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Arizona VA Streamline Refinance

For people who currently have a VA mortgage loan, the Arizona VA streamline refinance program allows them to refinance into a lower rate when available with minimal hassle. The VA streamline also has a “weird” other name it goes by – the VA IRRRL refinance program. The VA streamline / IRRRL refinance was designed to require as little documentation as possible in order to qualify for the loan.

Arizona VA Streamline Refinance Program Highlights Include:

• No out of pocket costs — all costs can be rolled into the loan
• No appraisal required
• May have an option to defer one mortgage payment
• Not allowed to get “cash out” with the VA streamline program
• VA streamline refinances do not require that you provide employment or income verification

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 IRRRLs. Remember – Any lender may make you an IRRRL. 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 IRRRL 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 IRRRL you need only certify that you previously occupied it.”

Arizona VA Streamline Refinance or Loan Modification?

More than a few Veterans who currently have a VA loan have called after speaking with a loan modification attorney about possibly getting their loan modified. Here in Arizona where many homes are “under water” the question is often asked “which is better, a VA streamline refinance or a loan modification?” and my answer is usually “it depends”.

If you want the quickest, easiest way to lower your payments without worrying about getting an appraisal done (read: if you are under-water, it doesn’t matter with the VA streamline refinance) then the VA streamline refinance is your best option. If you aren’t concerned about speed or knowing for sure that it can get done, then trying to get your current VA loan modified may be your best bet. It is different for everyone – so be sure to speak with a loan officer as well as a loan modification attorney – and even your current lender about the pros and cons of each.