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

Jimmy Vercellino - MLO Specializing in VA Loans

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WE SERVE VETERANS AND ACTIVE DUTY NATIONWIDE.
#vahomeloans #valoans #mortgage #veterans #homebuying #VAcashout #tipsandtricks #valoansforvets
Email Me For Anything VA Loans: jimmy@valoansforvets.com
Everything you need to know about credit scores and VA loans.
Contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoansforvets.com
2. Email me at jimmy@valoansforvets.com
3. Call OR TEXT me 602-908-5849
Instagram: / jimmyv____
Facebook: / valoansforvets
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.

Опубликовано:

4 июл 2024

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Комментарии : 37

@JimmyVercellino Год назад

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 jimmy@valoansforvets.com

@snakes5506 6 месяцев назад

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 6 месяцев назад

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. jimmy@valoansforvets.com

@snakes5506 6 месяцев назад

Thanks!@@JimmyVercellino

@spiritualwisdom515 Год назад

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 Год назад

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.

@niffty5087 5 месяцев назад

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 5 месяцев назад

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 jimmy@valoansforvets.com

@niffty5087 5 месяцев назад

Good point, thanks for the perspective . @@JimmyVercellino

@christinadean1110 21 день назад

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 17 дней назад

Hey Christina - thanks for connecting.

@jayjello9515 Год назад

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 Год назад

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

@michaelewing750 Год назад

@@JimmyVercellino How about a chapter 13 bankruptcy?

@JimmyVercellino Год назад

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

@lavarcooper757 Год назад

@@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 Год назад

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

@cjrenick 10 дней назад

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 10 дней назад

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 jimmy@valoansforvets.com

@kelvindowe4467 Год назад

How long after closing before you can refinance your mortgage?

@JimmyVercellino Год назад

Hi Kelvin - generally it’s a 181 day wait

@kingmode4 Год назад

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

@JimmyVercellino Год назад

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

@shamirlotan6513 6 месяцев назад

When do you think the rates will drop down below 3.25

@JimmyVercellino 6 месяцев назад

We might not ever see rates that low again.

@Nastymurderscene Год назад

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 Год назад

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

@JimmyVercellino Год назад

Thank you Steven!!

@JimmyVercellino Год назад

Are you referring to 12.5% down?

@georgeluna7762 Год назад

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 Год назад

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

@JimmyVercellino Год назад

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.

@vincentseman8008 Год назад

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

@JimmyVercellino Год назад

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.