VA Loan Refinancing

The VA Home Loan program has provisions that allow qualified homeowners to take advantage of refinancing their existing loan into a new VA loan. There are two main programs that can help VA borrower refinance to a lower rate; the VA Streamline Refinance also known as Interest Rate Reduction Refinance Loan (IRRRL) and the VA Cash-Out Refinance program.

Those two main programs can be broken down into three scenarios however

1. VA Streamline Refinance IRRRL

This special program allows you to refinance you existing VA loan into a new VA loan with a lower interest rate and lower monthly payment and it comes with some pretty great guidelines that simplify the process

• No Appraisal is required
• No Income is required – we do require you to have a job (Lendia will verify employment only)
• No paystubs, No W2s, No tax returns
• No Bank statements or assets required
• Minimum FICO of 600*
• Only 0.5% Funding Fee
• No Equity in your home is required*
• Property does not have to be owner occupied

*See VA Streamline Refinance Guidelines and Credit Requirements

2. VA Cash Out Refinance

VA Cash Out Refinance (VA to VA Loans)

This program is very popular among veterans who want to lower the mortgage rate and at the same time tap into their home’s equity. At Lendia we allow you to finance up to 100% of your home’s value with a VA cash out refinance.

Find out if you are eligible for a VA Cash Out Refinance Loan

You can do any of the following with your VA cash out refinance:

• Obtain cash out to pay off credit card debts or consolidate other debts into one loan
• Obtain cash out to do home improvements or home upgrades
• Consolidate your 1st and 2nd mortgage into one low rate VA loan
• Obtain cash to pay for tuition expenses
• Obtain cash for emergency reasons
• Obtain cash for whatever you want
• Loan structured so you have no out of pocket expenses*
• Funding Feebetween 2.15 to 3.3% (unless exempt)

*See VA Cash Out Refinance Guidelines and Credit Requirements

VA Cash Out Refinance (Other Loans to VA Loan)

It is common that you might have financing on your current home that is not a VA Loan. Perhaps when you purchased the home you were either unaware that you qualify for a VA loan or you became eligible after you purchased. Regardless the VA has a great program that you can utilize to convert your current home loan into a VA loan. It falls under the bucket of a VA cash out refinance but there is no requirement for you to tap into your equity and get extra cash at closing. You can simply use it to convert your existing non-VA loan (conventional, FHA, USDA, or private loan) into a low rate VA loan. The same VA Cash Out Refinance Guidelines and Credit Requirements apply regardless of the scenario.

Convert your current loan to a VA Loan now!