Legislation has been introduced that would improve veterans' ability to refinance their mortgages. The bill would increase the refinance cap. Under this legislation, the maximum guaranty for refinance loans would move to the same level as conventional loans -- a 25 percent limit for a single family home. This would nearly triple the current standard cap, and make the cap four-and-a-half times higher for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. The bill will also cut the equity requirement in half and reduce the 10 percent equity requirement to 5 percent, enabling VA to provide regular refinance loans for up to 95 percent of the reasonable value of the dwelling.
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