Things to Consider: VA Cash Out Refinancing in 2023 - (Overview)

[@JimmyVercellino]

Thanks for watching! I SERVE VETERANS NATIONWIDE. If I can personally assist you with a VA Loan you're welcome to apply at www.VALoansForVets.com/apply. For specific VA Loan related questions drop your comment down below. You're welcome to email me at [e-mail]

[@snakes5506]

Thanks for this excellent information, they keep sending me offers, but it has only been a year of the purchase of my home... It is too soon for that in my case, but now thanks to you, i know what it is.

[@JimmyVercellino]

Glad it was helpful! Yeah we've got to be careful with those mailers man. My email is below - let me know if I can help out in any way. [e-mail]

[@snakes5506]

Thanks!@@JimmyVercellino

[@christinadean1110]

I currently have a 2.85% fixed VA loan and I have excellent credit. I want to borrow $72k for home improvements. I've been offered an $80k cash out option at 5-5.5% or a VA IRRRL STREAMLINE loan refi. I'm not sure which to take, as the payments would be roughly the same. Is there an advantage to selecting one over the other? I can pay on either loan without difficulty. Thank you

[@JimmyVercellino]

Hey Christina - thanks for connecting.

[@cjrenick]

Is there a minimum credit score you must have for a cash out? Looking to pay off credit cards. I currently have a VA loan.

[@JimmyVercellino]

Every lender can vary but we now go as low as 580. However, just becuase a Veteran has a 580 does not mean that they will qualify. In my experience the best number for approval and optimized rate will be at least 620. Let me know if I can answer any questions for you directly [e-mail]

[@asmrcrunchcraz8609]

I hope you get this, we want to do a cash out refinance on a VA we are in the process the beginning, we owe less than 100,000 on the home market value says it’s worth 311,000 and we want 200,000 cash is that gonna be possible also is the VA strict when it comes to appraisals my husband went through the roof and while he put the sheet rock back up, it still needs to be fixed, but there’s not a hole there thank you in advance. Also, how long does the process take?

[@JimmyVercellino]

Gernally you can go up to about 90% of the homes appraised value. In this case 90% of roughly 311K is 279K. This includes closing costs and VA Funding Fee if applicable. Let me know if I can answer any additional questions.

[@adamhollingsworth5243]

If I paid cash for my house, $100k, 2 years ago and it appraises for $300k. Can I use the VA cash out refi if there is not an existing VA mortgage on the house?

[@JimmyVercellino]

VA requires there to be a lien on the property to pull cash out. You can do this by creating a private mortgage. Let me know if I can help out. [e-mail]

[@shamirlotan6513]

When do you think the rates will drop down below 3.25

[@JimmyVercellino]

We might not ever see rates that low again.

[@jayjello9515]

Thanks for this helpful information. If you’ve had a bankruptcy does the two years after a bankruptcy to be eligible, apply to a cash out refinance as well?

[@JimmyVercellino]

My pleasure Jay. You are correct VA require a 2 year waiting period after a BK discharge.

[@michaelewing750]

@@JimmyVercellino How about a chapter 13 bankruptcy?

[@JimmyVercellino]

@@michaelewing750 hi Michael - VA requires 1 year after a chapter 13

[@lavarcooper757]

@@JimmyVercellino Thank you for your service. I’m a retired Marine as well. I’ve always wondered how the VA cash out worked. I really appreciate the information you provided.

[@JimmyVercellino]

@@lavarcooper757 Semper Fi Lavar - much love brother 💯💪

[@vincentseman8008]

It sucks because this benefit isn't available in the state of Texas

[@JimmyVercellino]

Hey Vince, Texas does NOT allow cash out above an 80% loan to value. So while it's true you may be capped this does not prevent a Veteran from accessing a cash out refi.

[@niffty5087]

HI Jimmy, does the VA offer a non cash out refi option? My rate is unlikely to change enough to qual for steamline and I am not seeking actual cash back. I have just paid enough principle over the years and would like to look at lowering the monthly payment amount to something more sustainable as I approach retirement

[@JimmyVercellino]

Yes, this could be done. However, my concern here is that you would be reamortizing your loan back to 30 years. If you want to discuss further email me at [e-mail]

[@niffty5087]

Good point, thanks for the perspective . @@JimmyVercellino

[@spiritualwisdom515]

sup Jimmy i have a question about this. lets say i take out 50k of my house equity, two years later i have extra cash in the bank and i want to dissolve this cash out loan by paying the 50k back does it work like that? or how does it work if i wanted to pay back my loan back into my house to lower the overall new va loan? do i just throw 50k at the va loan itself?

[@JimmyVercellino]

Good questions SW. You can always put that money back into your home and doig something called a "recast" however, it's important to check with the servicer in advance to ensure they will allow this.

[@kelvindowe4467]

How long after closing before you can refinance your mortgage?

[@JimmyVercellino]

Hi Kelvin - generally it’s a 181 day wait

[@kingmode4]

So you can CASH OUT REFI an existing VA LOAN... or is this going from Conventional to VA backed?

[@JimmyVercellino]

Yes and Yes. VA considers both of these scenarios as cash out refinances.

[@georgeluna7762]

Hey my name is george army vet also service connected. i want to invest into a 3 family with my va loan which i will also live in. is there a way to get money out of that va loan where i can put in into the house and upgrade what i want all under that one loan? Any help appreciated. p.s scared to take that first step into my first home😅

[@georgeluna7762]

Also recently got debt free and i have no debt at all what options does a guy like me have?

[@JimmyVercellino]

Congrats on being debt free George. The answer is yes, you could do that. However, there are some things you will want to consider before you do. Mainly, when you pull the cash out of your property you will want to live in the home for at least 1 year prior to purchasing the multi family dwelling.

[@Nastymurderscene]

My brother and foster dad are wanting to get a house together. Will the 2.5% Apr still applicable with a joint VA loan? They both have have over a 700 credit score.

[@Nastymurderscene]

Love the professionalism by the way! And thank you for your service🤙🏽🇺🇸

[@JimmyVercellino]

Thank you Steven!!

[@JimmyVercellino]

Are you referring to 12.5% down?

[@MCKenDaugherty]

"Good to go"... maybe it's a shot in the dark, but you are a Marine?

[@JimmyVercellino]

0311 💯💪⚡️

[@MCKenDaugherty]

1142 Genny Mech :)