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Home Refinance

15 to 30 Year VA Cash Out Loan Up To 100% LTV

byNicholas Auriemma, NMLS# 1455001
10 months ago
inRefinance, VA Loan
15 to 30 Year VA Cash Out Loan Up To 100% LTV

15 to 30 Year VA Cash Out Loan Up To 100% LTV

VA cash out guidelines vary when it comes to the lender, and some have a VA cash out loan-to-value (LTV) limit. If a lender will only go up to 90% LTV, they may have an VA overlay, which is a guideline on top of VA cash out guidelines.

Some common VA overlays include, but not limited to:

  • Not allowing to cash out up to 100% LTV.
  • Requiring a higher credit score to qualify.
  • Not being able to manually underwrite the loan.
  • Capping VA debt-to-income ratios.
  • Increased seasoning requirements on derogatory accounts or events.
  • Additional pricing adjustments, which could increase the interest rates.

Current VA Cash Out Refinance Interest Rates

Looking for VA cash out refinance interest rates? A licensed Loan Originator will be able to price out current mortgage interest rates.

Typically, other types of cash out refinance options cap the loan size at 80% LTV. The max cash out on VA refinance is 100% on a 15 to 30 year VA cash out loan.

Reasons for a Cash Out Refinance

The proceed from a cash out refinance allow borrowers to use the money for pretty much anything they want. Some of the most common uses of funds include:

  • Paying off high interest debt.
  • For home improvement projects.
  • Buying another home.

VA Cash Out Guidelines

If a lender does not follow the Lenders Handbook – VA Pamphlet 26-7, they have additional guidelines that make it harder to qualify for a VA loan.

The first step is to reach out to a lender and connect with a licensed Loan Originator to obtain a list of loan documents required for underwriting and processing. Choosing a lender from the beginning that has easier guidelines will save time and money. The process is streamlined for a 15 to 30 year VA cash out loan through the Automated Underwriting System (AUS).

The process will be followed up with a brief conversation, which will allow the Loan Originator to complete the application, pull credit when given authorization, and run the Automated Underwriting System.

Determining Eligibility Results

Though there is a lender handbook for VA guidelines, the Automated Underwriting System is a system that streamlines the approval process and will determine eligibility results. The findings will determine:

  • If the debt-to-income ratios work.
  • The VA cash out LTV limit for the specific scenario.
  • And will analyze credit, capacity, and collateral.

Without approve/eligible recommendations, a VA loan can still be manually underwritten, but not all lenders are willing to manually underwrite a VA loan.

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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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  • Request Information
    • Apply Now
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    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
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    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
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    • Reverse Mortgage
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