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VA Streamline Refinance Mortgage (VA IRRRL)
in Wisconsin and Illinois

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.
For loan amounts over $417,000 please visit our
Jumbo VA Loans page for details.
Veterans' Benefits Improvement Act of 2008
VA Eligibility Requirements
Jumbo VA Loans
All Wisconsin
and Illinois 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
Wisconsin Refinance Illinois Refinance Programs
Current
Wisconsin and Illinois VA Mortgage Rates
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Recent VA posts on our blog:
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
Read the rest of
this entry »
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
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 »
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