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Can I take out equity through VA streamline for a roof repair

I have a VA 30 year fixed and need to do a roof repair.  My credit is shot due to an injury and missed work/ income but am in full health now and back to work.   I missed one mortgage payment and am waiting for my tax return to catch up.  Do I have any options with a streamline? I believe I have + $20K in equity but only need $5 for the repair.
  • February 26 2013 - Discovery Bay
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Answers (4)

Profile picture for The Mortgage Mark
How much is in your escrow account.  When doing an IRRL you will have to set up a new escrow account.  So this means that you will receive a refund of your current escrow balance.  You will also get to skip atleast 1 month mortgage payment.  So even with the IRRL program not allowing any cash back it will free up some money for you. 
  • October 28 2013
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No, VA IRRRL does not allow for CASH OUT, you need a VA CASH OUT loan. [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • October 27 2013
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Not on the streamline.  Most lenders will do at least a 90% cash out VA refi though.  Besides requiring income they aren't much of a different process these days.

  • February 27 2013
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Hello, the VA IRRRL program does not allow for any cash out. Depending on the rate that you have now, you may still benefit to do a VA IRRRL in order to reduce your mortgage payment. Once you close on the VA IRRRL, assuming you qualify, you could get up to 2 months before your 1st new mortgage payment is due and you would also receive a full refund of what is in your escrow account. If you have any other specific questions, feel free to contact me. Best of luck
  • February 26 2013
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