{"id":39468,"date":"2024-05-14T18:13:03","date_gmt":"2024-05-14T18:13:03","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39468"},"modified":"2024-08-07T11:21:33","modified_gmt":"2024-08-07T07:21:33","slug":"refinance-va-loan-to-conventional","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/","title":{"rendered":"Can You Refinance a VA Loan to a Conventional Loan?"},"content":{"rendered":" <p class=\"wp-block-paragraph\">VA loans, backed by the U.S. Department of Veteran Affairs, make homeownership affordable for members of the armed forces and veterans. If you have a VA loan, you\u2019re already familiar with the perks these loans offer, including 100% financing, competitive rates and no private mortgage insurance (PMI) requirement. <\/p> <p class=\"wp-block-paragraph\">Despite these benefits, the time may come when a refinance makes sense. But you\u2019re not limited to VA-specific options. You can also swap out your VA mortgage for a conventional home loan. Here\u2019s what you need to know before moving forward. <\/p> <h2 class=\"wp-block-heading\" id=\"h-how-does-refinancing-from-va-loan-to-conventional-loan-work\">How Does Refinancing from VA Loan to Conventional Loan Work?<\/h2> <p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/how-soon-refinance-mortgage\/\">When you choose to refinance<\/a>, you trade your current VA loan for a conventional loan, typically with different terms. The new lender pays off your old mortgage, and you resume repayment per the terms of the loan agreement on the conventional loan. <\/p> <h2 class=\"wp-block-heading\" id=\"h-how-long-after-a-va-loan-can-you-refinance-nbsp\">How Long After a VA Loan Can You Refinance? <\/h2> <p class=\"wp-block-paragraph\">You must make six monthly payments on your VA loan or wait 210 days to move forward with a conventional loan refinance, whichever is greater. This same rule applies to VA loan refinances or if you choose to refinance with a different VA mortgage. <\/p> <h2 class=\"wp-block-heading\" id=\"h-reasons-why-you-might-refinance-va-loan-to-conventional\">Reasons Why You Might Refinance VA Loan to Conventional<\/h2> <p class=\"wp-block-paragraph\">A few instances could warrant a refinance from a VA to a conventional mortgage product. <\/p> <h3 class=\"wp-block-heading\" id=\"h-improved-loan-terms-nbsp-nbsp-nbsp\">Improved Loan Terms <\/h3> <p class=\"wp-block-paragraph\">If your credit score has improved since you took out your original, you may qualify for a better rate by <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/ways-refinance-mortgage-bad-credit\/\">refinancing<\/a>. The same applies if you know you have \u201cexcellent\u201d credit, as the most competitive interest rates are reserved for borrowers who fall into this category. Still, it\u2019s worth checking out the current rates with VA loans, as they tend to be lower than what you\u2019ll find with conventional loan products. <\/p> <h3 class=\"wp-block-heading\" id=\"h-lower-monthly-payment\">Lower Monthly Payment<\/h3> <p class=\"wp-block-paragraph\">A lower interest could mean more affordable monthly mortgage payments, particularly if you opt not to reset your loan term. But if you do, the payments will likely be even lower, although you could pay more in borrowing costs since the lender gets more time to collect from you. <\/p> <h3 class=\"wp-block-heading\" id=\"h-more-flexibility-nbsp\">More flexibility <\/h3> <p class=\"wp-block-paragraph\">If you want to convert your primary residence into a rental property, you can refinance to a conventional loan. This is a commonly used strategy for homeowners who want to hold an investment property to generate rental income. <\/p> <h3 class=\"wp-block-heading\" id=\"h-ineligible-for-an-irrrl\">Ineligible for an IRRRL<\/h3> <p class=\"wp-block-paragraph\">The VA Interest Rate Reduction Refinance Loan is a popular option for many borrowers to secure a lower interest rate. However, a conventional refinance could be the next best option if you\u2019re ineligible for the loan product because you have several mortgages or for some other reason. <\/p> <h2 class=\"wp-block-heading\" id=\"h-key-considerations-when-refinancing-a-va-loan-to-conventional\">Key Considerations when Refinancing a VA Loan to Conventional<\/h2> <h3 class=\"wp-block-heading\" id=\"h-refinancing-costs\">Refinancing Costs<\/h3> <p class=\"wp-block-paragraph\">You\u2019ll be on the hook for closing costs when <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/refinance-mortgage-bad-credit\/\">refinancing your mortgage<\/a> &#8211; typically between 2% and 5% of the loan amount. These costs can include loan origination fees along with fees for the appraisal, title search and other services. If you want a lower interest rate, you\u2019ll also need to pay points directly to the lender. Some lenders let you roll closing costs into the loan, or you may have access to a \u201cno-closing-cost mortgage\u201d in exchange for a higher interest rate. <\/p> <h3 class=\"wp-block-heading\" id=\"h-interest-rates\">Interest Rates<\/h3> <p class=\"wp-block-paragraph\">A primary draw to refinance is the possibility of a lower interest rate. If you have excellent credit, you could get a lower interest rate by refinancing to a conventional loan. Be mindful that interest rates fluctuate over time, so it\u2019s worth following trends on the market to identify trends. <\/p> <h3 class=\"wp-block-heading\" id=\"h-your-home-equity\">Your Home Equity<\/h3> <p class=\"wp-block-paragraph\">If you\u2019re considering a conventional cash-out refinance, you\u2019ll need a sizable amount of home equity to qualify for a new loan. Most lenders require you to have at least 20% in equity to qualify for a loan. The more, the better, though, as having a small amount of equity could limit the amount of cash you can pull out. <\/p> <h2 class=\"wp-block-heading\" id=\"h-what-are-the-requirements-for-refinancing-a-va-loan-to-a-conventional-loan\">What are the Requirements for Refinancing a VA Loan to a Conventional Loan?