Subject: VA Cashout Funding Fee -
tip of the day
Good Morning,
Today is Wednesday, February 08, 2012
All wholesale staff is available.
Turn times are 48 hours.
Tip of the day- Follow Up on recent tip for VA
Refinances regarding Funding Fee
NOTE- The
funding fee on Cash out refinances is 2.15% for first time use or 3.3% for
subsequent use, regardless of LTV.
If the
veteran borrower is paying off anything but a current VA loan, the VA considers
the transaction a cash-out.
If were simply doing a rate/term to pay off a current Conventional or FHA loan, the VA still considers this a
cash-out. In other words, if you are paying off ANYTHING but a
current VA loan the loan must be registered and underwritten as a VA cash-out.
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392