While a VA home loan is an excellent benefit for many veterans, the current recession has many thousands of veterans struggling to pay their mortgages and other bills. The Veterans Administration offers the veterans a chance to now replace their current VA home loan with a new VA home loan.
There are two main options for veterans to refinance their existing VA home loan. A VA streamline refinance is best for veterans who need a new VA home loan with lower interest payments. A cash-out VA refinance loan is best for those that have equity in their home and need immediate cash. A qualified VA lender can help you decide which option you qualify for. They can also talk to your about which refinancing program would best benefit you in your current financial situation.
The VA streamline refinance is very popular because veterans who have kept their existing VA home loan current for the last year usually don’t need a credit check to qualify. Active duty, reservists and retired servicemen and women qualify if they have the required number of years served. All branches of the military are eligible to participate.
Today’s VA home loan refinancing programs can help veterans and their families accomplish the financial goals that really matter to them, whether it be more money in savings every month or starting a college fund.