Texas VA Mortgage Refinance Options
The VA Home Loan program provides qualified military related homeowners in Texas, easy options to refinance their home to lower their monthly payment.
The two main programs for using your Veterans Affairs Mortgage benefits VA borrowers have available to them to refinance to a lower rate are:
- VA Streamline Refinance Loan, also known as the Interest Rate Reduction Refinance Loan (IRRRL)
- Conventional, FHA or USDA loan into a new VA Loan
Unfortunately the VA Cash-Out Refinance program is not available in Texas, but you can refinance a VA loan to a Conventional if you wish to take equity out of your home.
Highlights of refinancing a Conventional, FHA or USDA loan into a new VA Loan
If your current mortgage is a Conventional, FHA or USDA or other financing and you have VA Eligibility available, you can refinance your existing mortgage into a new VA Loan.
- Lower your interest rate and save money
- Get rid of PMI (private mortgage insurance) payments
- Shorten your loan term if you like
- Finance up to 100% of the appraised value of your home
- Easily transition from an ARM (adjustable rate mortgage) to Fixed rate mortgage
Highlights of a VA Streamline Refinance (IRRRL) Loan
A Streamline Refinance allows Veterans who currently have a VA Loan to refinance and lower their payments with very little documentation and little to no out of pocket expense.
- Appraisal of your home is NOT required, as long as property AVM value qualifies
- Any closing costs are rolled into the new loan - You can't receive any cash back at closing
- No bank statements, no tax returns, no pay stubs are needed as conventional underwriting process does NOT apply
- In the last 12 months you cannot have more than ONE 30 day late payment on your current VA mortgage
- Energy efficiency improvements to your home can be rolled into the loan amount
How to Refinance a Texas Vet Loan
Texas Vet Loans are usually combined with a VA Home Loan, and sometimes done with a Conventional or FHA Loan. Veterans who did a VA Loan are able to use the VA Streamline IRRRL Refinance program. I you did a Conventional or FHA loan with your Texas Vet Loan, you have the option of refinancing with a new VA loan or to go conventional refinance. It is far better to go VA if you have eligibility available, due to there being PMI on Conventional and FHA loans.
Have questions about VA Loans ???
It doesn't matter if the home your looking to purchase or refinance is in Austin, San Antonio, Dallas, Houston, El Paso or Corpus Christi, as long as it is in our great state of Texas, we can help you.
Please give us a call at 210-656-1134, for a No Cost, No Credit Check, and No Obligation consultation and find out how much you qualify for.