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Convert CalVet to VA Loan & consolidate HELOC into new loan?

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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October 31 2013 - US
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Answers (6)

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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November 05 2013
Do a refinance using a Conforming Loan and save the expense of the Funding Fee.
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November 05 2013
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I am looking for a lender that has experience refinancing from a CalVet (either to a VA or standard loan) - preferably someone with good reviews either here or elsewhere.  Recommendations appreciated.

 
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November 05 2013
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November 02 2013
Hi CalVet,

That is certainly an option as a cash-out.  It would reduce your interest significantly.

Please feel free to reach out via my profile and se can look at your refinance options.

Best,

Bryan
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October 31 2013
I am a Senior Federal Lending Specialist with a National Lender. From the scenario you have provided, there are numerous options that are available to you. I would be happy to answer any questions you may have at anytime. Please feel free to contact me through my profile at anytime. Thank you and best of luck.
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October 31 2013
 
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