VA Cash Out Refinance Lenders
VA Cash Out Refinance
VA cash out refinancing programs with highest LTV.
Veterans are entitled to the best cash out refinance loan available in the entire mortgage marketplace. This includes the option to cash out up to 100% of your equity. This is a substantial perk considering non-veterans are only eligible to cash out to a max LTV of 85% through an FHA loan, or 80% through a conventional loan. There are several special incentives that make VA mortgages the best cash out loans available.
Benefits of a VA Cash Out Refinance Loan:
- Up to 100% Financing (some will be limited to 90% LTV).
- Structure loan to pay no out of pocket costs.
- Special low interest rates.
- No private mortgage insurance.
- No prepayment penalties.
- Minimal documentation requirements.
- Flexible credit requirements for borrowers with “fair” credit.
VA Cash Out Refinance Requirements:
In order to apply and qualify for a VA loan you will need to meet the following criteria and submit the following:
- COE (certificate of eligibility).
- A current home appraisal.
- 2 years of tax returns.
- 2 most recent bank statements.
- 2 most recent paystubs.
- Meet the DTI ratio requirements (standard is 41%, but exceptions can be made).
- At least 6 months of consecutive payments must have been made on your original loan (this is known as the “seasoning requirements”).
VA Refinancing Eligibility:
Any member of the military, including active duty, National Guard, reserves, or veterans are eligible to apply for a VA loan. Military spouses are also eligible for VA loans. The first step is to check your eligibility through the U.S. Department of Veterans Affairs. You can learn more about the eligibility requirements for a VA loan by clicking here.
If you would like to learn more about VA loans and to apply please contact us today. We provide highly competitive loan terms and mortgage rates on all of our VA loans, especially on cash out refinancing.
Frequently Asked Questions
Will the new loan require PMI?
VA loans do NOT require PMI (private mortgage insurance), including cash out loans.
How long does the process take?
We close loans fast. If you want or need your cash as fast as possible, ask your loan representative to place it on urgent status. Many loans can be closed in 10 days or less from the date of the application. To get approved, just request a consultation via our cash out application form.
How much is the funding fee?
The funding fee for a VA cash out refinance is between 2.15-3.3% (unless you are exempt). It is 2.15% for first time use, and 3.3% for subsequent use.
How much are closing costs?
There are not exact closing costs, as it will partially be determined by your loan amount. We recommend getting a free loan quote, which will provide you with what is known as a “good faith estimate”. This will outline what your expected closing costs will be. In most cases, you will be able to wrap these fees into your new loan amount, and not have to pay anything out of pocket.
What is the maximum loan amount available using a VA cash out loan?
The maximum loan amount available for a VA cash out refinance is $721,050.
If my property is listed for sale, am I still eligible for a VA cash out refinance?
If the property that you wish to refinance is currently listed for sale, you will need to have it taken off the market for at least 60 days before being eligible to refinance your VA loan.
Do you offer VA cash out loans in Texas?
No, at this time we do not. We offer other loans, including FHA and conventional cash out refinancing, but we only offer VA cash out loans in the following states:
Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Virginia, Washington, Wisconsin, and Wyoming.