Limited cash-out refinance transactions must meet the following requirements:
The transaction is being used to pay off an existing first mortgage loan (including an existing HELOC in first-lien position) by obtaining a new first mortgage loan secured by the same property; or for single-closing construction-to-permanent loans to pay for construction costs to build the home, which may include paying off an existing lot lien.
Only subordinate liens used to purchase the property may be paid off and included in the new mortgage. Exceptions are allowed for paying off a Property Assessed Clean Energy (PACE) loan or other debt (secured or unsecured) that was used solely for energy improvements.
For a PACE loan originated prior to July 6, 2010, there is no limit on how much of the limited cash-out refinance loan amount may be used to pay off the PACE loan. See B5-3.4-01, Property Assessed Clean Energy Loans (12/01/2010), for additional information.
For a PACE loan originated on or after July 6, 2010, or other debt used for energy improvements, the payoff amount included in the limited cash-out refinance is limited to 15% of the appraised value of the property. See B5-3.3-01, HomeStyle Energy for Energy Improvements on Existing Properties (05/31/2016) , for additional information.
The subject property must not be currently listed for sale. It must be taken off the market on or before the disbursement date of the new mortgage loan, and the borrowers must confirm their intent to occupy the subject property (for principal residence transactions).
As Independence Day approaches, MK LENDING CORP., would like to extend our gratitude for your continued support and remind our clients that MK LENDING CORP., will be closed Monday, July 4. As such, there will be no wire activity or fundings. Also, we remind our clients that Monday must be excluded from the rescission period.
Wishing you a peaceful, blessed Memorial Day weekend as we express our gratitude and honor to the Hero's that fought for us or are in service now.
Monday May 30th, 2016, our office will be closed all day in observance of the holiday. We will go back to Normal operating hours of 9am to 6pm on Tuesday, May 31st.
Good afternoon Everyone!
In observance of Good Friday, MK LENDING LOCK DESK will be closing at 12PM March 25th, 2016. Our normal LOCK DESK hours will resume Monday, March 28th of 9AM through 2PM.
Let's get our lock request in early!
On behalf of our team, we would like to wish a Good Friday and a Happy Easter.