VA IRRRL Loans in Arizona

VA IRRRL Loans in Arizona


Loan Product Details – VA Home Loans in Arizona

“Can I lower the rate on my VA home loan?”.


veteran in front of house

You purchased your Arizona dream home with a VA loan and now you see that the rates have fallen and you wonder if there is a way to refinance your current VA loan to lower your monthly payment. Here is where the VA IRRRL (interest rate reduction refinance loan) or streamline, as some may call it, comes into play.

This Streamline loan is extremely popular in Arizona because of its ease of use. Arizona homeowners who are current on their VA loan may qualify for a VA IRRRL loan. This new loan is basically a new VA mortgage that provides a lower payment or helps some homeowners into a more secure term, such as if they are in an ARM and want to go to a fixed rate VA loan.

The closing costs on an IRRRL can be rolled into the new VA loan, allowing veterans and active duty members to refinance with no out-of-pocket expenses. Sometimes it is also possible for the lender to take the brunt of the cost in exchange for a higher interest rate on your loan.
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(520) 303-5620 or (480) 648-1733

In order to qualify for a VA Streamline, you must meet the following requirements:

Be current on your mortgage with no more than one 30-day late payment within the past year.
Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)
You must not receive any cash from the IRRRL.
You must certify that you previously occupied the property.
You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may see this referred to as a VA to VA refinance.)

All loans are subject to underwriter final approval, terms and conditions may apply. Subject to change without notice. Always consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

Common Questions on VA loans:

What loans are eligible for a VA Streamline?

An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.
You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.

What if I have a second mortgage?

No loan other than the existing VA loan may be paid from the proceeds of VA IRRRL. If you have a 2nd mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage. Most lenders on these 2nd mortgages charge a fee to process the subordination.


Joseph Small and team at Guild Mortgage is your trusted source for all your VA IRRRL Refinance home loan mortgage needs. Proudly helping Arizona VA homeowners in Tucson, Phoenix, Sierra Vista, Yuma, Casa Grande, Flagstaff and throughout the state of Arizona. If you think you are ready to begin the process, then just click the “Apply Now” button to get started. And if you have any questions about a VA IRRRL home refinance loan, or any other VA loan questions, then call us now.

(520) 303-5620 or (480) 648-1733