The California or Arizona VA IRRRL program is an incredible refinance opportunity which you can use to lower the rate and payment on your current California or Arizona VA Loan. Many times, this can be done with little or no closing costs!
The California or Arizona VA IRRRL allows you to essentially convert your existing California or Arizona VA Loan to a new one with a lower rate and payment. The other term for a VA IRRRL is a “streamline” refinance, because the process is fast and easy.
The first step to determining your eligibility is to talk to a California or Arizona VA Loan specialist about your options and the savings you will realize. It’s important to know your savings going into the transaction, so that you know it makes financial sense. In most cases it does because of the fact that we can do your California or Arizona VA IRRRL with no closing costs, so you will have a benefit from day one.
Qualification standards are not difficult. Although VA will state that there is no credit check or minimum credit score requirement, lenders have “overlays” or additional requirements above what VA requires. Most lenders have a minimum credit score of 620, and you will get a better rate if you are above 640. You must also be 2 years out of a bankruptcy.
Although VA guidelines also state that you will not need an appraisal, in many cases we will need one. You will get a much better rate if you owe less on your home than it’s worth (up to 100% of your home value is acceptable), but can still obtain a California or Arizona VA IRRRL up to 125% of your home value.
We will not need to verify your VA home loan benefits through ordering a new certificate of eligibility, because you already have your benefits confirmed due to the fact that you have a current California or Arizona VA Loan. The VA funding fee is low, only .5% of your loan amount (ie on a $200,000 loan the funding fee would be $1000), and is either financed into the new loan, or in some cases we can pay the VA funding fee for you, meaning you will not have to bring anything to closing.
You can find out what kind of rate you will qualify for by filling out our VA Quick Quote form on the right side of this page, or giving us a call in the office. The first step to getting started is to fill out a loan application and have your credit checked. However, we don’t believe in high-pressure “sales” tactics, and instead will give you honest advice and straight answers to your questions. We would be honored to help you, and your service to our country means the world to us!
Craig Gallegos & Dawn Buxton
Craig Gallegos NMLS# 447602 / Dawn Buxton NMLS# 308905.
Complaints may be directed to: (877) 699-0353 or Email us: firstname.lastname@example.org.
2325 E Camelback Rd
Phoenix, Arizona 85016
P: 602-783-1529Email: email@example.com
This website is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
Fairway Independent Mortgage Corporation. NMLS #2289. Copyright ©2016 Fairway Independent Mortgage Corporation. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations should apply. All rights reserved. Arizona Mortgage Banker License No. 0904162. Dawn Buxton NMLS 308905 | Craig Gallegos NMLS 447602 Complaints may be directed to: (877) 699-0353 or Email us: firstname.lastname@example.org.