VA loans are specifically designed for active duty service members, veterans, and eligible surviving spouses. These loans are guaranteed by the Department of Veterans Affairs (VA) and have no down payment requirement. This makes homeownership more accessible to those who serve or have served our country.
VA refinance opportunities also remain strong for Veterans homeowners with higher credit scores above 680. Home equity is near an all-time high, making this a good time for many homeowners to consolidate debt with a 100% VA cash-out refinance.
The VA cash-out finance allows Florida Vets to refinance their current mortgage for more than they currently owe and pocket the difference, so long as there is enough equity in the home. This can help with debt consolidation on high interest credit cards, home improvements, or any other financial needs.
Cash out refinance customers will be required to fully document their application, just the same as purchase loans. This includes full income and asset documentation along with a new home appraisal verifying the property value.
There are also VA streamline refinances available to those who already have a VA loan. This process allows borrowers to easily lower their interest rate and monthly mortgage payment without the need for an appraisal or income verification. No cash-out is permitted under the streamline refinance option. This is a quick and convenient option for those looking to save money on their mortgage payments.
Another benefit of VA loans is that they do not require private mortgage insurance (PMI). This can save borrowers hundreds of dollars each month compared to conventional mortgages. Additionally, VA loans often have lower interest rates compared to other loan types.
Please learn more by calling the number above, or just submit the Info Request Form on this page. Happy to serve all of FL: Jacksonville, West Palm Beach, Pensacola, Key West, Naples, Tampa, Orlando, Ocala, Gainesville.