Question:

How is a VA cash-out refinance different from other loans?

Answer:

The VA cash-out refinance is a special program for eligible Veterans and service personnel. As with all VA loans (as they are government guaranteed), there is no need of mortgage insurance and it is easier for eligible individuals to qualify since income and credit requirements are milder than those for a conventional loan.

With a VA cash-out refinance, you can get cash as 90% of your home value. Although less strict than others, credit and income requirements still have to be met. The maximum loan amount has increased to up to $417,000, but greater the amount greater the home equity required. Borrowers may also get counseling by VA loan mortgage specialists in order to be sure they get the most appropriate VA cash-out refinance terms.

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