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VA Refinance

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Icon Mini Profile jimdeegonzalez





Joined: 22 Mar 2009

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Post Posted: Sun Mar 22, 2009 11:22 am    Post subject: VA Refinance
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We live in Texas where the rule is that you can only refinance 80% of the value of your home. We also have a home equity loan less than 12 months. Does the rule apply if refinancing through VA?
Icon Mini Profile chrisburns
chrisburns
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Joined: 13 Nov 2007

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Location: Florida
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Post Posted: Sun Mar 22, 2009 4:32 pm    Post subject:
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The home equity line will make the lender look at your loan as a cashout refinance if you pay it off even if you actually aren't getting any cash in hand.

Does 80% LTV work for you in your situation?

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Five Stars Mortgage, LLC
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Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10477
Location: Nevada
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Post Posted: Sun Mar 22, 2009 7:24 pm    Post subject:
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Hi jimdeegonzalez,

As far as I know, you will be able to refinance 80% of the value of your home in case of VA loan as well. However, I would suggest you to contact your lender and discuss the options with him.

Thanks
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