December 26th, 2019 10:24 AM by Nathan Rufty
VA IRRRL refinance loan program Tucson AZ stands for Interest Rate Reduction Refinancing Loan. You may also see it referred to as a “VA Streamline”. It is used to refinance an existing VA guaranteed loan to reduce the interest rate or to refinance an adjustable rate mortgage (ARM) to a fixed rate.
VA IRRRL in Tucson AZ Facts
VA IRRRL in Tucson AZ Loan Limits
VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house 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 Loan Limits for more information about the limits in your county.
VA IRRRL in Tucson AZ, What are the requirements?
The loan you are refinancing must have been guaranteed using your VA entitlement. The new loan will re-use the entitlement you originally used. A
Certificate of Eligibility is not required. Your lender can verify your previous loan information by using our automated system.
No appraisal or credit underwriting is required by VA. However, you should be aware that some lenders may require them anyway.
Also, the occupancy requirement is different from other VA loans. When you originally obtained your VA loan, you certified that you occupied or
intended to occupy the home. For an IRRRL, you only need to certify that you previously occupied it.
Closing costs normally associated with an Interest Rate Reduction Refinance Loan (IRRRL)