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 VA Cash Out Refinance
GAIN FINANCIAL FREEDOM WITH A VA CASH OUT REFINANCE LOAN!
With interest rates at their current levels, now is the perfect time to rid yourself of your high interest debt to get a clean start or pay for other expenses such as medical, home improvement, student loans or any other major expenses that you need paid.
Examples of high interest debt that can be paid:
Credit Cards, HELOC's, Auto Loans, Motorcycle Loans, Boat Loans, Business Loans, Any Loans!
With a VA Cash Out Refinance, you access up to 90% of your homes value to pay off your high interest debt or get cash to use any way you choose to.
And the best part of consolidating your debt into a VA loan, The interest is tax deductible!
That's right, everything that you pay in interest you can deduct. You wont see that for credit card debt, auto loans or student loans.
Look at this example of how much money you could save:
-This is not including the interest tax deduction.
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Estimated Interest Rate |
Current Balance |
Monthly Payment |
| Credit Card |
23% |
$17,000 |
$680 |
| HELOC |
12% |
$25,000 |
$358 |
| Car Note |
9% |
$15,000 |
$399 |
| Current Mortgage |
7.5% |
$180,000 |
$1,258 |
| Total Debt |
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$237,000 |
$2,695 |
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| New VA Mortgage |
5%
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$237,000 |
$1,272 |
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(*5.126% APR) |
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Monthly Savings With a New VA Loan |
$1,423 |
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Yearly Savings With a New VA Loan |
$17,076 |
WOW! Now also look at the potential tax deduction:
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Tax Deduction |
| Year 1 |
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$11,770 |
| Year 2 |
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$11,591 |
| Year 3 |
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$11,403 |
(Calculated on $237,000 Loan, 33% Tax Bracket)
Imagine the financial freedom that saving this much money can bring to you. Freedom from credit card debt and creditors, freedom to renovate your home, freedom to pay off medical expenses or student loans, even freedom to buy a car, boat or motorcycle and deduct the interest.
With current interest rates, it doesn't pay to wait. Think of the interest that could have been saved this month.
Call us at 1-877-828-4342 or Complete Our Online Application today!
What is a Cash Out Refinance and how much can I Refinance?
The maximum amount for a VA Cash Out Refinance Loan is determined by:
 Maximum Loan Amount: The maximum loan amount allowed for a VA Refinance Loan varies from county to county. The highest maximum VA Refinance Loan right now is $1,094,625. The lowest maximum amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf. This site lists U.S. territories as well as states.
Maximum Financing: The maximum financing for a VA Cash-Out Refinance 90% of the current appraised value of the property.
What factors determine if I am eligible for a VA Cash Out Refinance Loan?
To determine if you are eligible for a VA Refinance Loan, the VA uses two methods for income qualification purposes. The primary method of evaluating a veteran's income is the residual income method. Under this method, the underwriter determines that a veteran has sufficient income to cover day-to-day living expenses after paying housing expenses, taxes, and other debts such as car payments and credit card payments. VA also uses a debt-to-income ratio method like many programs. However, VA uses only one ratio (41%) which is the ratio of total debt (both housing and other debt) to income. Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain a VA approval. See more on VA Refinance Loan Requirements.
Can I get a VA Refinance Loan after Bankruptcy?
If you have been discharged from a Chapter 7 bankruptcy for two years or more, you are eligible to apply for a VA refinance loan. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make a VA Loan Application.
Complete Online Application
*Interest rates are simply the price of funds available for borrowing and lending. As with other prices, current interest rates are set by forces of supply and demand. The equilibrium interest rate, or price of loanable funds, is the one at which the quantities of such funds demanded and supplied are equal.
The interest rate above is the national VA Mortgage Rate, updated 02/11/2009. These are indicative rates only and are not meant to be any type of guarantee of rates currently available from ENG Lending.
Please note that the rate and payment provided in the figures above are assuming the following: all closing costs paid, LTV of 80% or less, and credit score over 700 points. The quote is in no way indicative of the rate you may qualify for, nor is it intended to constitute investment advice. Please contact one of our mortgage specialists or fill out our online application and a loan officer will review and obtain the best possible rate and payment for your situation.
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Use our VA Loan Helper to help find the right mortgage for your situation.
 Why choose a VA Refinance?
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VA Refinance Loans have no monthly mortgage insurance.
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A VA Home Loan is eligible for non-credit qualifying, Streamline Refinance or "IRRRL". -
A VA Refinance is available all areas of the country, provided a market exists for the property and the home meets VA's property standards.
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A VA Home Loan may be used to purchase or refinance a new or existing home. -
VA Mortgages are offered at terms of 15 or 30 years.
What types of VA Mortgages are available?
Fixed Rate Mortgage
What is a Cash Out Refinance and what loan programs are offered? Most VA mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate VA Mortgage, you always know exactly how much your monthly payment will be.
Adjustable Rate Mortgage
With VA's adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. VA uses the 1-Year Constant Maturity Treasury Index (1 Yr CMT), the most widely used index, to calculate the changes in interest rates.
I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property.
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