Learn About Homeownership:
Few decisions are more important than how to pay for or maintain your home. Question Big can help you stay smart and avoid mistakes.
Answer this question:

Please log in to submit an answer.

Best Expert Answer
Joe Wallace
3 months ago
Are you asking about a new purchase loan? Or are you looking for cash-out refinance loans? A VA loan is intended for owner-occupiers only, so if the loan is permitted you will need to certify that the property securing the loan is your primary residence.

You would likely need to apply for a VA Cash-Out Refinancing loan assuming you are eligible for the VA loan program. The amount of the loan would depend in part on a new appraisal. According to VA loan rules in the VA Lenders' Handbook, "The veteran must have sufficient available entitlement for the loan. If an existing VA loan on the same property will be paid off by the refinancing loan, the entitlement used for that existing loan can be restored for purposes of obtaining the new loan." Whether your lender will allow a VA refinance loan on the property is something you'll need to take up with the participating lender as lender standards may vary. The VA doesn't seem to directly address the matter of refinancing a property that has no existing VA mortgage under the Refinancing Loans section but doesn't seem to expressly forbid it, either.
Our blog is brought to you by the knowledgeable group of counselors at FHA.com
Visit our website
Best Expert
Ask a Question

Choose up to 5 tags (e.g. FHA loan). We'll recommend some, but you can change them if you want.
Thank you!
Please check the email address you registered with for your account confirmation. Then click the activation link to get started.
Question Big is a community of consumers and professionals sharing experiences, knowledge and advice.
Report Content
I'm reporting this because I think it is:
Report User
I'm reporting this user because I think the user is:
Report Company
I'm reporting this company because I think the company is:
Thank you!
Our team will review the content you reported and will take appropriate actions. We appreciate your contribution to the Question Big community.