we now have an fha loan with mortgage insurance. how would we be able to refi into a va loan and get rid of the mi ? what is the requirements? our home value is $130,000 approx. our loan balance is approx $122,000. what would we have to do to get approved?
@snick321 the VA offers two types of refinances. The first type is an IRRRL (Interest rate reduction refinance loan) the IRRRL is used to refinance an existing VA product back into another VA product. The second type would be a VA cash out refinance. The VA cash out refinance can be used to pull cash out of the equity in your home or to refinance a non VA product (FHA, Conventional, USDA, Construction loan, etc.) to a VA product. At this time the only VA refinance option USAA offers is the IRRRL. I would recommend reaching out to a local lender about your VA cash out refinance options. Thanks for your consideration.