VA is the only loan type that allows a cash out loan refinance to 100 % of the properties current value. A VA cash out re-finance is very different from a VA loan improve re-finance. A VA loan improve remortgage is for customers that already have a VA loan and just want to lower their VA loan interest rate to current market rates. This loan does not require a full evaluation in many cases and does not require the customer?s source of income documentation to fully qualify. Also, the VA funding charge is only.5 % on a VA streamline refinance.
A VA cash out re-finance is when a borrower wants to take cash out of the equity of their property or a VA customer that wants to remortgage from a conventional or other type of loan to a VA loan. In the case of going from a conventional loan to a VA loan, even if a debtor does not take cash out, it is still considered a cash out loan.
With a VA cash out re-finance all profit documentation is required and the customer has to fully qualify and a full evaluation ought to be done. Also, the VA funding payment for a cash out re-finance is 2.15 % for first use and 3.3 % if this is your second or significantly greater use of your VA benefits. Keep in mind if you receive any VA incapacity benefits the VA funding fee is renounced.
A VA cash out re-finance can be a good idea for someone who wants to pay off high interest credit card loan. The benefits are you take high interest credit card bill and you roll it into a very low 30 year fixed VA interest rate. This debt also becomes tax deductible when it is in your mortgage.
Also, borrowers with high jumbo loan amounts in numerous Coastal California areas can benefit from refinancing from a conventional loan ARM or high interest rate to a VA loan because VA allows a very high loan-to-value even on jumbo loans where conventional does not. You can take an adjustable rate loan or high interest rate conventional jumbo loan and remortgage to a very low 30 year fixed VA loan. VA loan limits go up to $ 1 zillion in San Francisco, San Jose, Alameda, San Mateo and Contra Costa Region. And VA loan limits go up to $ 700,000 in Los Angeles and Lemon Region, and then $ 546,750 in San Diego Region. You can go up to 100 % of those amounts with a cash out re-finance. A conventional loan in no end of cases would only allow 70 % of those amounts and have much more strict qualifications.
Go to va home loans for more information.
Source: http://www.vdayri.com/va-cash-out-mortgage-refi-to-100-of-home-value/
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