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
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