The VA Home Loan program provides qualified veterans and select spouses with a route to homeownership that doesn’t require down payments today. But even more amazing, military homeowners can get cash-back on a VA refinance, using that money for a variety of needs like home improvements and investments. To get started, call us today at: 800-991-6494.
There are two main programs afforded to you today that helps you refinance to a lower rate: The VA Streamline (IRRRL) Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), plus the VA Cash-Out Refinance.
The VA Streamline Refinance (IRRRL)
This is an excellent option for existing VA Loan holders interested in obtaining significant savings while taking advantage of lower-than-normal interest rates. This streamline option requires little paperwork, as well as no out-of-pocket costs. Typically the IRRRL / VA Streamline never needs an appraisal.
Another refinance option, perfect for those with a VA or conventional loan wanting to take advance of their home’s equity. In exchange, they can then access cash for home improvements, debt payments, and other types of requirements. The VA Cash-Out loan allows veterans to borrow up to 100% of their homes value. As our country works to rebuild itself following the market collapse of close to 10-years ago, now is the perfect time to consider the superior benefits of a VA Loan.
Your eligibility for a VA Refinance is similar to the process of purchasing a VA Loan. You can quality if you’ve served:
- 90-consecutive days or active service during wartime
- 181-days of active service during peacetime
- 6-years or more of service in the National Guard or Reserves
If there is a spousal relation to a service member who died in the line of duty (or as a result of a service-induced disability), that spouse can also be eligible. In order to receive a VA Streamline Refinance option, you need to already hold a VA Loan. If you are approved for a VA Loan, that’s not the end of the process. Learn more about what you can do in our next section.