Back to Back VA Cash Out Refis

[Anonymous]

I closed a VA Cashout Refi on my original VA mortgage May 31. Could I do another VA Cashout Refi now or is there a waiting period to refi again with VA?

[kc0039]

Look over your paperwork. It might say 6 months or 1 year.

[VALoanMaster]

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@Anonymous wrote:

I closed a VA Cashout Refi on my original VA mortgage May 31. Could I do another VA Cashout Refi now or is there a waiting period to refi again with VA?

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Hi Dusibello,

There is nothing in the VA guidelines that would prohibit you from doing another cash-out refi but you obviously have to have enough equity in your home.

Your current lender cannot prohibit you from refinancing either.

[Anonymous]

Thanks. I just recently learned that the 6-month 'seasoning' period I had been reading about was a 'lender' thing and not a VA thing. So the same lender won't do the refi so soon, but the VA will permit it from a different lender. Or such is my understanding. Thanks again.

[VALoanMaster]

Yeah the lender would have to pay back any money they made from the sale of your loan if it’s paid off within 6 months of closing. Do you think you have enough equity to refi again so soon?

[Anonymous]

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@VALoanMaster wrote:
Yeah the lender would have to pay back any money they made from the sale of your loan if it’s paid off within 6 months of closing. Do you think you have enough equity to refi again so soon?

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Yeah, I had a lot of equity when I did refi #1 and it turns out I didn't cash out enough to get renovations completed, bills paid, etc.

[VALoanMaster]

VA allows you to go up to 100% of the appraised value. Let me know if you need any help

[Anonymous]

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@VALoanMaster wrote:
VA allows you to go up to 100% of the appraised value. Let me know if you need any help

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Thanks. The VA appraisal for the May 2017 refi was a lowball imo. Hopefully this one will be closer to market value (or what Zillow and Realtor.com say)...

I have applications going with Veterans United, Navy Federal, Quicken, and a local credit union so I should soon have some firm estimates to compare.

Quicken produced a LE in a flash. The other lenders are still baking theirs.