VA Cash Out Refinance
The VA home loan program allows qualified borrowers to refinance their existing home loan and take out cash or pay off debt in the process. This home refinance option is available to individuals who occupy their property as their primary residence and allows homeowners to borrow up to 90 percent of the VA appraised value of the home plus any closing costs that will be added to the total amount financed.
The VA places does not place any limits on the amount of time the homeowner has owned the home, but by nature the cash out loan requires there to be sufficient equity in the home to borrow against and take cash out. Borrowers who now have a conventional or FHA loan can also take advantage of the VA cash out refinance option, provided they are qualified for the VA home loan program
If you are a veteran or member of the military currently serving in active duty and have equity in your home that you could use for other financial purposes, contact us to find out more about the VA Cash Out Refinance option today.