VA Cash-Out Refinance Product Updates
Effective with locks on or after January 16, 2020, VA Type l and Type ll Refinances with loan terms <= 15 years, the maximum LTV will be limited to 90%.
Pipeline loans locked at <=15-year terms with> 90% LTV will be honored.
Please note as a reminder, LTV for VA Cash-out refinances are calculated by the total loan amount including the financed VA Funding Fee, if applicable.
Please reference the NewRez Product Profiles for the changes outlined in this announcement.