VA refinancing gives you two options to choose from:
- VA Cash-out Refinance Loans
- Interest Rate Reduction Refinance Loan
If You Need Money
VA Cash-out Refinance Loans are available for your principal residence. The VA guidelines allow you to refinance up to 90% of the appraised value of the home, with most of the closing costs included in the loan amount. There is no minimum amount of time that you must have your existing loan or own your home, but your home must have sufficient equity to qualify for this loan. A pest control clearance may be required.
If You Just Need a Lower Rate
The Department of VA has created a loan program called the Interest Rate Reduction Refinance Loan (IRRRL) or Streamline Refinance. This loan provides a way for current VA homeowners to reduce or lower their interest rates with no out of pocket expenses and very little documentation. This is only available to veterans who are refinancing their original VA mortgage for which they have used their VA eligibility. Borrowers may not receive cash from a VA streamline refinancing home loan or IRRRL In some cases, a new appraisal may not be required, subject to lender requirements.
Give me a call anytime to discuss your VA refinance options. 800-636-8910 or email me at Doug@VALender.com
VA refinancing gives you two options to choose from:
- VA Cash-out Refinance Loans
- Interest Rate Reduction Refinance Loan
If You Need Money
VA Cash-out Refinance Loans are available for your principal residence. The VA guidelines allow you to refinance up to 90% of the appraised value of the home, with most of the closing costs included in the loan amount. There is no minimum amount of time that you must have your existing loan or own your home, but your home must have sufficient equity to qualify for this loan. A pest control clearance may be required.
If You Just Need a Lower Rate
The Department of VA has created a loan program called the Interest Rate Reduction Refinance Loan (IRRRL) or Streamline Refinance. This loan provides a way for current VA homeowners to reduce or lower their interest rates with no out of pocket expenses and very little documentation. This is only available to veterans who are refinancing their original VA mortgage for which they have used their VA eligibility. Borrowers may not receive cash from a VA streamline refinancing home loan or IRRRL In some cases, a new appraisal may not be required, subject to lender requirements.
Give me a call anytime to discuss your VA refinance options. 800-636-8910 or email me at Doug@VALender.com