VA Streamline Refinance Mortgage (VA IRRRL)
in Wisconsin, Illinois, Minnesota and Florida
VA to VA Streamline Refinance (VA IRRRL)
If you are a Veteran, with an existing Illinois, Wisconsin, Minnesota or
Florida VA Guaranteed
Mortgage, you are entitled to an additional benefit from The Department
of Veteran Affairs when it comes to refinancing your VA mortgage.
This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL.
Under this program, you can refinance your existing VA mortgage loan without
having to re-qualify. In fact, the full credit
report is replaced by a mortgage only credit report for qualification purposes.
This report shows only your mortgage payment history and your credit scores.
In most case, you will not need an appraisal
The main eligibility for this program is the new VA mortgage
must have the purpose of lowering the current interest rate, shortening
the loan term of the current mortgage or converting from an ARM to a fixed
rate loan.
Illinois, Wisconsin, Minnesota and Florida VA mortgage loans are capped at
the conforming loan limit of $417,000 for a 100% financing loan.
For loan amounts over $417,000, see our
Jumbo VA Loan page.
VA Streamline Program highlights include:
- Will not need to provide bank statements, W2s or paycheck stubs
- You cannot receive any cash at closing
- Refinancing with out an appraisal is possible
- It is possible to roll all closing costs and prepaid
items into the loan amount - so no out-of-pocket costs
- You must be current on your existing VA mortgage
and not have had more than zero 30-day late mortgage payment within the
last 12 months.
- Within 30 days of closing, you will receive the money
that was held in your old escrow account because a new escrow account
will be set up with your new loan
- An IRRRL is used to refinance an existing VA loan
with a new VA loan that usually has a lower interest rate.
- An IRRRL can be a fixed rate loan or an adjustable
rate loan.
- An IRRRL must be at a lower interest rate than your
previous mortgage loan unless you are refinancing from an adjustable
rate mortgage loan.
Veterans' Benefits Improvement Act of 2008
VA Eligibility Requirements
Jumbo VA Loans
All Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
FHA,
FHA 203k, VA and
Rural Housing
Refinance Programs
VA
Mortgage Rates
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Recent VA posts on our blog:
Existing VA Home Loans Take Advantage of Lower Rates
Many people are aware that the Veteran’s Administration
(VA) offers attractive financing terms for our veterans.
However, many veterans do not know that they can take advantage
of lower mortgage rates with relative ease.
The VA offers a program called the IRRRL or the Interest
Rate Reduction Refinance Loan. Any veteran that currently
has a VA mortgage can re-finance without a new appraisal
or meeting the standard refinance guidelines. The credit
report used for this process is a mortgage only credit report
that shows the mortgage payment history and credit scores.
Read the rest of this entry »
VA Refinance
If you are a Wisconsin, Illinois, Minnesota or Florida Veteran,
with an existing VA Guaranteed Mortgage, you are entitled
to an additional benefit from The Department of Veteran
Affairs when it comes to refinancing.
This program is called a VA Interest Rate Reduction Refinance
Loan or IRRRL (VA Streamline Refinance). We like to refer
to it as the simple and easy mortgage program! Under this
program, you can refinance your existing VA mortgage loan
without having to re-qualify or have a new appraisal done.
In fact, the full credit report is replaced by a mortgage
only credit report or a verification of payment history
from your current lender for qualification purposes. This
report shows only your mortgage payment history and none
of your other credit or credit scores.
The main eligibility for this program is the new VA mortgage
must have the purpose of lowering the current interest rate,
shortening the loan term of the current mortgage or converting
from an ARM to a fixed rate loan.
Read the rest of this entry
»
VA Streamline Mortgage loans: Wisconsin Illinois Minnesota and Florida
If you are a Veteran, with an existing Illinois or Wisconsin VA
Guaranteed Mortgage, you are entitled to an additional benefit from The
Department of Veteran Affairs when it comes to refinancing your VA
mortgage.
This program is called a VA Interest Rate Reduction Refinance Loan or
IRRRL. Under this program, you can refinance your existing VA mortgage
loan without having to re-qualify or have a new appraisal done. In fact,
the full credit report is replaced by a mortgage only credit report for
qualification purposes. This report shows only your mortgage payment
history and none of your other credit or credit scores.
The main eligibility for this program is the new VA mortgage must have
the purpose of lowering the current interest rate, shortening the loan
term of the current mortgage or converting from an ARM to a fixed rate
loan.
Benefits of a VA Mortgage
Read the rest of this entry »
VA Builder Approval Process
All properties designated as "new," "proposed," or "under" construction
must have a valid builder identification number on file with the VA.
If you are not yet approved, you will need to complete the following
3 documents.
Read the rest of this entry »
FHA and VA Refinance, Cash Out Refinance and Streamline Refinance
If you are considering an Illinois or Wisconsin home loan refinance, the
first steps are to determine your short and long term goals and then to
evaluate the different types of home refinance loan programs available.
Refinance loans are available to obtain better interest rates and terms
on your existing restaurant or cash out a portion of your equity in property.
Below you will find the most popular refinance programs:
Conforming Refinance:
Rate and term refinance
Cash out refinance
Debt consolidation refinance
FHA Refinance:
Rate and term FHA refinance
Cash out FHA refinance
Streamline FHA refinance (FHA to FHA)
VA Refinance:
Rate and term VA refinance
Cash out VA refinance
Interest Rate Reduction Refinance Loans (IRRRL) (VA to VA)
Read the rest of this entry »
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