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Announcement 22-0006: VA Cash-Out Refinance 100% LTV Option

January 28, 2022


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:

  • Effective for new submissions or Change of Circumstance (COC) requests on existing submissions beginning January 31, 2022,
  • Maximum 100% LTV/CLTV, inclusive of any financed VA funding fee,
  • Minimum 641 FICO,
  • Fixed Rate 30 Year Term only,
  • Conforming Loan Amounts only (No High Balance programs),
  • Available with AUS Accept findings or as a manual underwrite,
  • Loan Level Pricing Adjustment (LLPA) for LTVs over 90% up to 100% of 200-basis points (2%)

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 with any questions.

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