Can I get some cash out of my VA streamline refinance to fix my weathered roof?

VA IRRRL does not allow for cash back to borrowers.... if you refinance using FHA 203K (not recommended), you can do a repair escrow holdback to pay for a new roof, but VA will not allow for it... if you go the FHA route.. FHA charges 1.75% upfront, and 1.35% annually for mortgage insurance.. Making your payment much higher.. 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. 480-287-5714 WilliamAcres.com

The only way to do this is to do a cash out refinance, to my knowledge. You can still use your VA loan, but cash out refi is capped at 90% loan to value.

You can do a VA cash out refinance, but the limit is 90%. VA is a very wonderful benefit and I would not recommend going to another loan if you do not have to. I am a VA lender in all 50 states. If 90% works for you call me. 405-445-1091 Steffnie Parsons with People's Bank & Trust.

You can do a cash out refinance if you have enough equity, but if the house really needs repairs you may have an issue with the appraisal. Best thing to do is call a bank representative that specializes in VA loans. I highly recommend a gentleman by the name of Daniel Hennek :)

Va refinance has a cap to the money, 90% of the value of the home. A Va stream line does not allow an increase in loan size. (no cash out) 2 diffrent types of loans.

Not on a VA loan!

JJAbrams, So far you have recieved many good replies. Summarizing some of them. VA does permit a cash out of up to 90% of the new appraised value of the home. However that means the appraiser does not call for repairs. Your comment "FIX MY WEATHERED ROOF" gives me concern. Now if that is the only required repair subject to proper coordination the roofer might be able to be paid at closing for the new roof. It is not a streamline refinance and you will have to income and credit qualify. As said the FHA 203k rehab loan is an option also, but because of the Upfront and Monthly MIP/PMI it likely is not something to consider. Will throw one other thing at you. Check with the Community Development Department in Youngstown. With the state of the economy and housing possibly the city or the county has a program that might give you a new roof.

You cannot get cash out with a VA streamline refinance. If you are looking to get cash out, the best way my be through a cash-out refinance loan. Speak with an Ohio based lender to get a better idea of what refinance programs would make sense for your needs.

on a VA Interest Rate Reduction Loan (IRRL) which is the VA Streamline you cannot get cash out. It is to just change the rate only. If you want a Cash Out you do a Cash Out Loan and there are limitations but it is not a Streamline or IRRL

You can refinance and get cash out on a VA loan up to 90% of the value. But that is a FULL VA refinance. The streamline version does not let you take any cash out. www.VA-IRRRL-Loan-MN.com