VA FAQ #7 - Can I use my VA Home Loan Benefit to refinance my non VA loan?
The short answer is YES, qualified Vets can utilize a VA Home Loan or VA Jumbo Loan to refinance your non-VA loan into a safe, secure VA Loan. VA & VA Jumbo Loans can be used to refinance out of FHA loans, Conventional Loans, Helocs, Seconds, and Jumbo Loans into a new VA Loan or VA Jumbo Loan.
There are many benefits of utilizing your VA benefit to refinance.
- VA Loan rates are very good when compared to Conventional Home Loan Rates
- VA Loans have no Monthly PMI/MIP/ Mortgage Insurance, saving you hundreds per year (thousands for some)
- You can refinance out of a FHA Loan, Conventional Loan, or even a First/ Second Mortgage
- You can refinance up to 100% of your homes value (up to $424K in most counties)
- You can also use a VA Jumbo Loan to refinance up to your County VA Loan Limit, or up to 90% if your loan amount exceeds the county VA Loan Limit.
- You can refinance Owner Occupied 2 unit, 3 unit, or 4 unit homes. (aka duplex, triplex, fourplex).
Our VA & VA Jumbo Loans allow you to combine the second mortgage or Heloc (Home Equity Line of Credit) with your first without classifying the loan as Cash Out (Fannie Mae, Freddie Mac will limit your Loan to Value for these Refinances due to being classified as cash out).
As you can see, there are many ways your VA Loan Benefit can help, please give us a call to review your situation and see if using your VA Loan Benefit can help save you money and position your Home Loans for Safety and Security for the future.
The new VA Loan is not an IRRRL, but a full credit qualifying Refinance.
This is part 7 of our VA FAQ series for Frequently Asked VA Loan Questions. FAQ = Frequently Asked Questions, and when it comes to VA Loans, we get plenty of questions and we have the answers for you. We have been making VA Loans since 1987 and are a Direct Lender offering both VA Loans and VA Jumbo Loans for the Purchase or Refinance of your Primary Home. Please give us a call to get help with your VA Loan or VA Jumbo Loan questions, and see if you qualify for a VA Home Mortgage - 866-900-2342 toll free direct, or contact us online at VanDykFunding.com .
We offer VA Loans, VA Jumbo Loans (aka VA High Balance Loans) for purchase, refinance and VA IRRRL streamline thoughout our service area: California, Georgia, Indiana, Massachusetts, Michigan, Virginia, Washington and Wyoming. Give us a call to get started today - 760-752-4480