VA Loan Refinance

VA Loan Refinance

If you’re a veteran seeking to refinance your mortgage in Las Vegas, NV, Blackmon Home Loans can help. Regardless of whether you are currently paying off a conventional or VA mortgage for your home, we have options for you.

Types Of VA Loan Refinancing

There are two main options when it comes to VA loan refinance: Interest Rate Reduction Refinance Loans (IRRRL) and cash-out refinancing. The type of loan you’ll want will depend on a number of factors, including what type of mortgage you currently have, if you wish to tap into your home equity, and whether you currently live in the home that you intend to refinance.

IRRRL vs. Cash-Out Refinancing

IRRRLs, which are also called VA streamline refinance, are an excellent option if you originally purchased your home using a VA loan. One drawback to this type of loan is that it can only be used to lower your current interest rate, and thus cannot be used to tap into your home equity. However, it can be used for a property that you don’t currently live in, and the refinancing fees can be rolled into the new loan so that you don’t have to pay upfront.

A cash-out refinance is a great option if you want to access your home equity or if you purchased your house using a conventional mortgage. If this is the case, then you’ll need to confirm that you meet the general eligibility requirements set forth by the Department of Veterans Affairs.

General Requirements For VA Loans

If you’re trying to refinance a conventional loan via cash-out refinancing, you’ll need to prove that you’re eligible for a VA loan by obtaining a VA-backed Certificate of Eligibility (COE). Any veteran who has served on active duty for over 181 days during peacetime, 90 consecutive days during wartime, or six years in the National Guard or Reserve is typically eligible. If you’re the surviving spouse of someone who lost their life due to their service, you may also be eligible.

IRRRL Eligibility Requirements

  • You are currently paying off a VA loan that was finalized at least 210 days ago.
  • You are able to show your credit score and proof of employment to the lender.
  • You currently or previously lived in the home that you intend to refinance.
  • You haven’t had more than one 30-day late payment in the past 12 months.
  • The interest rate and monthly payment for the IRRRL are lower than that of the previous loan.

Cash-Out Refinance Requirements

  • You qualify for a VA-backed COE.
  • You meet the minimum income and credit score requirements, which may differ by lender.
  • You intend to use the loan to refinance your primary residence.

Affordable Mortgages & VA Refinancing In Las Vegas

If you’re a veteran looking to lower the interest rate of your current VA mortgage in Las Vegas, the loan officers at Blackmon Home Loans can help you start the refinancing process. Contact us today to schedule a consultation or start your application.

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