VA Cash-Out Refinance Mortgage Guidelines On VA Loans

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This BLOG On VA Cash-Out Refinance Mortgage Guidelines On VA Loans Was PUBLISHED On October 13th, 2020

VA Cash-Out Refinance Mortgage Guidelines On VA Loans has just changed from 100% to 90% LTV.

  • VA loans is the best loan program in the nation. Lenders can offer 100% financing at lower than conventional mortgage rates with no mortgage insurance required on VA loans
  • VA loans no longer have a maximum loan limit
  • You can purchase a high end home with a VA loan if you are eligible
  • Lenders can give spectacular mortgage rates at unbelievable terms on VA loans due to the government guarantee
  • In the event a borrowers defaults and/or forecloses on their VA loan, the Veterans Administration will step in and partially guarantee the loss sustained by the lender
  • Not every American can qualify for VA loans
  • Only active and/or retired members of the U.S. Armed Services with a valid Certificate of Eligibility (COE) are eligible for VA loans
  • VA loans have easier agency mortgage guidelines than any other loan program
  • Data show that veterans have lower credit profiles than their civilian counterparts
  • This may be due to veterans getting deployed and/or having often base transfers may delay paying their monthly bills due to the call of duty
  • However, VA loans have the lowest delinquency rate than any other mortgage program
  • Due to the booming economy and skyrocketing home prices, the VA has decided to lower the loan to value on cash-out refinancing on VA loans

In this article, we will cover and discuss the VA Cash-Out Refinance Mortgage Guidelines On VA Loans.

Booming Economy And Housing Market

VA Cash-Out Refinance Mortgage Guidelines

The economy is way better than anticipated.

  • After President Donald J. Trump took office as the 45th President of the United States, the economy has been generating record numbers
  • Unemployment numbers are historical lows
  • Wages are at historical highs
  • Consumer spending is the highest it has been in decades
  • The Dow Jones Industrial Average is at an all-time high
  • The Democratic Party is in shambles and is coming up with lies after lies to undermine the Trump Administration
  • The housing market has been booming despite the highest mortgage rates since the 2008 Housing Bubble and Credit Crash
  • There is no sign of any slowdown, recession, or housing correction
  • Both the FHFA and HUD has been increasing conforming and FHA Loan Limits for 3 years in a row due to higher home prices

With homes appreciating like never before, homeowners can get 100% LTV cash-out per VA Cash-Out Refinance Mortgage Guidelines. 

Mortgage Rates On VA Cash-Out Refinance Mortgage Loans

In general, there are pricing adjustments called LLPAs on all cash-out refinance loans. VA Loans generally have lower mortgage rates. Often times VA Loans have lower rates than conforming loans. This is due to the government guarantee on VA Home Loans.

  • Borrowers can contact us at Gustan Cho Associates for live pricing on VA Cash-Out Refinance Mortgage Loans
  • Mortgage Rates on VA Loans is dependent on credit scores, loan amount, type of property, and other LLPA
  • Homeowners can use proceeds from VA Cash-Out Refinance Mortgage for any purpose they deem fit
  • Could be for debt consolidation, home improvements, paying down credit card debt, vacation, and/or investments

VA Cash-Out Refinance Mortgage Guidelines And Requirements

What are the guidelines and requirements for a Cash-Out Refinance Mortgage

Homeowners need to meet all VA Mortgage Guidelines to qualify for VA Cash-Out Refinance Mortgage Financing:

  • Up to 100% Loan-To-Value
  • Homeowners need to have VA entitlement, which can be restored by paying off the existing VA Loan and getting new higher VA Mortgage
  • Gustan Cho Associates are national lenders with no overlays on VA Loans
  • There is no minimum credit score requirements on VA Loans
  • There is no maximum debt to income ratio requirements on VA Loans
  • Many lenders do require a minimum credit score of 620 to 640 on VA Loans
  • The reason these lenders require a minimum credit score is not because of VA but because they have their own lender overlays on VA Loans
  • Not all lenders have the same VA Lending Requirements
  • Just because a borrower cannot qualify with VA Lender A does not mean they cannot qualify with VA Lender B
  • Gustan Cho Associates recently closed a VA Loans with 580 credit score and 60% DTI
  • This is because the borrower got an approve/eligible per automated underwriting system

Qualify Today With Direct Lender With No Overlays

Borrowers who are looking for a national five-star direct lender with no overlays on VA Loans, please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays. The team at Gustan Cho Associates are available 7 days a week, evenings, weekends, and holidays.

This BLOG On VA Cash-Out Refinance Mortgage Guidelines Was UPDATED On October 13th, 2020

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