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I currently have a CalVet loan with a balance of ~255K at 5.1% (21 years remaining). I am fairly confident that it is not VA guaranteed and from what I understand this means I am not eligible for a VA streamline (IRRRL). I also have about 45K in a HELOC - so I owe about 300K total. The house is valued at ~450K . I would like to refinance the entire 300K and take advantage of lower interest rates. So, my question is, can I refinance the 300K with a VA Loan?
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If you wish to apply for a new VA or traditional loan, the existing CalVet doesn't really have much impact on managing the transaction for the loan originator. For a Loan to Value of ~66% according to your estimates, as Clay mentioned there is a good chance traditional conventional loan would be a better choice for you compared to VA. This will largely be dependant on your qualifying FICO score and also if you receive VA disability to potentially allow for a waiver of the funding fee. If you have a high FICO score and are not eligible for funding fee waiver then quite likley a traditional Fannie Mae loan will be a better choice for you.Happy to review both options with you if you would like to get in touch through my profile.
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