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Are VA cashout refinances allowed for low equity?

I have 15% equity in my home and hoping to get 10% cash out. My mortgage is with the VA. I do have high credit though, over 720. by diannewalters7846660 from Easley, South Carolina. Feb 2nd 2015 Reply


Scott Campbell (Scotty)
#47 ranked lender in South Carolina - 11 contributions

The maximum loan to value on a cash out VA loan is 100%.

Feb 2nd 2015
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Matt Elston (Matt.Elston)
#4 ranked lender in South Carolina - 50 contributions

Sure is, 100% VA Cash Out. Best program available. Right now you can get a rate as low as 3.25% on a 30 year fixed Va Cash Out & receive a Lender Credit!

Feb 2nd 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

You can get 100% cash out!

Feb 2nd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

VA allows for 100% cash out, however VA does not lend money.. they only insure loans against default.. each lender who offers VA financing will oftentimes have their own guidelines above what VA calls for.. it's these "Overlays" that limit some lenders for higher Loan to Value maximums.. for this reason, your better off contacting a local mortgage broker.. Brokers work with numerous lenders (I have 21) seeking out the best terms for your exact loan scenario.. the more lenders, the more options and the more likely your loan will be approved.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 2nd 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Up to 100% cash out is allowed.

Feb 2nd 2015
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Clint Hammond (chammond)
#29 ranked lender in South Carolina - 2 contributions

VA cash out is limited to 90% loan to value. You can finance 100% with a purchase loan or a IRRL refinance but you're capped at 90% for cash out or a refi from a non-VA loan into a new VA loan. If you need the cash, your best bet will be a HELOC if you can find a local bank that will go to 95% CLTV. Depending on when you closed your current VA loan though, you may still want to look at the IRRL refi as it's a quick and cost effective way to reduce your interest rate and monthly payment.

Feb 2nd 2015
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,250 contributions

How much are you looking for ? I might have a easy solution for you. I work with a lot of folks in the military, active ,and discharged, and there are options out there that makes it a lot easier for you to get funds without redoing your loan.. linda at yourloanpartnerforlife@live.com

Feb 2nd 2015
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Jay Spurlin (CFCMortgage)
#46 ranked lender in South Carolina - 24 contributions

Absolutely, VA is 100% Financing. We are local here in Myrtle Beach, but our new Branch Manager is from the Upstate. We already have a couple loans closing in Easley this month. We would love to add one more... 843-215-6200 or 803-900-0090

Feb 2nd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Sure thing, we can refinance you up to 100% of the home value, assuming the details of your application work out. Rates are excellent, it's a good time to act! - Just down the road from you in Charleston.

Feb 2nd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

FYI, some lenders will not allow cash out to 100% but that is their rule not VA!

Feb 2nd 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Well the good news is that VA will allow up to get a cash out loan up to 100% of your homes value. As long as you qualify that is. :)

Feb 3rd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

VA loans allow you to cash out up to 100% of the value of the home. So how much is the home worth? Is there enough money there for your needs? If so, contact a local mortgage broker in your area who handles VA loans. In MN, SD, and WI, visit www.VA-IRRRL-Loan-MN.com

Feb 4th 2015
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