VA Debt Consolidation
Using your VA home loan as a military debt consolidation loan can allow you to consolidate your debt entirely and pay off your creditors with one lower monthly payment. As with a Cash Out Refinance a debt consolidation loan will require full Veterans entitlement, income qualification, an appraisal, and fair credit.
Often, we see Veterans with a higher interest rate than currently available with a new VA loan so this kind of debt consolidation can save you a lot of money each month. In addition, we can usually roll all your costs into the new loan so you will not have to come out with any money up front.
The basic requirements are that you fully qualify for a new VA Home Loan at no more than 90% of your home's current value.