VA Cash-Out Refinance
The VA's Cash-Out Refinance Loan is available for active duty military personnel, a qualified veteran, or a spouse of either. It is specifically for veterans who seek to take cash out of their home equity to consolidate alternative expenses. These expenses can range from paying off high-interest debt to making home improvements. CityWorth Mortgage offers a VA Cash-Out Loan up to 100% of your home's value, unlike most other lenders who will limit you to 80-90% of your home value. Our loan offers begin at $75,000.
The VA Home Loan Guarantee
Most VA Home Loans are handled entirely by private lenders, and the VA rarely gets involved in the loan approval process. The VA stands behind the loan by guaranteeing a portion of it. If something goes wrong and you cannot make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guarantee is the "insurance" that we provide the lender.
VA Home Loan and Refinance Advantages
The VA guarantee described above allows lenders to provide you with more favorable terms, including:
You should also know that:
VA Cash-Out Eligibility
You must meet three factors to be eligible:
To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements listed here.
In most cases, a funding fee is charged to reduce the loan's cost to taxpayers. Keep in mind that the VA loan requires no down payment and no monthly mortgage insurance. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether you make a down payment. Review the latest funding fee chart for more information.
You do not have to pay a fee if you are:
Other fees may occur due to interest and closing charges.
Call us at 877-908-6250 or apply online.