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A VA loan or mortgage refinance is a home loan product backed by the Department of Veterans Affairs (VA). It lets you swap your current loan for a new one, but with different terms.
Hold a government-back mortgage: In addition to FHA-backed loans, mortgages backed by the U.S. Department of Agriculture’s (USDA) or the Department of Veterans Affairs (VA) also qualify.
Refinancing a VA loan. There are two main ways to refinance a VA loan: with an Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA streamline refinance; or with a VA cash-out refinance.
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and ...
Furthermore, borrowers cannot use the streamline refinance program for at least 270 days after a previous refinancing. The VA only permits veterans or the surviving spouses of veterans to use the streamline refinancing program. A veteran who divorces can refinance the home in their own name, but the ex-spouse who is not a veteran cannot take ...
The VA loan process also involves getting your new home appraised, going through mortgage underwriting and closing on the loan. Eligible veterans, active-duty personnel and surviving spouses ...
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