Refinancing with a VA Loan

The VA Home Loan program provides qualified homeowners with a simple way to take advantage of lower rates and decrease their monthly mortgage payment. Beyond that, military homeowners can get cash back on a VA refinance and use the proceeds for a variety of needs, such as paying off debt or making home improvements and much more.

The current economic climate makes now a great time or many military homeowners to take advantage of the numerous benefits found in a VA refinance. 

Two main programs 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.

VA Streamline (IRRRL) Refinance

A Streamline Refinance allows veterans who currently have a VA Loan to refinance into a lower interest rate, reducing monthly mortgage costs. Streamline refinance loans feature little paperwork and often require little-to-no costs out of pocket. Borrowers can roll closing costs into their overall loan amount. Some homeowners can also secure a Streamline refinance without an appraisal.

Cash-Out Refinance 

A "cash-out" refinance is an option for those with a VA or conventional loan looking to take advantage of their home's equity to access cash for home improvements, emergencies, pay off debt, or any other purpose.

VA Refinance Eligibility

Eligibility for a VA Refinance is similar to that of a home purchase VA Loan.

It is important to note that in order to receive a VA Streamline refinance, you must hold an existing VA Loan. A VA cash-out is an option regardless of the current loan.