Illinois VA Mortgage Loans

Illinois VA Mortgage Loans

Across Illinois, VA mortgage loans are a popular choice for many veterans. The VA loan program in Illinois allows veterans to buy a home with 100% financing and does not require that they pay monthly mortgage insurance. Once you have a VA loan, when the time is right, it is also very easy to refinance thanks to the VA streamline refinance (aka VA IRRRL streamline) program.

Most people are aware that the VA isn’t actually a lender – they only insure your loan. Should there be a default on a VA loan, the VA steps in and protects the lender against the loss. Because of the VA insurance against loss, lenders are excited to lend money to veterans no matter where they live in Illinois under the VA loan program.

Illinois VA Loan Highlights

  • A funding fee is charged on all VA loans – except for veterans who have at least 20% disablilty
  • Closing costs can be rolled into the loan with the VA loan program
  • Possible to get 100% financing with VA loans
  • No mortgage insurance required is required on a VA loan
  • There is never a prepay penalty on a Illinois VA loan

Illinois VA Loan Certificate of Eligibility

To qualify for a VA loan, you must first prove that you are eligible. The easiest way to prove that you are eligible for the VA loan program is to get your Certificate of Eligibility from the VA and present it to the lender. If you need help getting your Certificate of Eligibility, your loan officer should be able to help you.

Illinois VA Streamline Refinance Program

For anyone who is currently in a VA loan, the Illinois VA streamline refinance program can help you save money on your mortgage by lowering your interest rate — without requiring that you completely re-qualify for a new loan. When you participate in the VA streamline refinance program, you can lower your payment without having to pay out of pocket expenses. The VA IRRRL streamline is easy for a reason — VA wants your monthly mortgage payments to be as low as possible.

Illinois VA Mortgage Loan Experts: Contact Us

To find out if the VA loan program is right for you, be sure to contact one of our Illinois VA loan experts. We are happy to be your trusted expert when it comes to Illinois VA loans.

Comments on this entry are closed.