The Quick Read: It depends on your home’s appraised value and your payoff, not on the seasoning clock. Six payments and 210 days only decide whether you can close. The cash is whatever room is left under the 100%-of-value ceiling after the payoff, the financed funding fee, and closing costs.
Why Six Payments and 210 Days Don’t Produce a Dollar Amount
Think of seasoning as a waiting-period test on your old loan. It does not size your check.
VA cash-out estimate
Seeded with an example value, a typical balance, and a round cash request at the first-use fee; change any field.
Editable benchmark: 7.18% as of November 5, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a VA cash-out refinance quote.
Illustrative starting assumptions: a $350,000 home value, a $193,000 current balance, the full-value VA cap with the first-use funding fee financed, a thirty-year term at the current Freddie Mac benchmark, and property taxes and insurance estimated at typical national rates. Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a VA cash-out refinance quote; a VA loan is priced by the lender at lock. The total loan, funding fee included, is capped at the program leverage on the reasonable value; the fee follows the tier chosen. The cash available is what the cap allows less the balances paid off and the fee, before closing costs, which are not included. The HELOC line is the line program’s combined loan-to-value ceiling applied to the same value and balance. Taxes and insurance are editable estimates. The debt-to-income figure is a guideline; residual income decides a VA file. Licensed in sixteen states for consumer mortgages.
When the loan you are paying off is itself a VA loan, two conditions must both be true at closing:
- The first payment on that loan was due at least 210 days before the new closing date.
- You have made at least six monthly payments on it.
Both tests have to clear, and whichever finishes later controls. Hit month six but not day 210? You wait. Hit day 210 but skipped a payment? You wait.
Once you pass, a different set of numbers takes over. Appraised value, payoff balance, funding fee, and costs set the cash. Those four inputs are the whole story, and the rest of this piece walks through each.
The product itself is covered on Lendmire’s VA cash-out refinance program page. This article answers the narrower question: what you can expect to walk away with when you are right at the seasoning line.
How Do You Count the 210 Days?
Count from the due date of the first payment on the loan you are paying off. Do not count from your original closing date, and do not count from the day you actually sent the first payment.
A loan that closed in one month usually has its first payment due about a month or two later. So the clock starts later than people think.
On a normal monthly schedule, the sixth payment comes due roughly five months after the first due date. The 210-day mark lands a little under seven months after it. That means 210 days almost always controls for someone paying on time.
| Your situation | Six-payment test | 210-day test | What controls |
|---|---|---|---|
| Paid on time, every month | Clears around month six | Clears around month seven | 210 days |
| Paid several months early | May clear sooner | Unchanged | 210 days |
| Missed or skipped a payment | Count falls behind | May clear on schedule | Payment count |
| Both late and behind | Not met | Not met | Whichever finishes last |
Paying extra early can finish the payment count sooner. It does not move the 210-day mark. The calendar is the calendar.
A lender will also check how the payments are counted, including whether they must be consecutive. VA’s lender guidance sets that rule, so confirm the exact wording for your file with your loan officer. Don’t assume a late payment or a gap is harmless.
How Is the Cash Amount Actually Worked Out?
Net cash is the new loan, capped at 100% of the appraised value including the funding fee, minus what has to be paid from it. VA says a cash-out refinance can reach up to 100% of appraised value. You must own and live in the home.
Here is the arithmetic in plain order:
1. Start with the appraised value. VA sets the reasonable value through its own appraisal. 2. The ceiling is 100% of that value, and the financed funding fee counts inside that 100%. 3. Subtract the payoff of the loan being replaced. 4. Subtract any other liens you pay off at closing. 5. Subtract the funding fee, if you finance it. 6. Subtract closing costs. 7. What remains is your cash.
Two things shrink the check that borrowers often forget. One is the funding fee, which can be financed but still uses up room under the ceiling. The other is the wholesale lender’s own cap. Some lenders set a limit below 100%, so your actual ceiling can sit under the program maximum. Across the wholesale programs Lendmire works with, the guideline is that the VA cash-out reaches 100% of appraised value including the fee, subject to lender guidelines and full file review.
The full rule behind this sits in 38 CFR 36.4306, VA’s loan guaranty regulation.
