VA - Home Loans - Cash Out Refinance (Regular Refinance)
Program Description
With this program, you can refinance your current loan, whether it's a VA-guaranteed mortgage or not.Usually, the new loan is limited to 90% of the appraised value of the house. There are a few exceptions.
General Program Requirements
Persons who may qualify for these refinancing loans include:- Veterans (including Reserve and National Guard members who were called to active duty)
- Active duty service members
- Current Reserve and Guard members (usually after 6 years of reserve service)
- Certain surviving spouses
Length-of-service requirements apply in most cases.
Veterans must have been discharged under conditions other than dishonorable.
You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.
If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:
VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120
You can download the form at:
http://www.va.gov/vaforms/search_action.asp
For overnight delivery:
VA Loan Eligibility Center
215 N. Main Street
Winston-Salem, NC 27155
Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov
Loan Terms
Market Interest Rate, VA funding fee, and no pre-payment penalties. Maximum loan term cannot exceed 30 years. Monthly payment frequency.You should talk with a lender to learn more about dollar limits. VA's guaranty is limited.