VA refinancing involves repayment of your current real estate debt from the proceeds of your new VA mortgage, with the same borrower and the same property.
Whether you need money to eliminate or consolidate your high interest debts, pay for college tuition, make home improvements or for any other purpose, Texcorp will work to get you the money you need with a strong refinance program geared for you. VA refinancing gives you several options to choose from:
VA Cash-out Refinance Loans are available for homes that are your principal residence. The VA guidelines allow you to refinance up to 90% of the appraised value of the home (not available in Texas) plus allowing for many of the closing costs to be rolled into the loan amount as long as the property meets the designated loan to value ratio. While there is no minimum amount of time that you must have your existing loan or own your home, your home must have sufficient equity to qualify for this loan.
The Department of VA has created a loan program called the Interest Rate Reduction Refinance Loan (IRRRL) or Streamline Refinance. This loan provides a way for current VA homeowners to reduce or lower their interest rates with no out of pocket expenses and very little documentation. This is only available to veterans who are refinancing their original VA mortgage in which they have used their VA eligibility.
