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With VA eligibility a borrower can finance the purchase of a new home up to 100% of the property's appraised value - $203,000 maximum loan amount !
100% Streamline Refinance:
- Rate and Term reduction on 100% of the existing VA loan balance
- Closing costs may be rolled into final loan amount (No money out-of-pocket).
- No cash out permitted
- No credit check
- No appraisal needed
- TheĀ only requirement is that the current mortgage has been paid on time for previous 12 months
- Existing VA loans must be guaranteed by the VA.
90% Cash-Out Refinance:
- With VA eligibility a borrower can cash out up to 90% of the property's appraised value
- This money can be used for any purpose. i.e. Debt Consolidation, Improvements, Cash
- $252,700 maximum loan amount
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