I have a conventional loan with a first $121500, and a second of $52500. I have used my VA loan once, but pay it off. My bank tells me I can not combine both into one VA lone.Something about "cash out" will not be done by the VA. Are they correct? My home was appraised at 199,500.00 three months ago.Jake123
Type the details of your question hereI have a conventional loan with a first $121500, and a second of $52500. I have used my VA loan once, but pay it off. My bank tells me I can not combine both into one VA lone.Something about "cash out" will not be done by the VA. Are they correct? My home was appraised at 199,500.00 three months ago. by kennelsvonvalhalla from Edgerton, Missouri. Sep 13th 2010
Shari Barnhill (SBarnhill)
#4 ranked lender in Nebraska - 1 contribution
The guidelines I have states that you can go up to 90% on a cash out with VA. If VA has changed their guidelines recently or there is some other reason they couldn't get it done I do know FHA is a possibility if you want to refinance your two loans together.
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
From the scenario you described, we would be able to honor your request. Freedom Mortgage is a direct lender of VA loans and we fund loans in all 50 states. We only require a 620 credit score to be eligible. Please send me an email to adennie@fmbranch.com so that I may secure an APPROVAL for you today. :)
Enter your answer here I thank you both, I contacted the VA today and was told they can and will do the loan. I also contacted the loan officer at BOA, informed him of what VA had told me and gave him the 1 800 number to call and check it out. His replay was it may be a BOA thing , but he will submit the paper work as a VA loan. With a FICA of 790 if BOA can not or will not work the loan as VA I will be looking for another CO to do the loan. Thank you again
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