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VA Cash-Out Refinance in Texas
I live in Texas. Does your company offer loans on manufactured or modular homes using a VA loan? I own my home outright. 100% equity. Would like to do a cash out refinance for some upgrades.
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1 Reply
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You’re interested in using a VA loan to do a cash-out refinance of your manufactured or modular home in Texas. Here’s some general information that might help answer your question:
VA Loans and Manufactured/Modular Homes:
- The VA loan program does allow for cash-out refinancing on manufactured and modular homes.
- However, the home must meet specific VA guidelines, including being classified as real property and permanently affixed to a foundation.
- It must also have been built according to the Department of Housing and Urban Development (HUD) guidelines.
Eligibility for Cash-Out Refinance:
Since you own your home outright and have 100% equity, you should be eligible for a cash-out refinance if your home meets VA loan criteria. A VA cash-out refinance allows homeowners to borrow against the equity in their home and receive the cash difference after refinancing.
Texas-Specific Considerations:
- Texas has specific rules around cash-out refinancing, often called Texas 50(a)(6) loans.
- These rules include limits on the loan amount and certain restrictions regarding how the funds can be used.
- Make sure to consult with a VA-approved lender who is familiar with Texas laws.
Next Steps:
- Contact a VA-approved lender to verify your eligibility and obtain details on the appraisal process, interest rates, and the amount of cash you can borrow for your upgrades.
- Please ensure they are well-versed in handling loans for manufactured or modular homes in Texas.
I can assist further if you need more specific advice or help connecting with a lender!