Tag: IRRRL

VA Circular 26-19-22 Change 1, Clarification and Updates to Policy Guidance for (IRRRLs), Effective July 24, 2020. New Chart – VA IRRRL Old Guidance vs. New Guidance

Written by: Tracey Rumsey, Staff Writer With the low rate environment, chances are good that you are very busy with refinances.  If you work with VA Refinances, there are new rules.  Read through this article to view the old guidance vs. the new guidance. Effective date July 24, 2020 Summary VA Circular 26-19-22 Change 1 […]

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VA – Charging Points on a Streamline IRRRL

Question: Can you charge points without requiring a new appraisal on a VA Streamline IRRRL? VA Refinance Comparison – Chart Answer: The newest guidelines regarding points on IRRRLs were published in Circular 26-19-22. While VA has no prohibition on charging reasonable points, they do have rules regarding adding those points into the loan amount. See […]

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VA Circular 26-19-22 Clarification and Updates to Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRLs) – Dated August 8, 2019 -Updated VA Refinance Comparison Chart

Written by: Tracey Rumsey, Staff Writer VA issued a major update for IRRRL. Any production staff involved in the VA loan process needs to become aware of these important changes. Rule Synopsis: This Circular supersedes Circulars 26-18-1 (and Change 1) and 26-18-13. This Circular and the VA Handbook are now the guideline authority to follow […]

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VA – Discount Points on an IRRRL: Does VA require an appraisal when any discount points are being charged on an IRRRL? VA Refinance Comparison Chart

Answer: VA only requires an appraisal on an IRRRL when a fixed rate is refinanced to an ARM rate and the 2% reduction in rate was produced solely from discount points.  (See the details below.) Reference: VA Guidelines – Chapter 4 Fixed to ARM: New rate must be 2% lower and the new rate can’t be […]

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VA – IRRRL for Non-Owner Occupied: Does VA allow an IRRRL for a home that the Veteran no longer lives in? [VA Refinance Comparison Chart]

Answer: Yes.  The veteran just has to certify that they previously occupied the home as their primary residence. Social Media Post: Nice to Know:  VA will allow an IRRRL [Interest Rate Reduction Refinance Loan] on a home the Veteran still owns, but no longer occupies.  The Veteran only needs to certify that they previously occupied […]

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