Why does not the VA offer house equity loans or HELOCs?
Basically: as the VA just backs mortgages that are first-lien. A house equity loan (also referred to as a second home loan) is one more loan to very first home loan (HELOCs work a little differently) and is basically an extra lien in your home loan.
Although the VA doesn’t guarantee home equity loans, you can easily still borrow from a lender that is independent while keeping your VA loan as your very first home loan. Both house equity loans and HELOCs allow you to definitely turn your equity into money for almost any function from your home improvements to debt consolidation reduction to big acquisitions. Continue reading “Does the VA provide a house Equity Loan?”