Tag: seasoning

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 – New Guidelines-Refinance Seasoning: Under the VA new guidelines, does the seasoning requirement of 210 days apply?

Answer: Under the new VA refinance guidelines, you can do a cash-out refinance in certain cases with no seasoning requirements and have it guaranteed by VA. HOWEVER, Ginnie Mae issued a bulletin (attached below) that says because of the Consumer Protection Act signed into law on May 24, 2018, the seasoning guideline applies and they […]

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VA-Circular 26-18-13 Policy Guidance Update: VA Refinance Loans and the Economic Growth, Regulatory Relief and Consumer Protection Act, Dated May 25, 2018-Effective for applications taken on or after May 25, 2018

By: Tracey Rumsey, Staff Writer Big news in the update that may affect VA loans already in your pipeline!   Read through this update to understand the policy guide and download our checklist to make sure that none of the loans in your pipeline are affected. Rule Synopsis: VA has published Circular26-18-13 which announces “The Protecting […]

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