If you have a VA Home Loans or if you’re eligible for a VA Home loans, you’re probably wondering about a VA Home Loans Refinance.
The VA Home Loans offers basically two different options when it comes to a VA Home Loans Refinance. I’ll explain the two options below.
VA IRRRL Or Sometimes Called The VA Streamlined Refinance.
VA-to-VA Refinance made easy!
The VA IRRRL Refinance or VA Streamline Refinance is the easiest way to get the lowest VA Mortgage Rates for your VA Refinance. Program details are below for this incredibly easy VA Refinance. We lend nationwide!
VA Refinance Highlights:
Designed to help lower VA Loans rates with little hassle, low cost, and minimal paperwork. You can use this program when refinancing a current VA Loan in to a new VA Loan whether you want a VA Hybrid arm or a low fix rate!
Qualification requirements:
1. Must be currently employed.
2. “Rate and Term” refinance only- no cash out.
3. No late payments on your mortgage over the past 12 months. One 30 day late may be acceptable with explanation.
4. No liens on your home currently.
5. Current loan must be a VA Home Loans.
6. New VA funding fee is only .5%!
While cash out is not allowed on this program, we can structure your VA refinance so that you skip 2 mortgage payments!
In addition, you should receive an escrow refund from your current lender. This means more “cash” in your pocket!
A VA Home Loans Refinance is also a great way to refinance your current VA Hybrid ARM to a low VA fixed rate loan.
VA Cash Out Refinance.
Here is where things get tricky.
The VA Home Loans guidelines consider a VA Refinance to be cash out even if you’re not receiving cash back at closing or paying off non-mortgage debt if you’re not doing a VA IRRRL.
In most cases lenders will limit your new VA Loan to 90% of your home’s appraised value even though the actual VA guidelines allow up to 100%! For example; If your home appraises for $300,000.00, the maximum loan amount would be $270,000.00 or 90% of $300,000.00.
Now let’s say you just want to refinance your current non VA Loan to a new VA Loan. Under the VA guidelines this would be considered a cash out refinance and limited to 90% of the appraised value due to lender guidelines.
The good news is we now have that ability to refinance an existing non VA Loan in to a new VA Loan at up to 100% of the appraised value!
For more information regarding the VA cash out refinance to 100%, please go here.
Program details are below for this incredibly easy VA Refinance. We lend nationwide!
VA Cash Out Refinance Highlights:
One of the only programs left that will allow 100% financing on a refinance of an existing mortgage.
Qualification requirements:
1. Must be currently employed.
2. 620 or better middle credit score.
3. No late payments on your mortgage over the past 12 months. One 30 day late may be acceptable with explanation.
4. No liens on your home currently.
5. Must be able to document income.
While cash back to the borrower is not allowed on this program, we can structure your VA refinance so that you skip 2 mortgage payments!
In addition, you should receive an escrow refund from your current lender. This means more “cash” in your pocket!
Does a VA Home Loans refinance make sense for me?
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