VA home loan requirements allow borrowers to refinance into a VA loan up to 100% of the property’s value. VA is the only loan type available that allows a refinance up to 100% of the property value. Even if no cash is taken out, it is considered a cash-out refinance when viagra a borrower refinances from a non VA loan to a VA loan. So if you currently have a conventional loan or a FHA loan, you can refinance to a low rate 30 year fixed VA loan up to 100% of the value of our property.
Now if you actually want to pull spendable cash out of your home into your pocket with a VA loan refinance, the maximum you can go is 95% of the property value. 95% is still the highest loan-to-value you can go on a cash-out refinance of any loan type.
There are many reasons you many want to do a VA home loan refinance:
- Consolidate high interest credit card or other debt into your mortgage. You can use a VA loan refinance to take high interest credit card debt and roll it into your mortgage where it becomes tax deductible and at a very low 30 year fixed VA interest rate.
- Refinance from a higher rate or adjustable conventional loan to
a low rate 30 year fixed VA loan.
- Take cash out for areas in life you require liquid cash funds at a low 30 year fixed interest rate
- Lower your interest rate if you already have a VA loan with a VA loan IRRRL streamline refinance
If you do a cash out VA home loan or a refinance from a conventional loan to a VA loan, it is a full credit qualify loan. You will need to supply income documentation and a property appraisal will be ordered. If you already have a VA loan and just want to lower your interest rate, a VA streamline refinance can be done without any income documentation or appraisal.
Please don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about a VA home loan refinance.
Rob Chomentowski
858-922-7899,
Sr. Loan Officer (and VA specialist)
