Tag: recoupment

VA IRRRL P&I Increasing Due to Shorter Term Loan

Question: Our Veteran client wants to refinance under the IRRRL program because he is able to lower his rate by .5%.  However, he also wants to lower his term from 30 years to 15 years, which is increasing his P&I.  Will VA allow this under the IRRRL program? Answer: Mortgage Currentcy has many reference charts […]

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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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Net Tangible Benefit Requirements for FHA Refinance

Question: Does FHA require a 48-month recoupment as part of the Net Tangible Benefit for closing costs and non-finance MIP when a client is requesting a rate/term refinance? Answer: The 48-month rule you’re referencing is actually a lender overlay and not in FHA regulations. The following are typical exceptions to that overlay, but you’ll have […]

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