Run the Numbers on a Young Loan
A loan with six payments behind it has barely been paid down. Almost all of those early payments go to interest, so your payoff is close to your original balance. That is the key to the math for this exact situation.
Here is a hypothetical. These are modeled assumptions, not market data. Assume the appraisal comes in at 100% of a value you set. Assume the financed funding fee and closing costs together use up about 4% of that value. Then vary the payoff.
| Payoff as % of value | Fee + costs (assumed) | Cash to you |
|---|---|---|
| 90% | 4% | About 6% of value |
| 80% | 4% | About 16% of value |
| 70% | 4% | About 26% of value |
Notice what drives the result. The payoff is the big lever. A buyer who put little or nothing down and has paid for only seven months likely carries a payoff at or above the top row of that table, near 100% of value, which leaves little or no cash. Cash comes out when one of two things has happened: the home’s value has risen, or the original loan was small compared with the appraisal.
Now suppose the appraisal comes in below what you hoped. Every point of value you lose is a point of cash you lose too, one for one, because the ceiling moves with it. And if the appraisal lands at or under your payoff plus costs, there is no cash. The refinance may still be possible for another reason, but the cash line is zero.
Right at the seasoning line, the case can be close. If the cash is only a few percent of value, the funding fee and costs can eat much of the reason to do it.
What If You’re Paying Off a Loan That Isn’t VA?
Then VA’s seasoning test does not apply. A VA cash-out can refinance any loan type into a VA loan, including FHA, USDA, or conventional. The six-payment and 210-day test is a VA-to-VA rule.
A lender may still set its own waiting period. Some wholesale lenders use a similar 210-day and six-payment standard on every cash-out as an overlay. That is a lender choice, not a VA requirement, and it can stack on top of VA’s rules. When you shop, ask whether any waiting period you are quoted is VA’s or the lender’s. The answer tells you whether another lender might handle it differently.
One more VA-to-VA case: if you bought with a VA loan recently, a cash-out replacing it is blocked until that loan is seasoned. The clock runs from that purchase loan’s first payment due date.
What Is the Net Tangible Benefit Test?
Every VA cash-out has to pass a net tangible benefit test. In plain terms, the new loan must leave you better off in at least one way VA lists. VA lists eight such benefits. Examples include removing monthly mortgage insurance, moving to a shorter term, getting a lower rate, or converting an adjustable-rate loan to a fixed one. The list sits in 38 CFR 36.4306.
Your lender must also give you a side-by-side comparison of the old and new loans. It shows the payoff, the term, the total you would pay over each loan’s life, the loan-to-value ratio, and the effect on your home equity. Read that page. It is the clearest view of what you are trading.
A common mix-up: the half-percent rate-reduction test and the fee-recoupment test belong to the IRRRL, VA’s streamline refinance. They do not apply to the VA cash-out. Some lender pages blur the two. The cash-out has its own benefit test instead.
How Does the Funding Fee Change Your Check?
The funding fee is a one-time charge that VA sets. VA explains it on its funding fee and closing costs page. For a cash-out refinance, the fee is 2.15% of the loan on first use and 3.3% on later use.
Veterans who receive compensation for a service-connected disability, and the other exempt groups, owe no funding fee. If you are exempt, the fee line in the worked example disappears and your cash rises by that amount.
You can finance the fee into the loan. That is convenient, but it still counts inside the 100% ceiling and it still accrues interest. Financing a fee on a loan you will hold a long time is a real cost over the years. The fee is a program charge, not a price, and it is shown on your Loan Estimate and Closing Disclosure.
Common Mistakes at the Seasoning Line
These are the slips I see most when borrowers think they are ready.
- Counting from closing. The 210 days start at the first payment due date, which comes after closing.
- Thinking extra payments shorten the wait. They finish the payment count. The calendar stays put.
- Assuming six payments is enough. Both tests apply.
- Expecting 100% of value as cash. The ceiling includes your payoff, the fee, and costs.
- Treating a lender’s overlay as VA’s rule. Ask which one you are hearing.
- Skipping the downside. A cash-out replaces your original mortgage and turns equity into debt you must repay. The CFPB’s home equity guide notes it can also lengthen how long it takes to pay off the mortgage.
