Updated November 11, 2026
Short answer
An Interest Rate Reduction Refinance Loan replaces your existing VA-backed loan with a new one, often to lower your payment or make it more stable. You must already have a VA-backed loan on the home and certify you live or used to live there.
Eligibility from VA
- You already have a VA-backed home loan
- You're using the IRRRL to refinance that loan
- You certify you currently live in, or used to live in, the home
The funding fee for an IRRRL is 0.5% (VA.gov, VA funding fee chart).
Talk it through
Buying in Tampa Bay? Krystal Crichlow with eXp Realty works with VA buyers. Anywhere else in the U.S., she can refer you to a VA-experienced local agent at no cost to you. Use the form to tell us where and when.
Disclosure: TheBayPros' owner is related to Krystal Crichlow (eXp Realty), who may be among the agents introduced to you. You can choose any agent you like. We are not a lender and do not make loans. General information from VA.gov; rules change, so confirm with VA and your lender.