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VA Loan Refinance

Individuals who qualify for a VA home loan, but do not currently have one, may choose to refinance their conventional loan to a VA loan. Refinancing a conventional loan to a VA loan will save the borrower money, among numerous other benefits.

Among the benefits of conventional to VA refinancing are no out-of-pocket closing costs, lower interest rates, no monthly mortgage insurance, and cash out up to 90% of the value of your home.

It is certainly beneficial for eligible individuals with a conventional mortgage to refinance to a VA mortgage loan. There is a minor drawback to this type of refinance. When doing a conventional to VA refinance, the borrower will be charged a 2.2% funding fee in order to insure the loan. This funding fee can be financed into the cost of the loan.

Individuals who are not eligible for a conventional to VA refinance may want to consider taking advantage of other types of refinance. Other refinance options include a VA streamline refinance, which will simply lower rates, and cash out refinance, which allows the borrower to take cash out once the home has built up equity.

Back to the Veterans' Loan Handbook Table of Contents.

VA Loans - Home Loans - VA Refinance - Home Refinance - Loan FAQs
Veteran Loan Center does not maintain relationships with any government agencies. This includes, but is not limited to, the Department of Veteran Affairs. Veteran Loan Center maintains relationships with Veterans Affairs (VA) mortgage specialists, as well as non-VA mortgage specialists. If you inquire about a VA loan, your information may be shared with a VA-approved lender; however, they are not affiliated with any government agencies, either. We reserve the right to share customer information with trusted affiliates to assist you with your loan. For more information, please read our Privacy Policy.

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