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|
|Must Credit Qualify||No||Yes|
|Must Income Qualify||No||Yes|
|Can Combine 1st and
|Maximum Loan to Value
|Maximum Loan Amount||$417,000||$417,000|
|VA Funding Fee||.5% (unless exempt)||3% (unless exempt)|
Allowed In Last 12 Months
|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!