Carrington Mortgage Services, LLC (CMS) is pleased to announce a new VA Cash-Out Refinance option up to 100% LTV. The increased VA Cash-Out LTV option is subject to the following requirements:
As a reminder, when calculating the LTV for a VA Cash-Out Refinance Transaction, divide the total loan amount (including VA funding fee, if applicable) by the reasonable value on the Notice of Value of the property determined by the appraiser. VA Cash-Out Refinance transactions with LTVs of 90% and less remain unchanged.
Starting Monday, January 31, 2022, CMS will update our pricing to add the 200-basis point LLPA for VA cash-out refinance transactions as described above. Please refer to the CMS Rate Sheets for additional pricing information.
Please note: The LLPA is in ADDITION to any other price adjustments that are otherwise applicable. For loans that are already locked, the pricing will remain unchanged and any rate changes requested will use the rate sheet pricing in effect at the time of lock.
Please contact CorrespondentRM@carringtonms.com with any questions.
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00