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VA Mortgage Refinance

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Advantages of a VA Refinance

It's time to put your hard-earned VA military benefits to work.  The VA home refinance programs have some of the best terms for mortgage financing.

VA Cashout

VA Cashout refinance loan allow qualified veterans to consolidate debts, finance home improvement projects, pay education expenses, or use used at their discretion. This program also permits borrowers to refinance and pay off an existing non-VA mortgage, with or without receiving cash proceeds at closing.

100% Cashout Financing

VA cashout refinance mortgages offer Veterans the ability to borrow up to the current value of the home.  Much higher than an FHA or conventional loan, providing you the freedom to achieve your refinancing goals and get the best terms possible.

Maximum Loan to Value 100%
Maximum Loan to Value 85%
Maximum Loan to Value 80%

VA Cashout Refinance Advantages

Lower Interest Rates

VA mortgage rates are generally lower than conventional mortgages with similar borrower qualifications.

No Private Mortgage Insurance (PMI)

Private mortgage insurance is needed for most mortgage programs with less than 20% equity. This policy helps insures lenders in case of loan default. With VA's mortgage guarantee, monthly PMI isn't required.

Relaxed Qualifications

It's easier to get approved for a VA loan with relaxed credit, income, and asset qualifying standards.

VA Jumbo Loans

Fannie Mae and Freddie Max imposed loan amount restrictions on a county basis. Jumbo loans are loan balances that exceed these limits, and require more money down and higher credit scores. VA doesn't have a maximum loan amount provision, making it one of the best Jumbo loan programs.

VA Interest Rate Reduction Refinance Loan (IRRRL)

Referred to in the industry as a VA streamline. This program permits veterans to refinance their existing VA mortgage to a lower interest rate or refinance from an ARM to a fixed-rate loan.

VA IRRRL Advantages

No Appraisal

An appraisal to determine the market value of the property is usually not required.

No Income or Asset Verfication

The underwriting process does not do the typical income or asset review.

Lower Interest Rates

VA mortgage rates are generally lower than conventional mortgages with similar borrower qualifications.

Lower VA Funding Fees

Veterans subject to VA Funding Fees are reduced to.5% instead of the full rate applicable on purchase or cashout refinance mortgage. Disabled veterans with a 10% of more service connected disability rating with the VA are exempt.

Finance Closing Costs

Closing cost and new escrow accounts, for taxes and insurance, can be financed into the balance of the new mortgage.

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