A larger balance generally means a higher payment, and financed fees accrue interest too. Your lender will show exact figures on the Loan Estimate.
Is It Worth Doing Right at Day 210?
Sometimes yes, sometimes no. The stronger play is usually to wait if value has not moved. The case for going now is simple: the appraisal has jumped, or you hold a high-cost non-VA loan that VA’s benefit test lets you replace.
VA also uses residual income as the controlling underwriting test. The 41% debt-to-income figure is a guideline, not a cap, but a higher ratio needs residual income well above the table. Wholesale programs begin at a 580 decision score, subject to lender guidelines. If your credit has slipped since your original loan, check that first.
One caution on solicitations. VA warns about misleading refinance offers on its cash-out loan page. VA itself does not make the loan. A private bank, mortgage company, or credit union does. If an offer arrives that mentions an “automatic” approval or a cash amount before any appraisal, treat it as marketing.
What Should You Do on Day 210?
Think of it as a short checklist, not a finish line.
1. Pull your first payment due date from your original closing paperwork and mark day 210. 2. Confirm your payment history shows six on-time monthly payments. 3. Locate your Certificate of Eligibility. 4. Ask for a rough value estimate and your current payoff. Subtract the fee and costs as shown above. 5. Compare the cash to the cost. If it is thin, wait. 6. If you proceed, expect a VA appraisal, income and credit documents, the net tangible benefit comparison, and the seasoning certification.
Lenders cannot move the date. They can only confirm it.
Key Terms Defined
Seasoning: The waiting period VA requires between your old VA loan’s start and a new cash-out refinance of it.
First payment due date: The date your first mortgage payment was scheduled, which is where the 210-day count begins.
Net tangible benefit: One of VA’s eight listed ways the new loan must improve your position.
Reasonable value: The appraised value VA sets, which drives the 100% ceiling.
IRRRL: VA’s streamline refinance for lowering the rate or switching from adjustable to fixed on an existing VA loan, without a VA appraisal.
Funding fee: A one-time VA charge, financeable and waived for exempt veterans.
Next Step
If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches. Reach the team at 828-256-2183 or request a quote. Program details are subject to lender guidelines and full file review, and nothing here is a commitment to lend.
Frequently Asked Questions
Can I close once I hit six payments but not 210 days?
No. Both conditions must be met, and the later one controls. Six on-time payments land around month six, while 210 days from the first due date lands closer to month seven. Waiting for the later date is the rule for a VA-to-VA cash-out.
Do extra payments get me there sooner?
Only for the payment count. Prepaying can complete six payments early, but the 210 days still run from the first payment due date. A lender will check both when it reviews your file.
Does the waiting period apply if I’m refinancing an FHA or conventional loan?
VA’s seasoning test applies only when the loan being paid off is a VA loan. A VA cash-out can refinance other loan types. A lender may still add its own waiting period, so ask whether the wait you are quoted is VA’s or the lender’s.
Can I take out 100% of my home’s value as cash?
No. The 100% ceiling includes your payoff, any other liens, the financed funding fee, and closing costs. Cash is what remains. Some lenders set a cap below 100%, so your actual limit depends on the lender, subject to guidelines.
Does the funding fee come out of my cash?
If you finance it, yes: the fee is added to the new loan and uses up room under the 100% ceiling, so it reduces the cash left for you. The VA cash-out fee is 2.15% for first use and 3.3% after, and it is waived for veterans receiving compensation for a service-connected disability and the other exempt groups. Your Loan Estimate shows how the fee is applied to your loan.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps homeowners and home buyers in 16 states with FHA, VA, conventional and jumbo purchase and refinance loans arranged through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and the agency guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. VA, cash-out refinance loan
2. VA Home Loans, purchase and cash-out
4. VA, funding fee and closing costs
5. CFPB, using home equity guide
This article is part of Lendmire’s VA cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Qualify and Apply for a VA Cash-Out Refinance After Six Payments and 210 Days · How to Restore Entitlement Before a VA Cash-Out Refinance · VA Cash-Out Refinance vs Conventional Cash-Out After a Job Change
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.