The Department of Veterans Affairs recently released a new mortgagee letter in which it stated that the VA will now insure VA Loans up to 100% Loan to Value on all loan types including cash out refinances. We are still waiting for lenders to jump on this new bandwagon and begin offering the new 100% VA Loans. We anticipate that it will take about 4 more weeks before lenders start offering these loans so we don't know exactly when this will come into affect.
One issue with the VA's new 100% loan guarantee is that lenders don't have to go up to 100%. it is still in their discretion whether or not they actually do it. The VA basically just "allows" going up to 100% now.
So keep checking back as we will have more information as soon as it comes out!
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