VA Cash Out Refinance Loan
A VA Cash Out Refinance Loan is specifically for veterans but it does not need to be the refinance of a VA-backed mortgage loan. There are, however, some specific guidelines that apply to this type of home refinance. They are:
- Your military service must qualify you for a VA-backed loan.
- The refinance loan terms (such as monthly payments) must not disqualify you from you being eligible for the loan under the VA’s Financial Guidelines for this program.
- The home must be the principal residence of the owner.
- You must not be refinancing a property under this program that is in the state of Texas.
- You may not refinance more than 90% of the appraised value of the home including all the closing costs.
- If you qualify as above, there is no minimum time of ownership of the property.
- The amount you owe on your home must basically be less than 90% of appraised value.
- You can borrow for any legitimate reason that is not illegal.
The main purpose of this type of loan is to give a qualified veteran a way to get cash from the equity in their home which is why they call it a “VA Cash Out Refinance Loan.”
Incoming search terms:
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- If you have a FHA loan and want to get a cash out refinance VA loan what are the requirements?