VA Cash Out Refinance Loans
VA Loans, also known as Veterans Affairs Loans or Military Home Loans, are mortgages backed by the Department of Veteran Affairs.
VA Loans were originally created to help America’s military personnel achieve homeownership, but existing homeowners who meet certain standards may also be able to use a special type of VA Loan – a VA Cash-Out Loan – to refinance their home as well.
By getting a VA Cash-Out Refinance, eligible borrowers can replace their current mortgage with a new home loan, collect the difference between the two mortgages in cash, and spend the money however they’d like.
VA Cash-Out Refinances:
- Allow you to take out up to 100% of your home’s appraised value
- Offer low-interest rates, lenient credit qualifications, and don’t require mortgage insurance
- Are a great way to take advantage of your equity and get money fast
A VA Cash-Out Refinance may be right for you if:
- You’re an active-duty service member, an honorably discharged veteran, someone who has served more than six years in the National Guard or the Selected Reserve, or a spouse of a U.S. military member who died in service
- You already own a home and would like to get cash out for whatever reason (i.e. to pay off other debts, fund a home remodel, pay for college tuition, etc.)
- You have a 580+ credit score (600+ may be required depending on how much cash you want to take out)
- At least one member of your household is currently employed
If you believe a VA Cash-Out Refinance may be right for you, you can submit an application today. In the meantime, if you have any questions about VA Cash-Out Refinance requirements or VA Refis in general, you can chat with our digital assistant, Lydia, or contact one of our Loan Officers.