Cash-Out Refinance Loan
- Listed: February 17, 2019 6:24 pm
- Expires: 997865 days, 20 hours
Description
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Program Description
The Department of Veterans Affairs (VA) Cash-Out Refinance Loan is for homeowners who want to trade equity for cash from their home. These loans can be used as strictly cash at closing, to payoff debt, make home improvements, and pay off liens. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100 percent of the value of your home.
Program Requirements
Persons who may qualify for VA-guaranteed loans include
- Veterans
- Reserve and National Guard members (called to active duty)
- Active duty Servicemembers
- Current Reserve and Guard members (after six years of creditable service)
- Certain surviving spouses
To be eligible, the Veteran/Servicemember must have been discharged under conditions other than dishonorable and meet length of service requirements.
As a requirement for a VA home loan, the Veteran, the Veterans’ spouse, or dependent child must certify occupancy for the property.
Loan Terms
Market Interest Rate, VA funding fee, and no pre-payment penalties. Maximum loan term cannot exceed 30 years. No maximum loan amount.
Application Process
To apply, you will need a valid Certificate of Eligibility (COE). There are several ways to obtain your COE:
- You may be able to obtain a COE online through eBenefits.
- If you are unable to obtain your COE through eBenefits, check with your lender. In most cases, your lender will be able to obtain a COE for you using the Automated Certificate of Eligibility (ACE) program.
For more information on this program, please visit the Home Loans webpage.
Contact Information
If you have questions:
- Visit the Inquiry Routing and Information System (IRIS) website to search Frequently Asked Questions or ask a question on-line.
- Please contact a Regional Loan Center if you have detailed questions.
To apply for additional benefits and view your benefit status, open an eBenefits Premium account. eBenefits is a one-stop source for information on Department of Defense and Department of Veterans Affairs benefits and services. With a free Premium level eBenefits account, Veterans, Servicemembers and their family members can conduct self-service transactions such as checking compensation and pension claim status information, enrolling in GI Bill, and obtaining copies of civil service preference letters, military records (DD214), and other personal information. For further information and to register for a free Premium level account, visit the eBenefits website.
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- Member Since: March 22, 2018
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