Just closed our VA purchase loan, how fast can we refi to the VA 5/1 ARM and get cash out

Did you do a 100% VA purchase? You can give me a call at 919-594-6905 Rob

I let my clients know they can refinance their V A loan by 7 months and possibly qualify for a cash-out loan by one year (depending on equity value of course.) A VA cashout loan can go to 85% loan to value. Though i know you will want competitive bids from a few lenders, I highly recommend you contact the loan officer who assisted you in securing your purchase loan, if you feel they performed well by you.I only do loans in California though our mortgage bank does loans in 47 states.

You'll have to wait at least 6 months, and VA will allow 100% cash out on a refinance. you wont be able to borrow more than the property is worth. Also, some lenders might restrict how much cash back you can actually take out.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You need to have 6 months of seasoning with a minimum of 6 monthly payments made on time to do a refinance. Cash Out will likely be limited to only $500, which would be based on 100% Financing. Assuming you just financed 100% of the property value, a refinance is not likely going to benefit you and going from a Fixed Rate to the ARM may not be allowed as it is usually the other way around. You need to check with a mortgage professional who specializes in VA to guide you better and do note, one lender may have different guidelines than another so don't hesitate to check around before making a full application. Good Luck!

Hi Jan,VA requires that you make at least 6 payments before you can refinance. I also wanted to correct some things posted below. 1) VA allows cash out refinances to 100% of the homes appraised value. Most lenders will only do 90% & FHA will limit you to 85%. I can do the VA Cash-out refinance up to 100% of your home's appraised value with cash in hand. Please feel free to contact me for more information or help. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.valoansdoneright.com/100-va-cash-out-refinance-updated-july-17-2014/ | (877)228-9069 | Lending in ALL 50 states |(877)228-9069 |