The VA Refinance is available to homeowners who are active military servicepersons, or veterans of the Armed Services. The program is backed by the Department of Veterans Affairs. The most common VA refinance program is the VA Streamline Refinance. Formally known as the Interest Rate Reduction Refinance Loan (IRRRL), the VA Streamline Refinance requires no appraisal, no income verification, and no credit score during the underwriting phase. The main requirement of the VA Streamline Refinance is that the homeowner’s new payment is lower as a result of the refinance. VA mortgage rates are currently the lowest of all common loan types and VA loans never require mortgage insurance.