With the cash-out refinancing program, you can refinance your current loan, whether it's a VA-guaranteed mortgage or not.
Usually, the new loan is limited to 90% of the appraised value of the house. There are a few exceptions.
Persons who may qualify for these refinancing loans include:
Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.
Veterans must have been discharged under conditions other than dishonorable.
You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.
If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:
VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120
You can download the form.
For overnight delivery:
VA Loan Eligibility Center
215 N. Main Street
Winston-Salem, NC 27155
Toll free number: 1-888-244-6711
Market Interest Rate, VA funding fee, and no pre-payment penalties. Maximum loan term cannot exceed 30 years. Monthly payment frequency.
You should talk with a lender to learn more about dollar limits. VA's guaranty is limited.
The following information will lead you to the next steps to apply for this benefit.
Contact a lender to discuss qualifying for a VA loan. The lender will make sure you meet basic program requirements, including the following:
You may also want to use the VA Home Loan website as a reference point on how to use the program or find answers to other questions you may have about the program.
Please note that if you are interested in obtaining an Adjustable Rate Mortgage (ARM) loan, the loans are being offered as a traditional 1 year ARM and also as hybrids with 3, 5, 7 and 10 year fixed rates, where available.
NOTE: If you plan to stay in your home for longer than the fixed rate period, an ARM may not be in your best interest.
It is a good idea to use a mortgage calculator to determine what the best loan, term and interest rate are for you and your family.
|VA Loan Refinance|
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