Can I Refinance with a VA Loan?
The VA Home Loan program provides qualified homeowners a way to take
advantage of lower rates and lower their monthly mortgage payment. In addition, military homeowners can get cashback on a VA refinance and use the funds for many needs. It is a great time for many military homeowners to take advantage of the many benefits found in a VA refinance.
You should be aware of two main programs that help VA borrowers refinance to a lower rate — the VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), and the VA Cash-Out Refinance. The first option, Streamline Refinance, is for those who currently have a VA loan and are looking to save money by taking advantage of some of the lowest interest rates in years. The Cash-Out option allows you to take some of your home’s equity out to access funds for any needed purpose.
Qualifying for these options is available to you if you or the veteran served on active duty for more than 90 consecutive days during wartime or more than 181 days of service during peacetime. For National Guard members and Reservists, the veteran must have served at least six years. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible remembering that you must hold an existing VA Loan.
Do you have more questions about VA financing? Contact us today!