Federal Housing Association (FHA) and Veterans Administration (VA) are the most common type of Government mortgages.  There’s also CalVet, CalHFFA and USDA mortgages.

VA-Veterans Administration are great loans to refinance. If you currently have a VA loan, the VA IRRL is a loan where no income or appraisal is required and is an Interest Rate Reduction Loan only where no cash out is allowed. A VA IRRL would typically lower your rate and lower your monthly mortgage payment.  

VA also allows cash out, however varying rules apply and a benefit to the borrower has to be approved by the VA.  The professionals at Integrated Lending Group have helped thousands of California home owners find a Government Home Loan.

FHA- Federal Housing Association are also great loans to refinance. As with VA, FHA does not require an appraisal nor does it require income verification; this mortgage is typically referred to as an FHA Streamline Refinance. With this mortgage no cash out is allowed as this loan is for rate and payment reduction only.

FHA does allow a cash out refinance mortgage up to 85% of the homes value, but different qualifying criteria are required and income analysis and appraisal are then required.

Both VA and FHA allow borrowers to have lower credit scores, no reserve assets and a high Loan To Value (in most cases no appraisal required) when getting a new refinance mortgage. As of 2022 there are no county loan limits for VA loans!

Your mortgage loan professional at Integrated Lending Group can guide you on the best loan product for your desired outcome.