What is a VA Cash Out?
Put your home’s equity to work for you with a VA Cash Out Refinance. If you want to lower your rate, but also get cash to pay bills, consolidate high-interest credit card debt, improve your budget or make home improvements then you may want to opt for a VA Cash Out Refinance. This type of refinance is different than a VA Streamline Refinance (IRRRL) as it allows you to tap into the equity in your home to access cash. Qualified home owners can refinance up to 100% of their home’s value for mortgage debt. VA homeowners can also refinance a lower percentage and use the cash to cover debt payments and other needs.
VA Cash Out Benefits
A VA Cash Out refinance gives you the flexibility to use your home's equity to pay off high-interest debt and expenses. A VA Cash Out Refinance can also be used to pay off credit card balances, medical expenses, student loan debt, pay for college, make emergency home repairs or renovations and improvements. Other benefits include:
- Closing costs and funding fee can be rolled into the entire loan amount
- Ability to finance up to 100% of your home's value
- Lower rate or better terms
- Can pay off high-interest debt
- No money out of pocket
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VA Cash Out Eligibility
To be eligible for a VA Cash Out Refinance, you must either have an existing VA loan or have a conventional loan you want to refinance to a better rate and term with cash out. If do not currently have a VA loan, you must meet at least one of the following criteria to be eligible:
consecutive days ofor
service during war time
consecutive days ofor
service during peacetime
years of service in theor
Reserves or National Guard
spouse of a veteran
The Cash Out Refinance Process
This VA Cash Out Refinance process differs slightly from a VA streamline refinance (IRRRL) as the borrower needs to verify income as well as get a home appraisal to determine how much their home is worth. Here are the steps to take to help you through the cash out refinance to put your home equity to work for you.
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