The Department of Veterans Affairs (VA) Cash-Out Refinance Loan is for homeowners who want to trade equity for cash from their home. These loans can be used as strictly cash at closing, to payoff debt, making home improvements, and paying off liens. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100 percent of the value of your home.
Persons who may qualify for VA-guaranteed loans include
To be eligible, the Veteran/Servicemember must have been discharged under conditions other than dishonorable and meet length of service requirements.
As a requirement for a VA home loan, the Veteran, the Veterans' spouse, or dependent child must certify occupancy for the property.
To apply, you will need a valid Certificate of Eligibility (COE). There are several ways to obtain your COE:
For more information on this program, please visit the Home Loans webpage.