You have earned your VA benefits.  Put them to work for you.


Cash out Refinance loan

VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan regardless if any cash is taken at closing or not .  As with a VA purchase loan, you are not required to pay any monthly mortgage insurance, saving you hundreds of dollars each month and thousands of dollars over the life of the loan.

A VA cash out refinance is also excellent to pay off 2nd mortgages.  A 2nd mortgage can also resubordinate if there is not enough equity to pay it off in its entirety.

The procedure for a cash-out refinance is very similar to a VA purchase loan.  On a cash-out refinance, we can finance a loan amount up to 100 percent of the value of your home and an appraisal by a VA home appraiser will be required.   You may include the closing costs associated with your loan in the loan amount and get cash back at closing provided there is enough equity in your home.

VA Interest Rate Reduction Loan

Are you currently in a home financed with a VA loan?  The VA Interest Rate Reduction Refinance Loan (IRRRL), or also known as “VA to VA”, lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

Most times you will not be required to provide income documentation or other credit documentation.  A drive-by appraisal will be required and we can finance up to 100 percent of the value of your home, but not provide any cash back at closing.

If you currently have a 2nd mortgage on your home, we cannot pay off that mortgage with an IRRRL.  The 2nd mortgage holder will need to agree to subordinate so the VA loan is the first lien holder.   If you wish to pay off the 2nd mortgage, we will need to look at a cash-out VA refinance.

On a VA loan, the VA guarantees your loan to the lender against a foreclosure loss and there is very little interaction with the VA.  Any documentation needed from the VA, as a lender we get that for you and correspond with the VA on your behalf.  We are happy to help you utilize the home loan benefits provided by the VA.