My home is paid off free and clear and I'd like to cash out refinance (Not quite sure of the correct term on getting a cash lump sum new mortgage on a paid off house) on it in order to pay off some high interest debt and do some much needed repairs. I'm looking to cash out nearly the entire value of my home and as I understand you can get 100% of the appraised value of your home with a VA refinance.
Is this possible through the VA program? Or is it only for new purchases or refinances of existing mortgages?
Added (1). I AM eligible for a VA loan, just to be clear on that.
Read more: Getting a new mortgage on a house that is paid off? VA loan?
