Florida Veterans can use the (IRRRL) VA mortgage refinance also know as Interest Rate Reduction Refinance Loan to lower your VA mortgage interest rate by refinancing your existing Florida VA mortgage. By obtaining a lower VA mortgage interest rate, your monthly Florida VA mortgage payment should decrease. You can also VA refinance your Florida adjustable rate VA mortgage (ARM) into a fixed rate Florida VA mortgage.




  • No VA appraisal or credit underwriting package is required when applying for a Florida VA mortgage refinance aka IRRRL.
  • A VA mortgage refinance aka IRRRL may be done with “no money out of pocket” by including all costs in the new VA mortgage refinance or by making the new loan at an interest rate high enough to enable the Florida mortgage lender to pay the costs.
  • When Florida VA refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
  • No Florida mortgage lender is required to give you an IRRRL, however, any VA Florida mortgage lender of your choosing may process your Florida VA refinance mortgage application for an IRRRL.
  • Veterans are strongly urged to contact VA Florida mortgage lenders.
  • You may NOT receive any cash from the VA mortgage refinance proceeds.


A VA mortgage refinance aka IRRRL can only be made to refinance a Florida VA mortgage on which you have already used your VA loan eligibility. It must be a VA to VAF Florida mortgage refinance, and it will reuse the entitlement you originally used.

  • A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the Florida VA mortgage lender to show the prior use of your Florida VA mortgage entitlement.
  • No Florida VA mortgage other than the existing Florida VA mortgage 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 Florida VA mortgage will be a first mortgage.
  • You may have used your entitlement by obtaining a VA Florida mortgage when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the Florida VA mortgage.
  • The occupancy requirement for an IRRRL is different from other Florida VA mortgage loans. For an IRRRL you need only certify that you previously occupied the Florida home.


A new VA Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your VA Florida mortgage lender may use our e-mail confirmation procedure in lieu of your VA mortgage certificate of eligibility.


The VA mortgage program does not set a cap on how much you can borrow to finance your Florida home. However, there are VA mortgage limits on the amount of liability VA can assume, which usually affects the amount of the Florida VA mortgage money an institution will lend you. The VA loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These VA loan limits vary by Florida county, since the value of a Florida home depends in part on its location.

The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to four times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price. See Florida VA loan Limits for more information about the limits in your county.


Generally, all Veterans using the VA mortgage guaranty benefit must pay a VA funding fee. This reduces the VA mortgage loan’s cost to Florida taxpayers considering that a VA mortgage requires no down payment and has no (PMI) monthly Florida VA mortgage insurance. The VA funding fee is a percentage of the VA mortgage loan amount which varies based on the type of VA loan and your military category, if you are a first-time or subsequent VA mortgage loan user, and whether you make a down payment. You have the option to finance the Florida VA mortgage funding fee or pay it in cash, but the funding fee must be paid at closing time. Florida VA mortgage applicants do not have to pay the fee if:

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

The VA funding fee for second time VA users who do not make a down payment is slightly higher. Also, National Guard and Reserve Veterans pay a slightly higher funding fee percentage. See Loan Fees for more information about Florida VA mortgage loan costs. Some Florida VA mortgage lenders offer IRRRLs as an opportunity to reduce the term of your loan from 30 years to 15 years. While this can save you money in interest over the life of the Florida VA mortgage loan, you may see a increase in your monthly VA mortgage payment if the reduction in the interest rate is not at least one percent (two percent is better). It could be a bigger VA mortgage payment increase than you can afford.


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