Is There an Appraisal Required for a VA Refinance?

A VA refinance can be a powerful way to improve your financial situation. Maybe you can get a lower interest rate. Or maybe you want to stabilize your monthly payments by moving to a fixed-rate loan. You could even liquidate some of your equity to use in other places where you need money. Usually, if you’re considering a refi, the upside is pretty clear. 

But refinances come with some drawbacks, too. Namely, they typically involve a fair bit of paperwork and closing costs in the thousands of dollars. 

To try to make things a little bit better for veterans and active-duty military members, the Department of Veterans Affairs (VA) has implemented some measures here. First, the VA allows for a streamlined refinance that might help you avoid the appraisal. Secondly, even if you do need to go through this step, they cap the amount you need to pay and how long it can take. 

If you’re considering a VA refinance, the appraisal is an important piece of the puzzle. You’re in the right place to get the info you need to figure out where it fits. 

Quick catch-up: What is an appraisal?

An appraisal is a lender’s way of figuring out how much your house is worth. They send out an expert (the appraiser) to take a look around and kick the tires, so to speak. 

This third party specialist submits their estimate of your home’s value to the lender. But the lender doesn’t pick up the tab there. Instead, you cover the appraiser’s fee, which maxes out at $700–$1,500, depending on where you live (more on that below).

The lender then uses the appraiser’s estimate to figure out two things:

• If they’re willing to approve your refinance
• If so, how much you can borrow 

That’s particularly important if you’re trying to cash out some of your equity. The lender needs to know how much your house is worth to figure out how much equity you have. 

Here’s the good news: You don’t always have to go through this step. If you’re a current VA borrower and you don’t want to liquidate any of your equity, you might be able to skip the appraisal. 

VA refinance appraisal requirements

The VA offers two distinct types of refinances: interest rate reduction refinance loans, also called IRRRLs or VA streamline refinances, and cash-out refinances. 

(The latter’s name is a little bit misleading. You don’t actually have to take cash out to use this type of refi. That keeps the option to refinance open to people who don’t qualify for an IRRRL, like veterans who don’t currently have a VA loan.)

Let’s dig deeper into the VA appraisal requirements for both types of refinances. 

IRRRLs (VA streamline refinances)

As the name suggests, this is the lower-lift refinance through the VA. Specifically, it does away with the VA’s requirement for appraisals. That means you can potentially refinance your VA loan without that added step, and its added cost. 

To qualify for a VA streamline refinance, you need to:

• Currently have a VA loan
• See financial benefit from your refi (e.g., a lower rate, a more stable payment by moving from an adjustable-rate to a fixed-rate mortgage, a faster payoff timeline)

An IRRRL lender can help you figure out if this type of refinancing is available to you.

They can also tell you if you’ll need an appraisal. The VA doesn’t require one here, but individual lenders can and often do. So if you’re looking for a no-appraisal VA refinance, it helps to compare different lenders and their property valuation requirements. 

Cash-out refinances

You’ll need to take this path if you want to:

• Refinance a non-VA loan into a VA loan
• Liquidate some of your equity (i.e., take cash out)
• Refinance a VA loan and you otherwise don’t qualify for an IRRRL

With a cash-out refinance, an appraisal typically is required. 

VA caps on appraisal fees and timelines

The VA works to protect its borrowers in a number of ways. That includes when it comes to appraisals. While lenders get to make their own rules about when appraisals are required, even for IRRRLs, they can’t take too long or be overly expensive. 

The VA sets ceilings on the amount the appraisal can cost you and how long it can take from the date of the appraisal assignment. 

The VA gives appraisers a set number of days after assignment to get the appraisal completed. The more remote you are, the longer they typically get. In the LA area, for example, appraisals have to be completed within six business days. But in the Fairbanks area of Alaska, it can take up to 21 days. 

The same is roughly true for appraisal costs. In metro areas, the appraiser’s fee typically gets capped at $700–$900. But in harder-to-access spots, it can go up to $1,500.

You can check the 2026 chart from the VA to figure out which appraisal limits apply in your area. If you don’t see your county listed, default to the state fee ceiling and appraisal timeline. 

Finding the right lender for your VA refinance

The VA eliminates appraisal requirements for streamline refinances and sets caps for appraisal fees. But different lenders make their own rules within those guidelines. 

Some lenders require property valuations for IRRRLs. Similarly, some lenders max out the ceiling for appraisal fees, while others try to keep the cost lower.

As you compare lenders, it’s important to look at not just the interest rate, but also all of the closing costs. To help you get started there, we have rate tables showing what’s currently on offer from VA refinance lenders.

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