VA Streamline – How to Apply?

AZ VA Streamline Refinance

In an earlier article I posted a basic outline of how a VA streamline refinance (VA IRRL) can provide a Veteran with a simple, efficient and inexpensive method to lower their current AZ VA mortgage interest rate.  Let’s look at how a Veteran that has a VA loan can apply for a VA Streamline refi:

Step 1: Complete a loan application (just like the one they filled out for their current VA home loan)
Step 2: Consult with their AZ VA Mortgage Lender to discuss options based on their application
Step 3: Submit the following documentation to their VA mortgage company
a. Most recent W2 form
b. Clear copies of all borrower’s driver’s licenses (in community property states such as AZ even a spouse not on the loan will need to provide their license)
c. DD214
d. Note from previous loan closing on subject property
e. Settlement Statement from previous loan closing on subject property
f. Most recent 2 months bank statements
g. Name and phone number for the homeowner’s insurance company that currently provides coverage on their loan/home
h. Signed loan application and disclosure package
Step 4: Complete file is submitted to new VA lender‘s underwriting department for final approval

As you can see, this process is MUCH simpler than the process that a veteran goes through to close on their original purchase home loan application/process.  In most cases no appraisal is required.  The veteran’s lender typically does not need to verify income either.  The only time a veteran must verify income is if they are shortening the term of their loan and their streamline refi results in an increased monthly payment.

Once the veteran’s file has been fully approved by the new VA lender’s underwriting department final/official loan documents are sent to a pre-selected title company so the veteran can sign and close.  If the property being refinanced is a primary residence the veteran will need to wait out a 3 day rescission period before their loan can close.  Essentially this means that 3 days must pass after the veteran signs before the loan can close/fund (Sundays and Holidays do not count).

There you have it!   The process associated with closing an AZ VA Streamline is very simple!  Please call or email me today if you have any questions regarding your current VA mortgage and whether or not a VA streamline (IRRL) would make sense for you.

By Jeremy House
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