VA has now approved the 100% cashout loan, and I verified it with VA that it was actually a true cashout and cash in hand is ok.  The problem is that I can't find any lenders that have put the program in place yet.  Someone told me that MetLife was doing it, btu I am not signed up with them.  Does anyone know of any lenders that have put this in place yet?  Thanks.

Check with Mr. Va (Paul Chandler) he may know you is offering this.  He works for Universal Mortgage but it very knowledgeable about VA loans

Taylor Bean sent an announcement today. Check there.

I got that same memo this morning, and verified that they are now doing 100% VA cashouts, and there doesn't seem to be any extra hits or anything.  Thanks for the heads up though.

Daniel Helvey:

Cash-out Refi

The maximum cash-out refinancing loan is limited to 90% of the property value shown on the NOV. However, loans to refinance construction loans, installment land sale contracts, and loans which were assumed by veterans and bear interest at a higher rate than the proposed VA-refinancing loan may exceed the 90% limit. The maximum loan amount in these cases is the lesser of the VA reasonable value of the property or the sum of the outstanding loan balance plus allowable closing costs and discounts.

There was a circular that raised the cash out limit to 100%.  You can find a copy of it here : http://www.homeloans.va.gov/circulars/26_08_19.pdf

Yeah, you may want to check the link Kent listed.  They have raised the LTV for cashouts to 100% of the appraised value, adn there is no more limit to 90% or $144,000 loan amount.  Most lenders just haven't adopted it yet.  May of the AE's I have spoken with, I was the one giving them the information.  It seems like it will be coming soon to most lenders once they get buyers for the loans, but I know TBW has it alreayd in place, and MetLife, and someone else mentioned Wells, but I haven't confirmed that.  I have one in UW now with TBW, so I will let you all know how it goes.

I just got the announcement yesterday from Flagstar that they are also implementing the 100% VA Cashout refinance program also.  I currently have one that just got approved with TBW, so it all seems to be going through fine.  Good luck.

I've done them through TBW as well.  Same pricing as your standard VA loan at 100% cash-out.  This is the best loan on the market to pull-out 100% of the equity hands down. Have 2 locked at 5.50%, 30yr Fixed.  Both borrowers receive VA disibility so there is no funding fee and of course no month MI.  We've had 2 other investors announce the program but TBW was the first that I know of.

My WF Rep hasn't been in...anyone find out if they are offering the 100% cash out option?

I have not seen anything come across from Wells Fargo concerning the VA programs.  They are so bogged down from all of the submissions and locks they are probably not worried about getting this program rolled out.

Sadly, when I asked my WF rep about it a while ago, he had no idea what i was even talking about, and hadn't even heard about the new memo rom VA.  I haven't heard anything new from them, but when I first started looking for the option, someone did mention WF had it available, but I have never had it confirmed with anyone.  So far I have TBW, Flagstar, and Metlife, as the only ones that I know of, but there may be others.