Q1. What is the The Veteran Advantage Refinance Loan (VARL)?

It is a refinance program that allows veterans with existing VA mortgages to refinance to a lower interest rate, reduce the loan term, switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage, or all three! Read the frequently asked questions below.

 

Q2. W​​ho is eligible for the Veteran Advantage Refinance Loan (VARL)?

It's available to active duty and military veterans refinancing an existing VA loan.

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Q3. What is NOT needed to qualify?

No minimum credit score

No proof of income

No proof of employment

No paystubs, W2s, or tax returns

No proof of assets (money)

No bank statements

No appraisal

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Q4. What is needed to qualify?

Current VA loan

Mortgage only credit report (without credit score)

No late payment on mortgage in the past 18 months

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Q5. What are the benefits of the VARL?

Lower Interest Rate: Refinancing to a lower interest rate can significantly decrease monthly payments. 

Stable Payments: Switching from an ARM to a fixed-rate mortgage can provide more predictable payments. 

Simplified Process: The streamline nature of the program reduces paperwork and appraisal requirements. 

 

Q6. Are there any closing costs?

There are standard closing cost for title, attorney, and escrows. Closing costs can be rolled into the new loan

The VARL refinance has a 0% funding fee for expect veterans

The VARL refinance has a 0.5% funding fee for non-expect veterans

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Q7. Can I get cash out with the refinance?

The VARL is to refinance your existing VA loan. Therefore, the receiving cash bac is not allowed. 

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Q8. Are bankruptcies allowed?

Chapter 7 bankruptcy is allowed 2 years after discharge

Chapter 13 bankruptcy requires trustee approval