VA Cash Out Refinance Loan
For Veterans with untapped equity in their home, a VA Cash Out Loan can be used to pay off bills, lower overall monthly expenses, or establish a more financially secure cash reserve.
The VA Cash Out loan programs have several factors which will be taken into account to determine your eligibility:
Appraised Value
A VA Appraisal must be ordered directly by the VA and assigned to a VA licensed appraiser. Our VA Loan Specialists can determine an estimate of the value of your home before the appraisal is ordered. This will save you money and help you determine the most manageable VA Cash Out Loan option.
Income & Employment
VA refinance for home improvement or debt-consolidation requires verification of your income and employment. You will need to provide:
- Two most recent months pay stubs for all borrowers
- Two most recent year's W2 forms (or tax returns) for all borrowers
- Two year employment history and employer information including dates of employment, addresses, phone numbers & contact person
- Proof of outside sources of income including rental property income, personal investments, settlements, child support, etc.
Assets & Liabilities
On a VA Home Improvement Loan, disclosure of a veteran’s assets and debts/liabilities will help determine the affordability of a potential refinance. These documents include:
- Two most recent months statements from all your accounts including checking, savings, investment, and retirement accounts(IRA, 401k, 403b, Pension).
- A credit report speaks to credit worthiness and helps a loan underwriter determine a veteran’s monthly debt obligations.
Don't Need Much?
If your need for cash doesn't go beyond the amount that could be provided by two months deferred mortgage payments and an escrow refund. The VA streamline refinance loan is fast, easy and can provide veterans with thousands in cash without requiring an appraisal or income/asset calculations.
