​​​A VA Interest Rate Reduction Refinance Loan (IRRRL) will lower the interest rate on your existing VA home loan, decreasing your monthly mortgage payment.  

IRRRL Facts

  • No appraisal or credit underwriting package is required when applying for an IRRRL.
  • An IRRRL may be done with no money out of pocket.
  • When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
  • You may NOT receive any cash from the loan proceeds.


Eligibility
An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.

Additionally:

  • A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
  • No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
  • You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.


VA Funding Fee
You do not have to pay the fee if you are a:

  • Veteran receiving VA compensation for a service-connected disability, OR
  • Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
  • Surviving spouse of a Veteran who died in service or from a service-connected disability.



lower your monthly payment today

Lower the interest on your VA Loan with an IRRRL Refinance!

Dawn Conder

O (702) 451-2737 | C (702) 321-6942 | F (702) 982-3558
2298 W. Horizon Ridge Pkwy #202 | Henderson | NV | 89052