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LET'S GO VA!

Backed by the U.S. Department of Veterans Affairs, VA Refinance loans are designed to help active-duty military or veterans refinance at an affordable cost. The VA loan requires no mortgage insurance, allows for flexible guidelines as well as many other advantages. Let's get started today!

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LET'S GO VA!

Backed by the U.S. Department of Veterans Affairs, VA Refinance loans are designed to help active-duty military or veterans refinance at an affordable cost. The VA loan requires no mortgage insurance, allows for flexible guidelines as well as many other advantages. Let's get started today!

Our VA Refinance Option

How does a VA Refinance actually work?

There are two types of VA Refinance options, Cash-out Refinance and IRRRL (Interest Rate Reduction Refinance Loan). 

CASH-OUT REFINANCE – This is the perfect option if you want to pull some cash out of your home’s equity, lower your interest rate, or, add/drop someone from the the title to the property. In addition, the cash-out refinance can be used to refinance a non-VA loan into a VA loan.

IRRRL REFINANCE – This is by far the most common of the VA refinance options. This allows you to refinance your home with very little requirements. No appraisal, income or asset verification, and no credit report is needed. Only a 12 month satisfactory mortgage payment history is required. With the IRRRL, you can only refi an existing VA loan. 

Disclosure: This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).

What are the requirements for a VA Refinance loan?

VA makes it relatively easy to qualify for a Refinance. You must have some equity in your home in order to obtain a refinance. Other than that, it’s a pretty smooth process with VA. So let’s get started!

Main points of qualification for VA Loans


  • STEP1

    Credit Score* 
    Borrowers with lower credit scores are more likely to get approved if they apply for a VA loan. Scores can go as low as 580, however, we will most likely need an explanation of the reason the credit is challenged. 

    *NOT REQUIRED FOR VA IRRRL REFI – Only a 12 month satisfactory mortgage payment history is required.

  • STEP2

    Loan Amount 
    With a VA mortgage you have an advantage over FHA when it comes to how much you can borrow. The maximum loan amount requirement for a VA mortgage in Arizona is $417,000. For a Veteran with full eligibility, VA guarantys up to 100% of their home value.

  • STEP3

    Debt to Income Ratios* – What’s This?
    To qualify for an VA loan, you’ll need to have reasonable debt to income ratios. That means that the amount you spend on monthly payments needs to be “reasonable” when compared to your monthly income. In general, 41% is the maximum debt to income ratio allowed, but in some cases it’s possible to get approved up to 44% with favorable circumstances.

    *NOT REQUIRED FOR VA IRRRL REFI

  • STEP4

    VA Residual Income*
    The VA requires military borrowers to meet or exceed a minimum residual income threshold, which varies by individual family size and cost of living by geography. What does that mean? You need to have money left in the bank depending on your family size, after you’ve paid all your bills each month. 

    *NOT REQUIRED FOR VA IRRRL REFI

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