers down payments as low as 0%.Read reviewLearn more at NASB NASB NMLS#400039
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 VA:580JUMBO:620FHA:580CONVENTIONAL:620CASHOUT:620 Min. down payment0% On VA loans, NASB offers down payments as low as 0%. View details Learn moreat NASB View details Why we like it Good for: active military members and veterans and first-time home buyers. Pros Devotes much of its business to serving military families with VA loans. Offers a mortgage tailored to self-employed borrowers. Offers low rates and fees compared with other lenders, according to the latest federal data. Cons Doesn’t offer home improvement mortgages. Doesn't offer home equity loans or lines of credit.Read Full ReviewLearn more at New American Funding New American Funding NMLS#6606
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 CASHOUT:620VA:580USDA:640JUMBO:N/AFHA:640CONVENTIONAL:620 Min. down payment0% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full ReviewLearn more at Veterans United Veterans United NMLS#1907
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620 National / regionalNational View details Learn moreat Veterans United View details Why we like it Good for: veterans, active-duty service members and eligible reservists looking for VA loans. Pros Offers 24/7 customer service over the phone. Offers a free credit counseling service. Mortgage rates are on the low side, according to the latest federal data. Cons Doesn't offer home equity loans or HELOCs. Veterans United has physical branch offices in only 17 states. Focus on VA loans, so may not be the strongest choice for those seeking other loan types.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CASHOUT:620FHA:580CONVENTIONAL:620VA:620JUMBO:N/A National / regionalNational View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at NBKC NBKC NMLS#409631
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score640 CASHOUT:680CONVENTIONAL:620FHA:660JUMBO:N/AVA:640 Min. down payment0% On VA loans, NBKC offers down payments as low as 0%. View details Learn moreat NBKC View details Why we like it Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis. Pros Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots. Offers low rates and fees compared with other lenders, according to the latest Federal data. Displays customized rates, with fee estimates, without requiring contact information. Cons HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.Read Full ReviewLearn more at Pennymac Pennymac NMLS#35953
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:620JUMBO:N/AFHA:620CONVENTIONAL:620 Min. down payment0% Pennymac offers several different home loan options for borrowers with less than a 20% down payment. View details Learn moreat Pennymac View details Why we like it Good for: borrowers seeking a government-backed mortgage who want to rate-shop online. Pros Offers a wide variety of loan products, including government-backed and refinance options. Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range. “Lock & Shop” lets you secure a rate for up to 60 days, even if you don’t have a purchase contract yet. Cons Origination fees are on the higher end, according to the latest federal data. Doesn't offer home equity products or renovation loans.Read Full ReviewLearn more at BNC National Bank BNC National Bank NMLS#418467
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score640 CASHOUT:N/ACONVENTIONAL:640FHA:640JUMBO:N/AUSDA:640VA:640 Min. down payment0% On VA loans, BNC National Bank offers down payments as low as 0%. View details Learn moreat BNC National Bank View details Why we like it BNC National Bank offers a robust variety of loans, but you have to reach out to a loan officer to get customized interest rates. Pros Offers a wide variety of loan types and products. Has robust online capabilities, and an app for iOS and Android. Mortgage interest rates are lower than typical, according to the latest data. Cons Has a limited number of physical mortgage offices. No rate information is available without starting an application or speaking with a loan officer. Does not offer home equity loans or lines of credit.Read Full ReviewLearn more at Network Capital Network Capital NMLS#11712
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score640 CASHOUT:N/AVA:640CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640 Min. down payment0% On VA loans, Network Capital offers down payments as low as 0%. View details Learn moreat Network Capital View details Why we like it Good for: borrowers looking for a lender with online convenience and mortgage banker assistance. Pros A good selection of loan products, including government-backed FHA and VA mortgages. Provides “same-as-cash” loan that allows borrowers to compete with cash offers. Online application process is clear and simple to follow. Cons Doesn't lend in all states. Website doesn’t provide customized mortgage rates. Lender fees are on the high side, according to the latest federal data.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score600 FHA:600VA:600USDA:620JUMBO:N/ACONVENTIONAL:620 National / regionalNational View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewRead review PenFed NMLS#401822
