If you currently own a home in Texas and are a Veteran, on Active Duty or otherwise eligible for a VA Home Loan, you may be able to refinance your home using your Veterans Affairs Mortgage benefits to improve your interest rate and payment.
Start Your Veteran Affairs Loan Refinance Now!
Complete the information on the short form to the right, and a loan professional with the VA Loan team will contact you to go over how much you can save each month with a Texas VA Mortgage refinance.
Types of Refinancing Using Veterans Affairs Mortgage Eligibility
If you currently have a VA Mortgage and would like to lower your interest rate, the Streamline Refinance is the best option. This is also known as an Interest Rate Reduction Refinance Loan (IRRRL).
The new loan must close at least 210 days after the first payment due date on the old transaction and the Veteran must have made at least 6 consecutive on time mortgage payments. There are not any out of pocket costs and minimal additional documentation is required. The primary requirement is the current mortgage must have been paid on time for the past 7 months.
Conventional to Veteran Affairs Loan Refinance
If your current mortgage is a conventional, FHA, USDA, owner financed or other program, you may be eligible to refinance to a lower rate and payment using your benefits. Veteran mortgage rates are very competitive, do not have mortgage insurance and may be able to give you a lower rate and payment than your current mortgage.
A VA refinance loan amount is eligible for up to 100% of the current appraised value of your home. Many lenders will not lend up to 100% of the appraised value on a VA refinance. Also, with improvements in current market values your home may now appraise for the amount needed to pay off your current loan.
If you have been turned down in the past due to your appraised value not being high enough, please contact us. We can use an Automated Valuation Model to determine if your home is likely to appraise for the amount necessary to refinance your current mortgage.
Cash Out Refinance
Due to state specific laws regarding cash out refinance loans, a VA refinance where cash equity is taken out of the home is not available in Texas. VA cash out refinances are generally available in other states.
Texas Vet & VA Loan Specialist Shirley Mueller
Since 2003 Shirley has originated well over 1500 Texas Veteran and VA Loans. She has helped Veterans in almost every possible circumstance including active duty personnel deployed overseas, returning home, with PCS orders, as well as separated and retiring Veterans. – Read More