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Nationwide, demand for refinance loans continues to rise. Veterans who used a VA loan to purchase their home have access to one of the best refinancing programs on the market and extend to $729,750 depending on geographic location. These low-cost, high-reward options are helping spur the growing popularity of refinance loans across the country.

Even veterans who purchased a home with a conventional loan can take advantage of a VA refinance. First, let’s look at the agency’s refinance program for veterans with existing VA loans, the VA Streamline.

VA Streamlines, officially known as Interest Rate Reduction Loans, are available only to qualified VA loan holders. These flexible loans come with a host of benefits, including:

*No appraisals

*No credit checks

*No out-of-pocket costs

*Qualifying debt ratios

*In-person application

Qualified borrowers can’t get cash back with a VA Streamline. But any out-of-pocket costs can be rolled into the cost of the new loan – or borrowers can accept a higher interest rate and allow the lender to cover the costs.

Veterans without sterling credit may still qualify for a VA Streamline. Borrowers must have remained current on their mortgage payments and have not made more than one 30-day late payment during the last year.

It’s also important to note that veterans interested in a VA Streamline don’t have to return to the lender that issued their initial mortgage. They should feel free to shop around and compare rates. Veterans who obtain a VA Streamline do incur a funding fee (half of 1 percent), which can also be rolled into the new loan or paid in cash.

Veterans in need of cash can take advantage of the VA’s Cash-Out Refinance option. This recent program allows qualified borrowers to refinance up to 100 percent of their current loan to value.

There are also refinance options for veterans with conventional home loans. Qualified veterans can currently refinance up to 100 percent of their property’s appraised value.