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Low VA Rates is not affiliated with any government agencies, including the VA, FHA, or the HUD. VA lender ID #9797520000.

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VA Frequently Asked Questions’s

How much cash can I take out of my home equity?
Your home’s value is on a Certificate of Reasonable Value, and you are allowed to take up to 100% of this amount. On top of this you are also allowed to finance the VA funding fee and include up to $6,000 for energy efficient home improvements.
Can I consolidate debt with a Cash Out Refinance Loan?
Yes. As a matter of fact, many lenders prefer that you do consolidate all of your debt into your new loan because it makes you less of a credit risk for them.
What can I use the cash I take out of my home for?
Anything you want. Make sure you consult your lender to see if they have any restrictions on what you can use the money for.
What is a VA Cash Out Refinancing Loan?
This is the type of refinancing loan the VA offers for those Veterans who want to take cash out of the equity in their homes. You must be refinancing an existing VA Loan in order to use the VA Cash Out Refinancing Program.
Can I take cash out of an IRRRL?
No. An IRRRL from the VA is only for the purposes of obtaining a better interest rate on your mortgage loan in order to save you money over time.
If it is called an Interest Rate Reduction Loan, why does the VA allow me to refinance my ARM to a higher interest rate?
Since you are refinancing your adjustable rate mortgage into a fixed rate mortgage the interest rate may be higher initially, but you will save money over time. With adjustable rate mortgages you may get a lower interest rate than a fixed rate mortgage for the first few years, but after that your interest rates increase and you are paying higher rates than you would with a fixed rate mortgage. This is why the VA allows you to refinance into a higher fixed rate of interest on your mortgage before your adjustable rate on your current mortgage increases.
Do I have to be eligible for a lower interest rate in order to qualify for a VA IRRRL?
Not necessarily. In order to qualify for an IRRRL, the VA requires you to obtain a lower interest rate if you are going from a one fixed rate mortgage to another fixed rate mortgage, but if you are going from an adjustable rate mortgage to a fixed rate mortgage, the VA will allow you to refinance to a higher interest rate.
What is an IRRRL?
An IRRRL is the VA’s Interest Rate Reduction Refinancing Loan. An IRRRL is sometimes called a streamline loan. An IRRRL is a loan that refinances your existing VA Loan into a new VA Loan with a lower interest rate.
Can I purchase an Investment Property on a VA Loan?
No. VA Loans are only approved for primary residence purchases.
I used my VA Loan once. Can I get another?
It is ok to use the VA loan benefit and get another VA loan. However, there is a formula for how much the VA will guarantee which may impact your final loan amount. You can use it again on a subsequent use. For specifics to your situation Get Answers.
I am a surviving spouse. Can I use the VA loan benefit?
Yes. Surviving spouses can use the VA loan benefit on rate reductions.
Who Pays the VA Funding Fee?
The Veteran pays the funding fee. It is usually added onto the loan amount. It is waived if the veteran receives 10%+ disability from the VA. The funding fee is only .5% on a refinance and can be up to 3.3% on a purchase depending on how many times its been used & branch of service.

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Low VA Rates, LLC is not affiliated with any government agencies, including the VA, FHA, or the HUD. Corporate Address: 384 South 400 West, Suite 100, Lindon, UT 84042, 801-341-7000. VA ID 979752000 FHA ID 00206 Alaska Mortgage Broker/Lender License No. AK-1109426; Arizona Mortgage Banker License #0926340; California DBO Finance Lenders Law License #603L038; Licensed by the Delaware State Banking Commission License #018115; Georgia Residential Mortgage Licensee License #40217; Illinois Residential Mortgage License #MB.6761021; Licensed by the New Jersey Department of Banking and Insurance, Ohio Mortgage Loan Act Certificate of Registration #SM.501937.000; Oregon Mortgage Lending License # ML-5266; Rhode Island Licensed Mortgage Lender License #20143026LL; Texas License LOCATED at 201 S Lakeline Blvd., Ste 901, Cedar Park, TX 78613; EAH061020. All our approved lenders are authorized VA, FHA and or Fannie Mae or Freddie Mac approved. *By refinancing the consumer’s existing loan, the consumers total finance charges may be higher over the life of the loan.
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