Category: VA

VA Circular 26-20-36, Changes to Processing Site Condominiums in the State of Michigan, September 18, 2020, Effective immediately.

Written by: Tracey Rumsey, Staff Writer Great news for those of you that work with VA Condos in Michigan!  Be sure to read this update about how life just got easier! Rule Synopsis: Effective date September 18, 2020 Summary Site Condominiums in the State of Michigan will be processed in the same manner as a […]

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Popular VA COVID Question…Answered! If I had to exercise my right to forbearance during COVID and am now back to work, can I refinance my loan? To refinance under the VA Interest Rate Reduction Loan, or a VA Cash-Out, a borrower must have made at least 6 consecutive monthly payments on the loan being refinanced. So, if you made 6 consecutive payments prior to forbearance, you can refinance now.  If you made fewer than 6 consecutive payments prior to forbearance, then you will need to make 6 consecutive payments after forbearance.  Let’s chat and plan your strategy! 

Popular VA COVID Question…Answered! If I had to exercise my right to forbearance during COVID and am now back to work, can I refinance my loan? To refinance under the VA Interest Rate Reduction Loan, or a VA Cash-Out, a borrower must have made at least 6 consecutive monthly payments on the loan being refinanced. So, if you made 6 consecutive payments prior to forbearance, you can refinance now.  If you made fewer than 6 consecutive payments prior to forbearance, then you will need to make 6 consecutive payments after forbearance.  Let’s chat and plan your strategy! 

Related Article Title: VA Circular 26-20-25 Change 1, Impact of CARES Act Forbearance on VA Purchase and Refinance Transactions, September 15, 2020, Effective immediately. Written by: Tracey Rumsey, Staff Writer How to guide your clients who exercised their Forbearance rights under the CARES Act will be an ongoing topic for mortgage professionals.  In this update […]

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VA Circular 26-20-25 Change 1, Impact of CARES Act Forbearance on VA Purchase and Refinance Transactions, September 15, 2020, Effective immediately.

Written by: Tracey Rumsey, Staff Writer How to guide your clients who exercised their Forbearance rights under the CARES Act will be an ongoing topic for mortgage professionals.  In this update VA clarifies the seasoning requirements. Rule Synopsis: Effective date September 15, 2020 Summary Circular 26-20-25 is changed as follows: Page 3, Paragraph 6 d. […]

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What is a “Seasoning Requirement” when you refinance your home? Depending on the type of loan you would like to refinance, and whether or not you simply want to reduce the rate or take cash-out, a lender may require that a certain number of payments be made prior to refinancing your loan.  If you are interested in refinancing, let’s talk!

What is a “Seasoning Requirement” when you refinance your home? Depending on the type of loan you would like to refinance, and whether or not you simply want to reduce the rate or take cash-out, a lender may require that a certain number of payments be made prior to refinancing your loan.  If you are interested in refinancing, let’s talk!

Related Article Title: Seasoning Requirement for Refinance When VA Loan is Assumed Question: If a Veteran assumes a VA loan, are they eligible for a VA Refinance? MC Chart – VA Refinance Comparison Answer: When a loan is assumed, it is not a new loan. It is the existing loan with a new responsible party. […]

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Can a Veteran Apply for an IRRRL Prior to the Seasoning Date?

Question: Is a Veteran able to apply for an IRRRL prior to the seasoning date and then close after the seasoning date requirement? MC Chart – VA Refinance Comparison Answer: VA determines seasoning by date of loan closing, not application date. So, application could be taken prior to the 6th payment being made, but the […]

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