<\/h2> <p class=\"wp-block-paragraph\">If you meet the waiting period referenced above, you could be eligible for a refinance, assuming the following guidelines are also met: <\/p> <ul class=\"wp-block-list\"> <li><strong>Credit score: <\/strong>You\u2019ll need a credit score of at least 620 to qualify for a conventional loan &#8211; the higher, the better. <\/li> <li><strong>Debt-to-income (DTI) ratio: <\/strong>Your DTI should not exceed 50%, although 43% or lower is preferred and gives you the best approval odds. <\/li> <li><strong>Income: <\/strong>You should also have a consistent stream of verifiable income. Lenders will confirm this information by requesting income documentation, like recent pay stubs, tax returns, bank statements and W2s. <\/li> <li><strong>Down payment: <\/strong>Conventional mortgages require a minimum down payment of 3%. <\/li> <li><strong>Private mortgage insurance (PMI): <\/strong>This coverage is also required if you put less than 20% down. <\/li> <li><strong>Loan amount: <\/strong>The loan amount must not exceed the conforming loan limits set forth by the Federal Housing Finance Agency (FHFA). This figure is $766,550 (or up to $1,149,825 in high-cost areas). <\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-how-to-refinance-a-va-loan-to-conventional-loan\">How to Refinance a VA Loan to Conventional Loan<\/h2> <h3 class=\"wp-block-heading\" id=\"h-evaluation-of-current-mortgage-and-your-financial-situation\">Evaluation of Current Mortgage and Your Financial Situation<\/h3> <p class=\"wp-block-paragraph\">Assess your finances to determine if it makes sense to <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/jumbo-loan-refinance\/\">refinance<\/a>. It\u2019s equally important to determine why you want to refinance. Also, take note of your current interest rate, monthly payment amount and the remaining balance on your VA loan. You\u2019ll need these figures when comparing loan quotes. <\/p> <h3 class=\"wp-block-heading\" id=\"h-checking-credit-score-and-eligibility\">Checking Credit Score and Eligibility<\/h3> <p class=\"wp-block-paragraph\">Take a look at your credit score to ensure it\u2019s up to par. As previously mentioned, you\u2019ll typically need a credit score of 620 or higher to qualify for a conventional loan. A higher score means more competitive terms, so it\u2019s worth improving your credit health before applying. <\/p> <p class=\"wp-block-paragraph\">Also, compute your DTI to confirm it is below the lender\u2019s maximum threshold. It\u2019s 43% for most lenders, but you could get approved if it\u2019s slightly higher if there are other compensating factors. <\/p> <h3 class=\"wp-block-heading\" id=\"h-comparison-shopping-for-lenders\">Comparison Shopping for Lenders<\/h3> <p class=\"wp-block-paragraph\">The next step is to shop around for a viable lender. Inquire about each lender\u2019s eligibility guidelines and compare rates, fees and terms. Remember to factor in closing costs, which can cost several thousands of dollars. <\/p> <h3 class=\"wp-block-heading\" id=\"h-loan-application-and-approval\">Loan Application and Approval<\/h3> <p class=\"wp-block-paragraph\">Once you\u2019ve found a lender that meets your needs, formally apply for a conventional loan. You\u2019ll need to provide financial documentation, including pay stubs, tax returns and bank statements, to prove you have enough assets and income to afford the loan.<\/p> <h3 class=\"wp-block-heading\" id=\"h-underwriting-and-appraisal\">Underwriting and Appraisal<\/h3> <p class=\"wp-block-paragraph\">After you\u2019ve submitted your loan application, the lender will review your financial information and credit score to determine whether you qualify for a conventional loan. The lender will also order an appraisal to determine the value of your home. Your loan will be approved if you meet the eligibility requirements and your home appraises at or above the project value.<\/p> <h3 class=\"wp-block-heading\" id=\"h-closing\">Closing<\/h3> <p class=\"wp-block-paragraph\">At closing, you\u2019ll sign the loan documents and pay closing costs if you opt not to roll them into your loan. Be sure to address any questions or concerns you may have before signing the loan agreement to avoid any surprises later on down the line. <\/p> <h2 class=\"wp-block-heading\" id=\"h-conclusion-making-the-decision-to-refinance-from-va-to-conventional\">Conclusion: Making the Decision to Refinance from VA to Conventional<\/h2> <p class=\"wp-block-paragraph\">There are several reasons for refinancing from a VA loan to a conventional loan. You want to weigh the benefits and drawbacks, shop around, and run the numbers to confirm that it makes financial sense. Understanding eligibility guidelines before formally applying is equally important so you\u2019ll know what to expect. Most importantly, prepare your finances and confirm your credit rating is up to par before moving forward to give yourself the best chance of getting a good deal <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-fha-loan-to-conventional\/\">when refinancing to a conventional loan<\/a>. <\/p> <h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-about-refinancing-va-loan-to-conventional\">Frequently Asked Questions about Refinancing VA Loan to Conventional<\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1717438570053\"><strong class=\"schema-faq-question\">Is it always beneficial to refinance a VA loan to conventional?