A VA cash-out refinance lets Colorado Springs veterans turn home equity into cash — for renovations, debt consolidation, or any goal — while keeping the VA loan advantages. 719 Lending, NMLS #1601989, Equal Housing Lender.
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What is a VA cash-out refinance?
It replaces your current mortgage with a new VA loan for more than you owe, and you take the difference in cash. Unlike a streamline (IRRRL), it requires an appraisal and full underwriting, and eligible veterans can even use it to refinance a non-VA loan into a VA loan.
Benefits
- Tap your equity for renovations, debt payoff, tuition, or investments.
- Refinance a non-VA loan into a VA loan (eligible veterans) and drop monthly mortgage insurance.
- Competitive VA rates and no monthly PMI.
- Fixed or adjustable options.
Requirements & costs
- Eligibility and a Certificate of Eligibility (we pull it).
- An appraisal to establish your home’s value and available equity.
- Income, credit, and occupancy verification.
- A VA funding fee (2.15% first use / 3.3% after; financeable). Service-connected disability? Typically exempt. Maximum loan-to-value follows current VA rules; we confirm your figure.
Cash-out vs. IRRRL
Want cash and/or to refinance a non-VA loan? Cash-out is your tool. Just want a lower rate on an existing VA loan with minimal hassle? Use a VA streamline (IRRRL). New to VA loans? Start at our VA loans page.
VA cash-out FAQ
How much equity can I take out with a VA cash-out refinance?
It depends on your appraised value and current VA loan-to-value rules. We’ll confirm your available cash-out based on your home’s value and your entitlement.
Can I refinance a non-VA loan into a VA loan?
Yes. Eligible veterans can refinance a conventional or FHA loan into a VA cash-out loan.
Is there a funding fee on a VA cash-out?
Yes: 2.15% for first use, 3.3% after, financeable. Borrowers with a service-connected disability are typically exempt.
719 Lending — NMLS #1601989. Equal Housing Lender. Not a commitment to lend; subject to credit approval and appraisal. Cash-out limits follow current VA rules. Not affiliated with or endorsed by the VA.