Wondering what the difference is between the VA Cashout Mortgage program and the VA Streamline refinance? Check out this handy chart!
| Cashout | Streamline | |
|---|---|---|
| Max Loan | 100% of property value (if there’s enough entitlement and net tangible benefit) | Amount of current VA loan plus closing and funding fee costs, not to exceed 100% of property value |
| Mortgages That Can Be Paid Off | Any mortgage including VA, FHA, USDA, Conventional, HELOC | VA mortgage only |
| Credit Requirements | Full underwriting | Limited credit check but most lenders have a minimum score requirement |
| Income Check | Full documentation | None |
| Funding Fee | 2.15-3.3% (unless exempt) | 0.5% (unless exempt) |
| Can Pay Off Other Debts | Yes | No |
| Cash Back At Closing | Yes | No |
For more info, check out my other blog posts that explain each program in more detail
If you’ve been denied for a VA home loan by major lenders like Veterans United or Rocket Mortgage, don’t lose hope. You still have a strong chance of getting approved. The reason? Many big online lenders enforce additional rules known as lender overlays, which go beyond what the VA itself requires.
If you’ve been denied for a VA home loan by major lenders like Veterans United or Rocket Mortgage, don’t lose hope. You still have a strong chance of getting approved. The reason? Many big online lenders enforce additional rules known as lender overlays, which go beyond what the VA itself requires.
Manual underwriting is a process that involves a human underwriter reviewing an applicant’s financial information instead of an automated system. This process can be used for VA loans when the VA’s algorithm doesn’t approve an applicant, or when an applicant has certain negative items in their credit history.
Take the 30 second mortgage quiz to see if you qualify
