Illinois VA Streamline Refinance: Illinois VA IRRRL Program

Illinois VA Streamline Refinance

Many Veterans who have a VA loan know that the Illinois VA streamline program will allow them to lower their interest rate on their loan with the least amount of hassle possible. The VA streamline refinance is sometimes also referred to as the VA IRRRL program. The VA streamline / IRRRL refinance was designed to require as little documentation as possible in order to qualify for the loan.

Illinois VA Streamline Refinance Program Highlights Include:

  • Not allowed to get cash at closing
  • You can defer one mortgage payment after closing
  • No appraisal required with most lenders
  • With the VA streamline refinance, there is no need to provide bank statements, W2’s or pay stubs
  • There are no out of pocket costs

VA Streamline Refinance Information from VA.gov

“Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact. Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs. Remember – Any lender may make you an IRRRL.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.”

If you are currently in a VA loan, now is a great time to see if the VA streamline / IRRRL refinance can help you lower your monthly mortgage payment. Contact your Illinois VA streamline experts now — 888.448.2669.

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