VA Refinance

Yes, to refinance with a VA home loan, you will need to wait the required 212 days (between the first payment on the current loan and the closing date on the new loan) or the time it takes to make six payments, whichever period is longer.

Some VA loans can close in as little as 30 days; it depends on several factors, including how organized you are with your documentation, the efficiency of the VA appraiser, and the required fixes to the home. Getting an IRRRL or VA Streamline refinance can reduce the time to close, as less documentation is required.

An appraisal is required for a VA cash-out refinance but may not be required for an IRRRL or VA Streamline refinance.

You are eligible for a VA cash-out refinance loan if you:

• Qualify for a VA-backed home loan Certificate of Eligibility, and
• You meet all the credit, income, and any other requirements, and
• You will be living in the home that you are refinancing

An IRRRL loan, or interest rate reduction loan, is also known as a VA Streamline refinance. This type of refinancing is for VA loan holders who want to lower their interest rate or change their terms.

You are eligible for an IRRRL if you:

• Currently have a VA-backed home loan, and
• You will be using the IRRRL to refinance your existing VA loan, and
• You can prove that you currently live or used to live in the home that the loan will cover

With an IRRRL, you must have an existing VA loan, and you can only lower your rate or change your term.  With a VA cash-out refinance, you can convert up to 100% of the equity in your home into cash.