If you own a home and are considering refinancing, VA refinancing may be just what you need. Under the terms of VA refinancing, your current real estate debt is paid out of the proceeds of a new VA mortgage.
The requirements? The same borrower must use the same property as before. This type of refinancing is also known as a 'Cash Out' refinance, and is only good for homes that are used as the owner's residence. Refinancing may be available for up to 100% of the appraised value plus all closing costs in many cases. Your home must have enough equity to cover the loan. These terms may not be available in all states, depending on local lending laws. Check with your local VA rep to learn more.