Eighty Five Percent, Hundred Percent, Ninety Percent discussed on KLIF Specialty Programming

Automatic TRANSCRIPT

Nine nine six DM got that new program here you called the and figure it out but I understand or some changes coming to the VA there are changes to that have already happened to both VA and FHA and then there's another change starting on January first twenty twenty two another aspect to the VA so currently this wind effect on September first twenty nineteen on an FHA loan now the maximum refi cash out you can do is eighty five percent use may be able to go up higher not anymore on a VA loan you could do an interest rate reduction loan you can do a cash out loan whatever it may be unavailing because purchase we can do a hundred percent of the purchase on a VA well used to be able to do that on a refinance not anymore VA now refinances are capped at ninety percent they have dropped the loan to value that you can refinance on both VA and FHA loans and like I said that went into effect on September first twenty nineteen but there is one other change that's coming up at the first of the year in January first twenty twenty and it is called the blue water navy Vietnam veterans active twenty nineteen it's already passed the Congress so it's already enacted it just takes effect on January one and basically what it's going to do is it's going to expand the maximum guarantee amounts for purchase construction and cash out refinance loans greater than the Freddie Mac conforming loan limits so what that means in plain speaking is that the Freddie Mac conforming loan limits right now are four hundred and eighty three thousand five hundred that's for twenty nineteen it may change in twenty twenty we always find out right at the beginning of the year so right now that's the maximum you can do and whether it is are gonna expand that because when you get a VA loan what I'm gonna do very first thing I'm gonna do is I'm a log into the V. a portal into the VA system and I'm gonna pull your certificate of eligibility and it's going to tell me exactly how much L. ability eligibility I'm sorry you have or have left over maybe you've already use it once or twice before you replace that are you haven't replaced it maybe just have a portion and so tell me what what we can use so after January one those limits are going to be higher in certain areas of the country nice get ready to go to break here but I want to take this with your permission right I would like to take this last segment and talk about for the existing mortgage owner homeowner when do you make a decision to refinance so if I'm it acts it has to be such and such below it in order to refinance and makes the you can make sense can we do that we come back absolutely will yeah our friend Dan Harper over in trust mortgage for six nine four eight zero seventy seven ninety nine again for six nine.

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