VA Cash-Out Refinance
A VA-backed cash-out that can reach up to 100% of value for veterans.
How it works
A VA cash-out refinance for eligible veterans and service members can reach up to 90% LTV - higher than most options - with no monthly mortgage insurance. It charges a VA funding fee, which some borrowers are exempt from. It is often the most generous cash-out program for those who qualify.
Key things to know
- Combined loan-to-value usually caps near 85% (cash-out refinance at 80%).
- A second lien keeps your first mortgage; a cash-out refinance replaces it.
- Compare the rate type — fixed (home equity loan) vs variable (HELOC).
- Budget for closing costs (often lower or waived on HELOCs).
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Frequently Asked Questions
- What is the va cash-out refinance?
- A VA cash-out refinance for eligible veterans and service members can reach up to 90% LTV - higher than most options - with no monthly mortgage insurance. It charges a VA funding fee, which some borrowers are exempt from. It is often the most generous cash-out program for those who qualify.
- Will it affect my first mortgage?
- Only a cash-out refinance replaces your first mortgage. A HELOC, home equity loan, or second mortgage sits behind it and leaves that rate alone.