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VA Loan for Home Equity Refinancing
Whether you need money to consolidate high interest credit card debt, pay for college
tuition, buy a new car, or make home improvements to your home, VALoans.com can find a
way to get you the cash you need through a refinance.
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A VA refinance transaction involves repayment of your current real estate debt from the
proceeds of your new VA mortgage that has the same borrower(s) using the same property.
This is called a "Cash Out" Refinance.
Cash-Out Refinances are used for homes that are used as a principal residence
by its owner. That owner can refinance for up to 90% of the appraised value
(Not available in Texas) plus all closing costs if the property can withstand the
designated loan to value ratio. There is no minimum amount of time that
you must own your home, yet your home must have sufficient equity to
qualify for the loan.
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FREQUENTLY ASKED QUESTION # 24 [ -more VA Loan questions- ]
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Q: VA Fees Part 2 - Who is exempt from paying the VA funding fee?
A: While there is a funding fee for a VA home loan, some people are exempt from paying. If you are a veteran getting disability compensation for service-related medical issues, or are entitled to get compensation if you aren't drawing retirement pay, you are exempt from the VA funding fee for your VA home loan. Also, surviving spouses of those who died in the service, or from service related disabilities are also exempt. It doesn't matter in this case whether the spouse has any of their own entitlements. Remember that the VA has the last word on who is exempt, and some issues may be dealt with on a case-by-case basis. If you have any doubts, ask your local VA rep to review your service records (or your spouse's records) and get a determination from the VA.
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VA Loan Rates
for 7/03/2008
30 year fixed
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0.000 points
6.500%
6.618% APR
15 year fixed
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0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
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- DeVry University
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- Westwood College
- Walden University
- Strayer University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College
VALoans.com is a private company specializing in VA financing and is
not a government agency.
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VA Home Loan
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