After reviewing additional clarification of Ginnie Mae APM 19-05 and Chapter 24 of the Ginnie Mae Guide, GMFS will cap ALL High LTV VA Cashout loans at 90%. This is an update to our August 14, 2019 announcement (below for reference).

Effective Immediately, GMFS will not accept new locks on VA Cashout loans with an LTV over 90% (including funding fee).

Please contact the Lock Desk with any questions.

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(August 14, 2019 Announcement)

VA Refinance Changes – Effective September 1, 2019

In accordance with Ginnie Mae’s APM 19-05: Revised Pooling Eligibility Requirements for VA Refinance Loans published on 8/1/2019
GMFS is notifying lenders of the following changes to VA Refinances:

1. The previously published VA Seasoning Requirements are now applicable to ALL VA Refinances regardless of the previous mortgage type.
2. Ginnie Mae announced Additional Pooling Restrictions for High LTV VA Cash-Out Refinance Loans.

Any VA Cash-out with a LTV that exceeds 90% at the time of origination and where the borrower converts any amount of home equity into cash is not eligible for sale to GMFS closed after September 1, 2019.

• If debts are paid off and borrowers do not receive cash in hand then > 90% is permitted
  Please reference the Ginnie Mae APM 19-05 and Chapter 24 of the Ginnie Mae guide for more information regarding these changes