VA Home Loans

VA REFINANCE LOANS
Cash-on-hand with VA Refinance Loans

Sometimes you require additional cash now, for a real need. Perhaps you need to pay college tuition, or perhaps it's time to make improvements that will increase the value of your home prior to sale. In cases like these and more, your home could be looked upon a source of equity which you can borrow against - if the terms, conditions and timing are right.

It may be the time to consider the many options available for refinancing your VA Home Loan.

VA refinancing involves repayment of your current real estate debt from the proceeds of your new VA mortgage, with the same borrower(s) and the same property. This is called a "Cash Out" Refinance.

Cash-Out Refinancing is available for homes that are used as your principal residence. A veteran-owner can refinance up to 90% of the appraised value (not available in Texas) plus the funding fee and the cost of any energy efficient improvements up to $6,000 if the property can withstand the designated loan to value ratio.

CASH OUT REFINANCE FACTS

• There is no minimum amount of time that you must own your home, yet your home must have sufficient equity to qualify for VA Refinancing.
• A cash-out loan may be made to refinance the outstanding balance of an existing mortgage, but can also include other debts (the first mortgage must be included in the refinance).
• The veteran can receive cash proceeds from the loan for any purpose acceptable to the lender.
• Existing mortgage loans or other liens of record may be refinanced whether they are in a current or delinquent status, but refinancing loans are subject to the same income and credit requirements as regular home loans.