When it comes to VA home loans there are two types of refinancing options. Whether you’re already in a VA loan or want to transition into one, there’s an option for you. If you already have a VA home loan and want a better interest rate you would need to do a streamline refinance. With this type of refinance there are no required appraisal’s, no out of pocket expenses and no income verification. If you have no late payments for the last 12 months you may be eligible. The second type is called a cash out refinance and is for those looking to transition their existing mortgage into a VA mortgage. With this type of refinance, you get 100% financing, a fixed rate mortgage and no out of pocket closing costs. You can also use cash from the loan to pay off debt. Requirements include: no late payments in the last 12 months, your income must qualify and you will need to have an appraisal to make sure the home is worth more than what’s owed. If you’re interested in either of these options give us a call today and we can help you get started.
Dec 19, 2017
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