Cons You won't be able to withdraw money with refinancing. Unlike a VA cash out refinance, the IRRRL doesn't allow you to receive any cash income during the lending process. You'll still have to pay a small funding fee. The VA's IRRRL has a funding share of 0.5 percent.
Your lender can still request documentation. If you don't have a lot of equity in your home, a VA IRRRL is probably more realistic than a conventional or cash-out refinance.