Carlos Scarpero- Dayton and Cincinnati Ohio Mortgage Broker

Wondering what the difference is between the VA Cashout Mortgage program and the VA Streamline refinance? Check out this handy chart!

 CashoutStreamline
Max Loan100% 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 OffAny mortgage including VA, FHA, USDA, Conventional, HELOCVA mortgage only
Credit RequirementsFull underwritingLimited credit check but most lenders have a minimum score requirement
Income CheckFull documentationNone
Funding Fee2.15-3.3% (unless exempt)0.5% (unless exempt)
Can Pay Off Other DebtsYesNo
Cash Back At ClosingYesNo

For more info, check out my other blog posts that explain each program in more detail

The Complete Guide to the VA Cashout Refinance Loan

The Complete Guide to the VA Streamline Refinance, IRRRL

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