VA Streamline Refinance Mortgage (VA IRRRL) in Wisconsin, Illinois, Minnesota and Florida

VA to VA Streamline Refinance

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.

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.

VA Streamline Program highlights include:

• 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.

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, VA and Rural Housing
Refinance Programs

Current VA Mortgage Rates
About Us
Apply or Pre-qualify Online
Contact Us

 

Recent VA posts on our blog:

Existing VA Home Loans Take Advantage of Lower Rates
June 23, 2010

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
May 03, 2010

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
March 7, 2010

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
January 18, 2010

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
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)

Read the rest of this entry »