|
Refinance Using Your VA Home Loan Eligibility
If you currently own a home, you may be able to refinance your home using your VA Home Loan eligibility to improve your interest rate and payments. Refinancing using your VA benefit is possible in three different loan scenarios:
VA Streamline Refinance If you currently have a VA Loan and would like to lower your interest rate, the VA Streamline Refinance is an excellent option. This loan is also known as an Interest Rate Reduction Refinance Loan (IRRRL).
There are no out of pocket costs, credit reports, employment verifications or termite reports. The only requirement is the current loan must have been paid on time for the past 12 months with payments current at the time of refinancing.
Conventional to VA Loan Refinance If your current mortgage is not a VA Home Loan you may be eligible to refinance to a lower rate and payment using your VA Home Loan benefits. VA Home Loans allow for 100% financing without mortgage insurance. VA Home Loan rates are very competitive and may be able to give you a lower rate and payment than your current
mortgage loan.
Cash Out Refinance If you currently have a mortgage, and you
have built up equity and/or your home has appreciated, you may be able to refinance using a VA Home Loan and take cash out for things such as home improvements or to pay off debts.
VA cash out refinance loans are allowed for up to 90% of the appraised value of the home (except in states where prohibited).
 |
 |
|