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
The VA handbook now counts an unpaid non-medical collection at 5% of the balance divided by 12 months. A $10,000 collection drops from $500 to about $42.
Can you use a VA loan on a deed-restricted affordable home? What VA’s resale-restriction and marketability rules require, and what to check before you sign.
Sellers worry VA appraisals run low and closings drag. What the VA Lender’s Handbook actually says, and how to make your VA offer competitive anyway.
Take the 30 second mortgage quiz to see if you qualify
