RATE/TERM REFINANCE |
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INTEREST RATE REDUCTION REFINANCELOAN (IRRRL) |
Minimum 2055 conventional appraisal is required. (DO NOT ORDER THROUGH VA) Appraisal be ordered through an acceptable AMC and must meet HVCC requirements. (See Announcement 10-39). Appraisal report must meet generally accepted conventional guidelines, lender review and including but not limited to USPAP requirements. Any repairs that impact safety, livability, or habitability must be completed. The property condition must be rated “average” or better. Ratings of “fair” or less are not acceptable. The total loan amount (base loan amount + VA funding fee = Total loan amount) must be supported by the value of the property. Appraised value must be equal to or greater than the total loan amount. Max LTV/CLTV is 100%. · Employment and Income documentation is not required. · Borrower may not receive more than $500.00 cash at closing. · No refinances are allowed within 6 months of the property being listed for sale. · 0x30 payment history required over the previous 12 months. · Borrower must have made a minimum of 6 payments on current mortgage with 0x30 pay history to be eligible for VA IRRRL. · Borrower must credit qualify if: o New P&I increases more than 20% over previous Note P&I when the mortgage term is reduced or when refinancing from an ARM to a Fixed rate. o New P&I increases more than 20% over previous Note P&I on a primary residence or when a borrower is removed from the Note. |
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CASH OUT REFINANCE |
· No refinances are allowed within 6 months of the property being listed for sale. · LTV is based on the lesser of the appraised value or acquisition cost on properties with less than 6 months ownership seasoning. · 0x30 payment history required over the previous 12 months. · Not eligible if property is owned free-and-clear. |
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NET TANGIBLE BENEFIT TEST |
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ELIGIBILITY | Every refinance loan submitted to Platinum Mortgage will be checked to ensure a valid Net Tangible Benefit to the borrower.
The following are valid Net Tangible Benefits for the purpose of this policy:
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VA GUARANTEE / CERTIFICATE OF ELIGIBILITY | All loans must have a minimum of 25% guaranty (cash down payment plus veteran’s entitlement).
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VA FUNDING FEE | Funding Fee may be waived for disabled veterans.
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VA JUMBO PROGRAM |
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PROGRAM CODE | Rate lock confirmation must be locked under these codes to receive correct pricing.
· VF30J – 30 year fixed rate Jumbo Program only |
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VA JUMBO PROGRAM | · The VA Jumbo Program is for total loan amounts that exceed $417,000. Total loan amount is the base loan amount + VA funding fee. To be eligible, borrowers must meet all VA and Platinum guidelines as well as the guidelines below. | |
MAX LOAN AMOUNT | Max total loan amount allowed is $650,000. | |
MAX LTV | · Purchases up to 100%/100% LTV on loan amounts up to $650,000 (Including financed VA funding fee) are allowed as long as the VA Guaranty plus the veteran’s down payment and/or equity equal 25% of the lesser of the sales or notice of value (NOV).
· Rate/Term and Cash-out refinance transactions are limited to 90%/90% LTV/CLTV of the property value shown on the CRV or NOV as long as equity plus VA Guaranty equals at least 25% of the NOV. |
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MINIMUM CREDIT SCORE | Minimum FICO score = 720 | |
HOUSING HISTORY | No housing payments 30 days or more past due in the last 12 months. | |
DEBT RATIO | 41% – May be exceeded up to 45% max with AUS approval | |
RESERVES | · Minimum 6 months PITI reserves are required.
· Cash out received from transaction cannot be used to meet the minimum reserve requirements. |
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VA GUARANTY | Regardless of loan amount, the VA Guaranty plus cash/equity must be equal to a minimum 25% of the purchase price or value, whichever is less on purchases and non-IRRRL refinances. | |
ELIGIBLE PROPERTY TYPES | · Primary Residence only.
· Single family residence, PUD or VA approved condominiums only. |
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APPRAISAL REQUIREMENTS | VA required appraisal only. | |
SECOND REVIEW | All VA Jumbo loans are subject to second level management review prior to loan being cleared to close. | |
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