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Active Duty or Veteran Cash Out Refinance (Regular Refinance)

General Loan Program Requirements
In order to qualify for this benefit program, you must have been in military service, your family member must have passed away after September 7, 1980 and you must have either completed 24+ continuous months of active duty service, or your discharge status must not have been dishonorable.

Loan Program Description
VA loan guaranties are made to service members, veterans, reservists and unmarried surviving spouses for the refinancing of conventional, government or VA loans. VA guarantees part of the total loan, permitting the purchaser to obtain a mortgage with a competitive interest rate, even without a down payment if the lender agrees. VA requires that a down payment be made for the purchase of a manufactured home. VA also requires a down payment for a home or condominium if the purchase price exceeds the reasonable value of the property or the loan has a graduated payment feature.

Loan Terms
Market Interest Rate, with an Upfront "Funding Fee" and no Pre-payment penalties. Maximum Loan Length 30 years. No Maximum Loan Amount. Monthly Payment Frequency.

Loan Application Process
Contact a lender to discuss qualifying for a VA loan. The lender will make sure you meet basic program requirements, including the following:

• You must have enough income to meet your monthly mortgage payments, maintain the home, take care of other debts and obligations, and still have enough money left over to cover day to day expenses (food, gas, etc.).
• The loan must be for the home you will live in.
• You must also have a good credit history.
• The loan may be made at 90% of the appraised value of the home. (some refinance loans can be made for 100% to value they include: construction loans, installment land sale contracts, and loans assumed by veterans at interest rates higher than that for the proposed refinance)

Loan Managing Agency
U.S. Department of Veterans Affairs

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