VA Cash-Out Refinance Goes 100%

Mortgage and Lending with Premier Nationwide Lending RMLO - License #206799

October 29, 2008 01:34 AM

Did you know that VA will now allow an LTV of up to 100% on a VA cash-out refi based on the current appraised value? This is a 10% increase from the previous threshold of 90%.

Did you know that a VA cash-out refi is considered to be any current non-VA loan, (with the exception of a Texas A6 Cash-out loan), that is refinanced into a VA loan?

Please keep in mind that even though VA refers to this as a cash-out refi, it is in reality a rate/term refi and no cash back will be allowed at closing.

Service First Mortgage

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Brian Belcher

RE/MAX Executive - Charlotte, NC

Charlotte Realtor

Thanks for the post.

Oct 29, 2008 01:40 AM

Anonymous

Lori

According to the credit policiy manual for at least one investor: Borrower can receive cash for any purpose acceptable to the lender

Nov 17, 2008 08:25 AM

Brad Lynch

Premier Nationwide Lending - Flower Mound, TX

Question behind that, does that go for Texas properties? The Texas (A)6 over powers most of those type of situations where someone is taking equity from their primary residence. I'm in Texas. Go Cowboys finally, and Mavs too! (:

Nov 17, 2008 08:48 AM

Jean Blakeley-Cook

Flagship Mortgage Corporation - Minneapolis, MN

Mortgage Loan Originator

Howdy, I just thought I'd chime in and let you know that there is a great advantage to the new VA cash out refinance: You CAN get cash back at closing!

Happy Blogging

Dec 09, 2008 07:01 AM

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