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Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014
Kentucky VA IRRRL Program Highlights for a VA Refinance
No Appraisal. (min 640 FICO)
640 Min FICO to 100% LTV
Mortgage only VA IRRRL allowed
No Manufactured Homes (single or double-wide)
The maximum loan term is the original term of the VA loan being refinanced plus ten years, but not to exceed 30 years
The borrower cannot pay off liens other than the existing VA loan from IRRRL proceeds.
Any second lien-holder would have to agree to subordinate. While the borrower may pay any reasonable amount of discount points in cash, only up to two discount points can be included in the loan amount.
An IRRRL cannot be used to take equity out of the property or pay off debts, other than the VA loan being refinanced. Loan proceeds may only be applied to paying off the existing VA loan and to the costs of obtaining or closing the IRRRL. Therefore, the general rule is that the borrower cannot receive cash proceeds from the loan