A VA home loan program is in place to allow a qualified veteran and their spouses to purchase a home without putting anything towards a down payment. The good news is that you can go further with this, and get cash-back through a VA refinance scheme.
A cash-out refinance loan is useful for those who currently have a VA loan and want to tap into their home’s equity. They will be able to use this to get advanced access to cash that will then go towards home improvements or paying off any outstanding debt. For veterans, they will be able to borrow up to 100% of their homes value.
This is a good option for veterans who are looking to restructure their home following the home market crash over ten years ago. It is worth looking into via a consultation at the very least, in order to get started on your journey.
VA Streamline Refinance
This type of loan is seen as the preferred option for veterans who currently have a VA loan of some kind in place. This will allow them to then making savings by looking into new mortgages with lower interest rates. A streamline option, also known as a IRRRL will not require much up-front cost or paperwork to arrange, but you should speak to a veteran loan specialist to get the best deal.
This type of refinance will not need an appraisal in most cases, but you will need to speak to a VA lending specialist to know for sure. That’s why you should look into consultations with veteran lenders to get as much information regarding your situation as possible.
One such specialist lender is Hero Loan. They are veteran loan experts who have years of experience within the field, and can help you find the best deal for you. Then you can use a refinance VA loan program for your own benefit. You will need to be as honest as you can with your lender, in order to get the loan closed as soon as possible.
How To Know If You Are Eligible
The process of being eligible for a refinance loan is similar to the process of first purchasing your VA home loan. This means you will qualify for these loans if you have served 90 consecutive days of active service during wartime, or at least 181 days of active service within the national guard or reserves.
If you are a spouse of a veteran, then you will be able to qualify for these types of loans if your partner passed away on duty. If a veteran returned home with a disability gained from their service, then later passed on as a result of them, then the surviving partner will qualify.