VA to VA Streamline Refinance

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.

Illinois and Wisconsin VA mortgage loans are capped at the conforming loan limit of $417,000 for a 100% financing loan.

VA Streamline Program highlights include:

• No appraisal is required
• Will not need to provide bank statements, W2s, job verification or paycheck stubs
• You cannot receive any cash at closing
• 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 one 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.
  

VA Streamline Refinance IRRRL
December 20, 2009

If you are a Veteran, with an existing 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 (VA Refinance). 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 payment history from your lender for qualification purposes. This report shows only your mortgage payment history and none of your other credit or credit scores.

Benefits of a VA Mortgage

Jumbo VA Mortgage Information

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VA Streamline Mortgage loans: Wisconsin and Illinois
November 11, 2009

If you are a 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). 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.

Benefits of a VA Mortgage

Jumbo VA Mortgage Information

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FHA and VA Refinance, Cash Out Refinance and Streamline Refinance
October 5th, 2009

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)

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