The VA Cash-Out Refinancing - It Could Put Big Cash in Your Pocket

Home financing rates are way down for everyone, but if you are a serviceman or veteran you may qualify for an even better deal with the VA Cash-out Refinancing program. The Veterans Benefits Improvement Act of 2008, which was signed on October 10, 2009, included new refinancing options for you. One of these new options is called VA Cash-out Refinancing.

If your current interest rate is too high, by using this refinance option you will lower your interest rate and thus lower your monthly payment. Can't beat that! If you need money to pay for your kid's college or to do home repairs and upgrades, this loan is an excellent idea. Think of all the things you can do with that extra money. Perhaps you really need a vacation or have been wanting to join a health club to lose those extra pounds. Maybe your car is about to die and you need better dependable transportation or perhaps you need an additional car for your son or daughter who is going away to college.

Before you run out to get one of these great VA Cash-out refinancing loans you need to know that certain criteria must be met in order to qualify for this program. You must not have been late on any of your mortgage payments in the last twelve months. You must be able to pass a credit check--if your credit is not good you will not qualify for this program--and you will need to be income qualified to match the loan amount you are seeking. An appraisal of your home is also required and the home you want to do VA Cash-out Refinancing on must be owner occupied. Lastly, this loan program is only good for up to $417,000.00. If this criteria matches your situation you are in for a great deal.

Here's how it works. You can borrow up to 90% of the value of your existing home. There will be a 3% funding fee, but this fee can be rolled into the loan amount. You can get cash back because of the equity you have built up on your home but what you do with the cash is up to you. If it sounds like you might qualify call today to apply for VA Cash-out Refinancing.
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