Texas VA Refinance and VA Streamline Overview
Eligible veterans and active-duty personnel who own a home in Texas may be able to refinance their home using a Texas VA Refinance to lower their interest rate or shorten their term, convert an adjustable rate loan to a fixed rate loan, or eliminate private mortgage insurance (PMI) or monthly mortgage insurance (MIP). The VA underwriter will determine if there is a ‘net tangible benefit’ to the homeowner wanting to refinance their mortgage. This is to insure that veterans aren't taken advantage of by unscrupulous lenders.
The Different Types or Refinances Available to Veterans in Texas
Texas VA Streamline Refinance (IRRRL)
If your home is financed with a VA Guaranteed Loan, your best option is an Interest Rate Reduction Refinance Loan (IRRRL), more commonly referred to as a Texas VA Streamline Refinance or ‘VA to VA’. Homeowners can use a VA Streamline Refinance to lower their interest rate and monthly payment.
Borrowers are not required to use the same lender they used when purchasing their home. We offer highly competitive rates and first class customer service to our veterans and active-duty personnel.
Following are the requirements of a Texas VA Streamline Refinance…
- Cannot refinance for more than you owe on your current loan (no cash back). However, any associated closing costs can be rolled into the new loan, with no cash out-of-pocket.
- Your existing mortgage must be a VA mortgage
- Your home can be your primary residence, second home or investment property. You must certify that you occupy the property or you previoulsy occupied the property.
Conventional Loan to VA Loan Refinance
If your current mortgage is not a VA Guaranteed Loan, you may still be able to use a Texas VA Refinance. Veterans whose current mortgage is financed with a Conventional, FHA, USDA or even an owner-financed mortgage may still be able to take advantage of this Conventional to VA Refinance, or 'Non-VA to VA' refinance. Using their VA eligibility they can potentially lower their interest rate and monthly payment and eliminate costly private mortgage insurance, among other benefits. Refinancing with a Texas VA Refinance could be a smart choice.
With property values steadily increasing, even if you attempted to refinance in the past, chances are good that a refinance may be possible due to the sharp rise in home values in the last few years.
Texas VA Cashout Refinance
Due to strict home equity laws in the state of Texas, VA cash out refinances are not available. However, other options are available. Please contact us for more information.
Ready to get started? Call and speak to one of our VA loan specialists today. The toll-free number is 866-704-2826. You can also complete our safe, secure online request form and a member of our staff will contact you right away to discuss your options. We welcome the opportunity to assist you.
Get Started Today With Your VA Loan Request!
To find out more about a Texas VA Streamline Refinance or Texas VA Refinance, or to speak with a loan professional about the prequalification process, please call our toll-free number at 866-704-2826 or click on the button below and complete our quick-and-easy online form and a member of our staff will contact you right away to discuss your options.
We welcome the opportunity to assist you.