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The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate, thereby lowering your monthly mortgage payment. If you already have an adjustable-rate mortgage, note that you can refinance an ARM into a fixed-rate mortgage to save more money, as well.


● No appraisal or credit underwriting is needed when applying for an IRRRL.

● An IRRRL may be completed with “no money out of pocket” by including all applicable costs in the new loan, or by creating the new loan at a high enough interest rate to allow the lender to pay all applicable costs.

● The interest rate may increase when refinancing from an adjustable- to fixed-rate loan.

● Any VA lender of your choosing, including Fairway Independent Mortgage, may process your application for an IRRRL.

● Terms may vary from lender to lender.

● You may NOT receive any cash from loan proceeds.

Am I eligible for an IRRRL?

Only properties on which you’ve already used your VA loan eligibility qualify, and the refinancing will reuse the entitlement you originally used.

● No COE is required, however you may take it to your lender to show previous use of your VA entitlement.

● No loan apart from the current VA loan may be paid from the IRRRL proceeds.

● Occupancy requirement differs from other VA loans. With an IRRRL, you only need to certify that you previously lived in the home.

have Questions about eligibility? Call 602-429-6789

How do I apply?

You may take your Certificate of Eligibility to your lender to show previous use of your entitlement, or your lender may use the VA email confirmation procedure if no COE exists.

Note that there are limits on the amount of loan liability the Veterans Administration can assume, which does affect the amount of money you may receive from a lender. These limits are the amount a qualified Veteran with full entitlement may be able to borrow without having a down payment, and these limits vary by county. For a single-family home in Arizona, the loan limit with no down payment goes up to $417,000.

The basic entitlement available to eligible Veterans is $36,000, and lenders will usually loan up to four times that without a down payment, assuming the Veteran is income and credit qualified and the property appraises for the asking price.