VA Cash-Out Refinance

A VA cash-out refinance allows eligible borrowers to replace their current mortgage and access available home equity.

Financing up to 100% of the appraised value may be available, subject to VA eligibility, property appraisal, underwriting, and lender requirements.

Learn more about the official VA cash-out refinance requirements.

Benefits

• Home improvements
• Debt consolidation
• Education expenses
• Other planned expenses
• Access available home equity

Eligibility

Borrowers must meet VA eligibility requirements, obtain a Certificate of Eligibility, occupy the property as their primary residence, and meet the lender’s credit, income, appraisal, and underwriting requirements.

Bob, a Marine Corps Veteran, bought his house 3 years ago, and since then his property has appreciated in value by over $40k.

The Problem

Bob wanted to explore whether using some of his available home equity could help him address planned expenses and credit card debt.

Results

After reviewing the costs and loan requirements, Bob used a VA cash-out refinance to access some of his available equity and pay down credit card debt. Individual loan terms and results may vary.

A cash-out refinance replaces the existing mortgage and may increase the loan balance, monthly payment, repayment period, and total interest paid. Closing costs and a VA funding fee may also apply.