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VA mortgage refinance


Take advantage of the vA loan program for rate & term, cash-out or a streamline refinance.

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The VA mortgage refinancing programs offer attractive benefits of eligible VA veterans and active duty personnel. The rate and term program is designed to refinance an existing qualified mortgage (regardless of type) into a VA loan product. So the existing loan could be a conventional, FHA, Sub-Prime, or other product. So long as the new loan amount and property qualify under current VA program guidelines.

The second financing options involves cash-out refinancing. As an eligible VA borrower, you can take advantage of the equity in your home for a multitude of reasons. Pay off a second mortgage, take cash-out for a motor home, pay for college tuition, etc. The guidelines for borrowing under the VA cash-out loan program vary, so give us a call to find out what options are available for you.

The third refinance option is for those who have a VA loan and are just looking to improve their interest rate. If this is you, you should know that the VA offers an attractive Streamline Refinance option (called the VA to VA or IRRRL Loan Product). One of our VA loan specialist can take a quick look to see if today's rates work for your streamline fixed rate loan or ARM refinance.

The VA has established two basic critical guidelines for qualifying for a VA streamline refinance loan:

  • Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate
  • And, when refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

The best part is, that in many instances, no appraisal or credit underwriting package is even required by VA. In fact, your certificate of eligibility is also not required. We'll simply use the VA's e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.

IRRRL Loans

An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the loan origination specialist to pay the costs. One more thing to remember--the interest rate on the new loan must be lower than the rate on the old loan, unless you refinance an ARM to a fixed rate mortgage.

An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller if you assumed the loan. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.

The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL, you only need to certify that you previously occupied the home.

VA To VA Refinance

The loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including the funding fee and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan.

Adding all of these items into your loan may result in a situation in which you owe more than the fair market value of the house and will reduce the benefit of refinancing since your payment will not be lowered as much as it could be. Also, you could have difficulty selling the house for enough to pay off your loan balance. Your loan origination Specialist will gladly let you know when they believe it makes no sense for this loan program.

Finally, no loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.

While all of this sounds rather complicated, it's important to know that we're here to take care of all of the hassle for you and explain the process to you in plain English. Just give us a call today and we'll be happy to assist!

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