VA
Glory Mortgage LLC
Department of Veterans Division
(888) 342-0172
A VA Approved Mortgage Broker; Glory Mortgage LLC – NMLS #2123511. Not affiliated with the Department of Veterans Affairs or any government agency. This website is an advertisement for Veteran home loans and is for educational purposes only.
Housing Assistance
Cash-Out Refinance Loan
Refinancing lets you replace your current loan with a new one under different terms. If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, a cash-out refinance loan may be right for you. Find out if you can get this type of loan—and how to apply.
Can I get a VA-backed cash-out refinance loan?
You may be able to get a cash-out refinance loan if you meet all of the requirements listed below.
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All of these must be true. You:
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Qualify for a VA-backed home loan Certificate of Eligibility, and
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Meet VA’s—and your lender’s—standards for credit, income, and any other requirements, and
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Will live in the home you’re refinancing with the loan
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Why might I want to get a cash-out refinance loan?
A cash-out refinance loan may help you to:
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Take cash out of your home equity to pay off debt, pay for school, make home improvements, or take care of other needs, or
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Refinance a non-VA loan into a VA-backed loan
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On a no-down-payment loan, you can borrow up to the FannieMae/FreddieMac conforming loan limit in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.
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VA's 2023 Loan Limits are the same as the Federal Housing Finance Agency's limits - 2023 Loan Limits (Effective January 1, 2023).
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You’ll want to keep closing costs in mind when refinancing a loan, as they can add up to thousands of dollars. Make sure you understand how your new loan amount relates to the value of your home. While your lender can advise you on the costs and benefits of the transaction, you’ll want to be sure you understand what you’re getting into.
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The Consumer Financial Protection Bureau’s home loan toolkit can help.