REFINANCING WITH A VA LOAN
When you team up with us to get a VA refinance loan, you have a tactical advantage. One of our mortgage specialists
will walk you through all of the refi options existing under the VA guidelines. And their service doesn’t end there.
They’ll stay with you every step of the way, taking care of every detail from approval to closing.
You’ll enjoy many benefits when refinancing with a loan backed by Veteran Affairs. You can lower your monthly
payments, merge a Conventional loan with VA-backed one, or even get cash for home improvements.
When it comes to VA loans, two options for refinancing exist: Interest Rate Reduction Refinance Loans (IRRRL) and a
more traditional Cash-Out Refinance.
The IRRRL was created to give Veterans who are currently paying off their mortgage an even lower interest rate. In
order to qualify, you must already have a VA loan-backed mortgage, and the new rate must be lower than your original.
You also qualify if you’re refinancing from an adjustable rate to a fixed rate. Interest Rate Reduction Refinance Loans
(IRRRL) are helpful for those still active in the military or those who have completed their service.
The other option for a VA refi is a Cash-Out Refinance, which allows you to take money out for repairs or
improvements on a home. Whether you have a Conventional loan or a VA-backed one, you can still fold it into the
Cash-Out VA refinance.
Are you eligible for a VA refinance loan?
• To qualify for a VA refi, you have to be a service member on active duty or be an honorable discharged Veteran.
• You may be the spouse of a current service member or Veteran
- Widows or widowers of a Veteran must be unmarried when refinancing.
- Unless you are applying for an IRRRL, spouse must have died in the line of duty or from a service-related injury.
• You must have a minimum FICO score of 580 and an acceptable debt-to-income ratio.
There is no obligation, so call 800-620-6292 to speak with an Embrace specialist today.