Tag: seasoning

Freddie Mac Selling Guide Updates – Bulletin 2021-16 – Dated May 5, 2021- Updated Charts – Refinance Loans – All Agency & Age of Tax Returns – Freddie Mac

Written by: Lloyd Rutherford, Staff Writer Article Intro Paragraph Agency updates are an important way to stay up to date.  Our Freddie Mac expert has read through the update and breaks it down into bullet points for you! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will […]

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Date Used for the Seasoning Requirement for an IRRRL

Question: What date starts the timing for the 210 Day seasoning requirement on an IRRRL? Answer: The note date of the new IRRRL refinance loan must be on, or after, the later of: ● The date on which the borrower has made at least six monthly payments on the loan being refinanced; and ● The […]

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Seasoning Requirements for a Property in Trust

Question: My client would like cash out from a property, but it is in a trust.  He is the trustee; does he need to wait 6 months to refinance it after he transfers it to his personal name? Answer: Good news! No, as long as he is the primary beneficiary of the trust. Eligibility Requirements: […]

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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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