Can a veteran get a VA loan to pay off the mortgage or other liens of record on his or her home?
Yes. The following refinancing loans are available under the VA guaranteed home loan program: a. To pay off the mortgage and/or other liens of record on the home. In most cases, the loan may not exceed 90 percent of the reasonable value of the property as determined by an appraisal, plus the funding fee, if required. The loan may include funds for any purpose which is acceptable to the lender, plus closing costs, including a reasonable number of discount points. A veteran must have available home loan entitlement. An existing loan on a manufactured home (except as noted below) may not be refinanced with a VA guaranteed loan. b. To refinance an existing VA loan to obtain a lower interest rate. Use of additional loan entitlement is not required. The loan amount is limited to the balance of the old loan plus the closing costs, discount points, funding fee, and up to $6,000 in energy-efficient improvements. An existing VA loan on a manufactured home may be refinanced to obtain a lower inte
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- Can a veteran get a VA loan to pay off the mortgage or other liens of record on his or her home?
