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VA refinancing, whether with a VA streamline refinance or a VA home equity loan, involves repayment of your current real estate debt from the proceeds of your new VA mortgage, with the same borrower(s) and the same property.

VA LOAN RATES

National Averages for November 24, 2014

30 YEAR FIXED

3.375% Rate
3.474% APR

15 YEAR FIXED

2.75% Rate
2.93% APR
* disclosures

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- Veteran Documents -

Certificate of Eligibility
and DD-214

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VA Refinance Loans

Lower Your Payments or Tap into Your Equity

Sometimes you require additional cash now, for a real need. Perhaps you need to pay college tuition, or perhaps it's time to make improvements that will increase the value of your home prior to sale. Maybe you just want to take advantage of lower interest rates so you can keep more of your hard-earned money in your own pocket.

It may be the time to consider the many options available for refinancing your VA Home Loan.

Option 1: VA Loans for Home Equity Refinancing

Whether you need money to consolidate high interest credit card debt, pay for college tuition, buy a new car, or make home improvements to your home, VALoans.com can find a way to get you the cash you need through a refinance.

A VA refinance transaction involves repayment of your current real estate debt from the proceeds of your new VA mortgage that has the same borrower(s) using the same property. This is called a "Cash Out" Refinance.

Cash-Out Refinances are used for homes that are used as a principal residence by its owner. That owner can refinance for up to 90% of the appraised value (Not available in Texas) plus all closing costs if the property can withstand the designated loan to value ratio. There is no minimum amount of time that you must own your home, yet your home must have sufficient equity to qualify for the loan.

Option 2: VA Streamline Refinance

The VA has created a program called the Streamline Refinance to provide a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan.

An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. This is only available to veterans who are refinancing their original VA mortgage and utilized their original eligibility.

"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.

BASICS OF THE STREAMLINE REFINANCE

  • No assumptions are allowed.
  • The veteran cannot receive any cash back.
  • VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. * Each individual mortgage company may require an appraisal, verify employment or have additional requirements at their discretion.
  • Any other liens must be subordinated to the VA loan.
  • This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.

VA LOAN ARTICLES

Read About Veteran Mortgage News, Updates, and Guidelines
VA Loan Employment Requirements: Time Spent at Your Current Job

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Refinancing VA Loans to Adjustable Rate Mortgages

There are two basic kinds of VA refinancing loans--the VA cash-out refinance loan and the VA Streamline Refinancing option also known as a VA Interest Rate Reduction Refinancing Loan or VA IRRRL.

VA Loan Rules For Suriving Spouses

VA loan rules have special provisions for certain surviving spouses of military members who have died. There are many questions about this part of the VA loan program.

Can I Refinance an FHA to a VA Mortgage?

Some borrowers may have purchased their homes before being able to take advantage of their VA home loan benefits. Is there any way for a qualified VA borrower in such a situation to refinance to a VA mortgage?

VA Streamline Refinance Loans for Delinquent Mortgages

If you are experiencing difficulty making monthly mortgage loan payments and need to refinance into a lower mortgage payment, there may be help for you in the form of a VA Streamline Refinance loan.