VA Streamline Refinance (IRRRL) in Wisconsin Illinois Minnesota Florida

VA Streamline Refinance

VA to VA Streamline Refinance (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 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.

Additional VA Programs:
VA Mortgage
VA Refinance (non-streamline)
Jumbo VA Loans

Important Disclosure

The VA mortgage program is available to eligible Veterans only.

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