Â VA offers a very flexible high loan-to-value way to refinance. Â If you want to refiance into a VA loan from a conventional or FHA loan you can go up to 100% of the value of your property with the loan. Â If you want to get cash out of your house with the VA loan refinance you can go up to 95% of the property's value. Â Below are some reasons it might make sense to look into a VA loan refinance:
You can consolidate a 1st and 2nd higher rate mortgage into a low 30 year fixed rate VA loan
Pay off high interest credit cards and other debts and roll into a low interest 30 year fixed VA loan and also make that debt now tax deductible
Refinance from a conventional adjustible rate mortage (ARM) into a low 30 year fixed VA home loan
When taking cash out or going from a non VA loan to a VA loan you will have to fully credit qualify with income documentation and home appraisal. Â However if you current have a VA home loan and you just want to drop your interest rate, you can do a VA streamline refinance loan where you do not need to supply income documentation and do not need an appraisal.
I hope this helps you understand your VA home loan refinance options. Â Don't hesitate to call 858-922-7899 or email me at firstname.lastname@example.org if you have any questions.