For all cash–out refinances paying off an existing VA loan seasoning certification is required.
In this way, what is VA loan seasoning?
Loan seasoning refers to the age of the loan being refinanced. If the loan being refinanced is not seasoned on or before the date that the refinance loan closes, VA cannot guarantee the refinance loan.
Additionally, what are the seasoning requirements for a VA Irrrl? Six Payment Seasoning Requirement
VA currently requires a minimum 6 consecutive payments on the loan being refinanced on both cash-out and IRRRL transactions.
In this regard, can you cash out on a VA loan?
The VA’s Cash–Out refinance loan gives qualified veterans the opportunity to refinance their conventional or VA loan into a lower rate while extracting cash from the home’s equity. With the VA Cash–Out refinance, you have the opportunity to turn the equity in your home into cash.