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit scoreN/A CONVENTIONAL:620JUMBO:N/AVA:N/A Min. down payment0% PenFed allows down payments as low as 3% on conventional loans and 0% for VA loans. View details Read reviewView details Why we like it Good for: borrowers looking for online convenience, a wide selection of mortgages and the competitive rates of a member-owned credit union. Pros Offers a broad selection of home loan products, including low-down-payment options for first-time home buyers and HELOCs. Offers a lender credit, based on loan amount, for purchase mortgages. Mortgage rates and fees are low compared with other lenders, according to the latest data. Cons Does not publish sample mortgage rates on its website. The lender credit isn't available for refinance mortgages.Read Full ReviewRead review Carrington NMLS#2600
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score500 VA:500CASHOUT:N/AFHA:500JUMBO:N/AUSDA:550CONVENTIONAL:620 Min. down payment0% On VA loans, Carrington Mortgage Services offers down payments as low as 0%. View details Read reviewView details Why we like it Good for: first-time home buyers or credit-challenged borrowers interested in government loan products. Pros Offers multiple low-down-payment loan programs. May consider alternative credit data, such as bank statements. You can view customized rates for purchasing a home and apply online. Cons Doesn't offer home equity lines of credit. Lender fees are on the high side, according to the latest Federal data.Read Full ReviewRead review Flagstar NMLS#417490
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score660 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:620CASHOUT:N/A Min. down payment0% On VA loans, Flagstar offers down payments as low as 0%. View details Read reviewView details Why we like it Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. Pros Offers a wide range of loan types and products, including FHA, VA and USDA. Has a full suite of online conveniences. Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable. Cons Home equity loans are geographically limited.Read Full Review More from NerdWallet: Calculate how much to borrow with a VA loan Find the best VA mortgage lenders Browse top mortgage refinance lenders VA IRRRL Refinance FAQ
What is a VA IRRRL
A VA Interest Rate Reduction Refinance Loan (IRRRL) lets eligible borrowers refinance a VA loan quickly and easily. Nicknamed the “VA streamline” loan, an IRRRL’s attractions include a stripped-down approval process, lower fees and no appraisal. With a VA IRRRL refinance, you can add the closing costs to your loan balance or accept a higher interest rate to pay for them. » MORE: How a VA IRRRL streamline refinance works How can you use a VA IRRRL
An IRRRL can be used only to refinance from a VA loan to a VA loan. Taking cash out is generally not allowed, with an exception, which we explain below. Borrowers typically must use an IRRRL to reduce their monthly mortgage payments or lower the mortgage interest rate. But here’s another quirk: It’s OK to bump up your interest rate when converting an adjustable-rate VA mortgage to a fixed-rate IRRRL. » MORE: What to know about VA loans Who is eligible for a VA IRRRL
Here’s what it takes to be eligible for an IRRRL: You’re an active-duty member of the military, reserve or National Guard, or a veteran or surviving spouse. You’ve served for a minimum length of time without dishonorable discharge. You meet the lender’s minimum credit score requirement and certify that you’ve previously lived in the house. » MORE: VA loan eligibility and requirements Can you get cash out with a VA streamline refinance
In one case only. You may be able to get a limited amount of cash for making energy-efficient improvements to the home. You may need to get a home energy audit to show the investment will lower your utility costs. » MORE: Cash-out refinance pros and cons Last updated on April 4, 2022 Methodology
The star ratings on this page reflect each lender's rating for VA products. Read more about how we determine those ratings. The lenders on this page are chosen using this methodology: NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country. For inclusion on this roundup, lenders must score a 3.5 or above according to our VA loan methodology and offer IRRRLs. NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data. To recap our selections... NerdWallet's Best VA Mortgage Lenders for Streamline Refinance IRRRL of 2022
NASB: Best for VA loans overallNew American Funding: Best for rate transparencyVeterans United: Best for specializing in VA loansRocket Mortgage, LLC: Best for variety of VA loansNBKC: Best for specializing in VA loansPennymac: Best for variety of VA loansBNC National Bank: Best for low VA origination feesNetwork Capital: Best for low VA origination feesGuaranteed Rate: Best for variety of VA loansPenFed: Best for ease of applicationCarrington: Best for rate transparencyFlagstar: Best for ease of application About the author
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