<\/strong> <p class=\"schema-faq-answer\">Not necessarily. If you plan to relocate soon, the costs associated with refinancing could exceed the benefits of getting a cheaper mortgage or more competitive terms. Furthermore, refinancing to a conventional loan may not be the best option if you have a service-related disability, as you\u2019ll lose the unique benefits available to disabled veterans. <\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717438575678\"><strong class=\"schema-faq-question\">Can you switch back to a VA loan after refinancing to conventional?<\/strong> <p class=\"schema-faq-answer\">Yes, it\u2019s possible to revert back to a VA loan. However, there may be a waiting period before you can make the switch. <\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>Can you refinance your VA loan to a conventional loan? Learn about the process and steps involved in refinancing from VA to conventional.<\/p> ","protected":false},"author":7,"featured_media":39501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[244,217],"tags":[],"class_list":["post-39468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-refinance","category-mortgage"],"acf":{"zone_id":"322149","sponsored":false,"external_author":1943,"external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/refinance-va-loan-to-conventional.jpg","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can You Refinance a VA Loan to Conventional? | Miami Herald<\/title>\n<meta name=\"description\" content=\"Can you refinance your VA loan to a conventional loan? 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Learn about the process and steps involved in refinancing from VA to conventional.","breadcrumb":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#faq-question-1717438570053"},{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#faq-question-1717438575678"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#primaryimage","url":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/refinance-va-loan-to-conventional.jpg","contentUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/refinance-va-loan-to-conventional.jpg","width":1200,"height":800,"caption":"refinance va loan to conventional"},{"@type":"BreadcrumbList","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.miamiherald.com\/banks\/"},{"@type":"ListItem","position":2,"name":"Can You Refinance a VA Loan to a Conventional Loan?"}]},{"@type":"WebSite","@id":"https:\/\/www.miamiherald.com\/banks\/#website","url":"https:\/\/www.miamiherald.com\/banks\/","name":"Miami Herald - Personal Finance","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.miamiherald.com\/banks\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/www.miamiherald.com\/banks\/author\/"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#faq-question-1717438570053","position":1,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#faq-question-1717438570053","name":"Is it always beneficial to refinance a VA loan to conventional?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Not necessarily. If you plan to relocate soon, the costs associated with refinancing could exceed the benefits of getting a cheaper mortgage or more competitive terms. Furthermore, refinancing to a conventional loan may not be the best option if you have a service-related disability, as you\u2019ll lose the unique benefits available to disabled veterans.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#faq-question-1717438575678","position":2,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-va-loan-to-conventional\/#faq-question-1717438575678","name":"Can you switch back to a VA loan after refinancing to conventional?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, it\u2019s possible to revert back to a VA loan. However, there may be a waiting period before you can make the switch.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts\/39468"}],"collection":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts"}],"about":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/types\/post"}],"author":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/comments?post=39468"}],"version-history":[{"attributes":{"count":0},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts\/39468\/revisions"}],"acf:post":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/external-author\/39659"},{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/external-author\/1943"}],"wp:featuredmedia":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/media\/39501"}],"wp:attachment":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/media?parent=39468"}],"wp:term":[{"attributes":{"taxonomy":"category","embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/categories?post=39468"},{"attributes":{"taxonomy":"post_tag","embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/tags?post=39468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}