Tag: IRRRL

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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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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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. So, the seasoning requirement is based off of when the first payment […]

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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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