Does VA allows 100% equity Cash-Out on Refinances for Kentucky VA Mortgages?
Yes is the simple answer, but a lot of VA lenders will only go to 90%, so be careful shopping out there for quotes and qualifying info.
VA allows Kentucky VA Mortgage holders and veterans to finance 100% of the purchase price of a home, but they also allow Kentucky VA Mortgage veterans to take cash-out up to 100% of the value of their home! You are still subject to the funding fee unless disabled, and the cash out maybe limited in hand depending on your credit score.
This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines
Kentucky VA IRRRL Refinance benefits:
No Income, No Assets, No Appraisal
|•||Allowed on 2nd homes and Non-owner occupied proof veteran occupied the property at one time required||•||Refinance of Existing VA loan up to $417,000 (loan amounts are based on VA worksheet)|
|•||No Appraisal, no income, and no asset documentation – including funds to close||•||Existing Loan Term can be extended up to 30 years|
|•||Minimum 620 credit score required||•||Reduced guarantee fee of .5%|
|•||No additional pricing adjustment for VA IRRRL transactions||•||Term reduction allowed on VA IRRRL (payment cannot increase by more than 20%)|
Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014
Kentucky VA IRRRL offers Interest Rate Reduction Loans with or without an appraisal
No appraisal or 2055 required
- Minimum 640 credit score
- 1 unit primary residence only
- LTV may be as high as 130% of the homes value.
- Mortgage must be current.
For Kentucky Veterans looking to refinance their existing Ky VA loans, I can help! I’d be happy to go over our VANA feature, as well as our improved VA program.
Senior Loan Officer