VA Cashout Refinance Information

What is a VA cash out refinance? It’s a way to simultaneously take advantage of lower interest rates and get cash out of the existing equity in your home. The money you take out can be used for any purpose such as debt reduction, paying for a wedding, or simply covering short-term cash needs.

The best way to see if this type of VA loan is right for you is to fill out our quote request form. This will get you in touch with a qualified VA loan technician who can answer any questions you have, provide current interest rates, and even process your cash out refinance if you decide to move forward. Since it’s free to get the advice, there’s really nothing to lose.

The VA Cash Out Process

The VA cash out refinance does require a home appraisal unlike the VA streamline refinance. Once you get your appraisal back you can process the refinance for up to 90% of the accrued equity in your home. Don’t confuse this type of loan with a streamline refinance. While both are guaranteed by the government and come with reduced interest rates, there are also some important differences.

VA Cash Out Refinance:

• 3% funding fee unless exempt
• Appraisal is required
• No reported late payments for the past 12 months

Here is a helpful chart that shows the difference between the two loan types:

	VA Streamline Refinance	VA Cash-out Refinance
Cash-out Allowed	No	Yes
Must Credit Qualify	No	Yes
Must Income Qualify	No	Yes
Appraisal Required	No	Yes
Can Combine 1st and 2nd Mortgage	No	Yes
Maximum Loan to Value (LTV)	No Maximum	90%
Maximum Loan Amount	$417,000	$417,000
VA Funding Fee	.5% (unless exempt)	3% (unless exempt)
Mortgage Lates Allowed In Last 12 Months	1(30 day)	0
Property Must Be Owner Occupied	No	Yes

How to Get Started

It’s easier than ever to get a VA cash out refinance quote. Simply fill out our 1-minute quote request form and start comparing rates today!

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