You read the headline correct: VA now allows 100% cash out refinances. VA refinances are no longer capped at 90% of your current appraised value. This change will allow Veterans, Active Duty Members & Reservists the option to refinance their non VA loans into safe, secure, fixed rate VA Loans. VA Loans have no MI or Mortgage Insurance.
Even better news: The previous limit of $144,000 on VA refinances has been lifted, and the limit is now the VA Loan limit for your county. Click here to see your limit: New VA loan limits for 2009 Blog Post .
The Entitlement and Guarantee equations have been adjusted slightly as well to facilitate Refinances over $144K as well. I will post some scenarios in a future blog to illustrate this.
We are very excited about the enhanced possibilities for our Veterans.
Please call Brian Skaar at 760-752-4480 or visit us online at www.vandykfunding.com to find out more.
VanDyk Mortgage is a VA Direct Lender (since 1987). We are the VA Experts. We offer VA loans accross America including: California, Washington, Arizona, Texas, Florida, Georgia, & more.
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