VA

VA Revisions to Cash-Out Refinance Program – Circular 26-19-05 – Change 1, and Exhibit A Dated February 14 & 15, 2019

Written By: Tracey Rumsey, Staff Writer VA has made last minute announcements and provided a new Exhibit for their new Cash Out Refinance Rules that are effective with applications taken on or after today, February 15, 2019.  In order to provide you with some coping resources for this massive change: the 2 new Circulars have  [...]

2019-02-15T16:04:35+00:00February 15th, 2019|VA|

VA just announced some BIG changes on their cash-out refinance program. If you qualify for VA financing and want to take equity out of your home, contact me or comment below to hear about all of these changes.

Related Article Title: Fannie Mae and VA – DU for Government Loans, Updates for VA Cash-Out Refinances, January 22, 2019, Effective February 15, 2019 – New Chart – VA Refinance Comparison Chart- Updated VA Cash-Out Refinance Checklist Written By: Tracey Rumsey, Staff Writer Anyone working with Veteran clients needs to read this update.  There are important [...]

2019-02-10T18:39:36+00:00February 10th, 2019|Social Media Posts, VA|

Fannie Mae & VA – DU for Government Loans, Updates for VA Cash-Out Refinances, January 22, 2019, Effective February 15, 2019 – New Chart – VA Refinance Comparison Chart- Updated VA Cash-Out Refinance Checklist

Written By: Tracey Rumsey, Staff Writer Anyone working with Veteran clients needs to read this update.  There are important changes to the cash-out refinance program that you must be aware of. Rule Synopsis: Desktop Underwriter for Government Loans will be updated the weekend of February 16, 2019.  The updates will support the changes to VA cash-out [...]

2019-02-11T09:28:59+00:00February 10th, 2019|Fannie Mae, VA|

VA – Married Veterans – Combining Eligibility: If a married couple are both Veterans, can we combine their eligibility for high-cost areas to lower the down payment?

Answer: Unfortunately, no.  VA has a set 25% maximum guaranty of the area loan limit per LOAN, not per entitlement used.  So even though you may split the entitlement used between two veterans, the amount of down payment required doesn’t change. Social Media Post: VA does not allow two married veterans to combine their eligibility [...]

2019-01-25T08:30:25+00:00January 25th, 2019|VA|

VA – Debts Paid Down to 10 Months or Less: Will VA allow for a car purchase loan to be paid down to less than 10 payments, in order to exclude the payment?

Answer: Two things to keep in mind with this scenario: VA has no prohibition against paying down a debt to have a remaining term of <10 months, and VA leaves it up to an underwriter’s judgement to decide if ANY debt, regardless of a short remaining term, should be included in the DTI calculation if [...]

2019-01-25T08:29:00+00:00January 25th, 2019|VA|