VA Cash out loans are used to take cash out of the home’s equity. This type of transaction pays off Veteran’s existing mortgage loan or loans on the property and any other debts that the homeowner wishes to pay off. If there is any remaining equity it can be received as cash back at closing for other needs. The cash can be used for any purpose. The veteran needs to qualify for this loan much like when they purchased the home. Click here for a Free Rate Quote.
Benefits of a VA Cash Out Refinance
- Refinance up to 100% of your current home’s value
- Consolidate and pay off other high interest debts
- Complete home improvements
- Put money in the bank for a emergency reserve fund
- No out of pocket closing costs
| VA Cash Out Guidelines: | |
| Credit Score | No Minimum |
| Loan to Value | 100% |
| Credit History | No Derogatory for 12 months |
| Income | Verified |
| Debt to Income Ratio | 41%, higher with automated approval |
