VA Loan

Two attractive refi options for eligible vets.

Two attractive refi options for eligible* vets.

The Veterans Administration (VA) offers two attractive options for refinancing.

The first option is an Interest Rate Reduction Refinance (IRRR), or “VA streamline,” and it is an easy way to refinance your current VA loan and take advantage of lower interest rates, or if you want to switch from an adjustable-rate mortgage to a fixed-rate loan.

 

Pros:
  • The loan doesn’t have to be for a primary residence.
  • Qualifying is somewhat simple.

 

Cons:
  • Minimum income and credit score requirements may apply.
  • An appraisal might be required.

 

The second option—a cash-out refinance—allows you to tap into home equity for renovations, repairs, or upgrades to your home, or to take a vacation (there are no restrictions about how you use the cash). Your current loan can be conventional or VA, and you might be able to refinance up to 100 percent of the home’s value.

 

Pros:
  • You can get cash from home equity for projects or vacations.
  • You can finance up to 100 percent of the home’s value.

 

Cons:
  • The home you purchase must be your primary residence.
  • Minimum income and credit score requirements may apply.
  • An appraisal might be required.

 

*For information on how to secure a Certificate of Eligiblity (COE), visit here.

Interested in this loan?