The Arizona VA Streamline Refinance Program (aka The VA IRRL Program)
The Arizona VA Streamline Refinance is a popular refinance program for veterans in Arizona because it is designed to help veterans lower their monthly mortgage payment without having to completely re-qualify for a new loan. There are also no required out-of-pocket costs associated with the VA streamline.
This Arizona VA Loan program is also known as the VA Interest Rate Reduction Loan program (IRRL) and because it is “fast and easy” with minimum documentation requirements, it can help veterans start saving money on their monthly mortgage immediately.
Arizona VA Streamline Refinance Highlights Include:
- No appraisal is required
- Will not need to provide bank statements, W2s, job verification or paycheck stubs
- You cannot receive any cash at closing
- It is possible to roll all closing costs and prepaid items into the loan amount – so no out-of-pocket costs
- You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the last 12 months.
- Upon closing, it is possible to defer a monthly mortgage payment
- Within 30 days of closing, you will receive the money that was held in your old escrow account because a new escrow account will be set up with your new loan
Arizona VA Streamline Refinance Information from VA.gov
“Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact.
Some lenders may contact you suggesting that they are the only lender with authority to make IRRLs. Remember – Any lender may make you an IRRL.
Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.
The occupancy requirement for an IRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRL you need only certify that you previously occupied it.”
If you are an Arizona veteran, now is a great time to see if the VA Streamline program can help you lower your monthly payments.
