Helping thousands of homeowners purchase and refinance since 1996

VA Refinance Loans

VA loans are not just for buying a home.  They can also be used to refinance your home.  The VA has two primary refinance programs, the VA Cash Out Refinance and the VA IRRRL.  A VA Interest Rate Reduction Refinance loan or VA IRRRL allows eligible veterans to lower their interest rate without having to requalify for a new loan.  More information about the VA IRRRL can be found here.


Cash Out Refinance

A VA cash out refinance allows you to use your current equity to take equity out of your property.  You can use this equity however you see fit.  The proceeds of the loan can be used to pay off other mortgage loans, credit cards, student loans, automobile loans or you can even receive a check at closing to use how you like.  This program allows you to borrower up to 100% of your home’s current value.


Who qualifies for a VA loan?

Veteran Status:  Veterans that were honorably discharged and meet the requirements listed here are eligible for a VA loan.

Credit: Since your loan is backed by the Department of Veterans Affairs, VA loans offer an easier approval process than other loans.  The VA understands the great strain and challenges that some veterans face when they return home.  Many times, past credit problems can be overlooked on a VA loan.  Prior late payments, bankruptcies, and even foreclosures are permitted, as long as you have subsequently established positive credit.  We only require a 620 credit score for a new VA loan.

Income: The VA does not have any minimum or maximum income requirements.  They do require that no more than 41% of your income goes to pay all of your monthly debts.  Don’t worry if you don’t know how to calculate this or if you are concerned that you are over these ratios.  A loan officer can help guide you through the process and many times, we can approve you for a loan even if you exceed the FHA guidelines as long as you have some compensating factors.

Assets: No assets are typically required on a refinance loan.

Property:  Most single family, condos, planned urban developments (PUD), townhouses, and even manufactured homes qualify for FHA financing.

Mortgage History:  We require that all of your mortgage payments in the last 12 months have been paid on time.  It is okay if you paid your payments after the 1st of the month, as long as they were not 30 or more days late.


Why use a VA loan?

Limited Equity:  If you have less than 20% equity, the VA program offers loans with no monthly mortgage insurance requirements.

Prior Credit Problems: If you have had some issues in the past that you have resolved, the VA understands.

Great Refinance Options: Once you are into an VA loan, you have the option of lowering your rate with a VA Interest Rate Reduction Refinance Loan or “IRRRL”.  This program gives you the option of lowering your rate to the lowest market rate every time rates drop without having to re-qualify.

Government Guaranteed: Since the loan is guaranteed by the VA, the mortgage servicer is required to originate and service the loan according to the VA’s strict standards. The VA’s mission is to protect and defend it’s veterans after they have protected and .


How Do I Get Started?

Please contact a loan specialist immediately to get the process started. We  can provide you with a no-cost, no-obligation, loan benefit worksheet showing  you exactly what we can do for you! There are 3 ways to do this:

  • Call us toll free at 800-955-8965
  • Fill out our contact form
  • Chat live with a loan officer now

There are a few documents we need you to collect to process your loan. Do not  worry if you cannot locate all of the documents, we should be able to help you.  We will need:

  • Drivers License
  • 2 Year’s W-2s
  • 30 Day’s Paystubs
  • Mortgage Note
  • Recent Mortgage Statement
  • DD-214 – Certificate of Release or Discharge from Active Duty
  • Certificate of Eligibility
  • Homeowners Insurance Declaration Page or Agent’s contact info