Can I Refinance into a VA Home Loan?
The Veterans Administration specifically offers the VA home loan purchase and refinance program to veterans so that they can achieve home ownership using their veterans eligibility for military service for the United States. The Veterans Administration specifically states that you cannot refinance a home under a VA loan if that loan is currently different that a VA loan. This means that if you have a Freddie Mac or Fannie Mae loan loan and want to use your VA eligibility to refinance that loan into a VA loan, YOU CANNOT do that! The same holds true if you currently have a FHA loan or private mortgage loan.
You can however refinance your current VA loan into a lower rate if you qualify. You may also quality for a VA Streamline loan which requires less documentation and typically sees a more expedient closing time. A LendPlus Financial loan agent can assist you in determining if you qualify for a VA refinance.