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Home Refinance

VA IRRRL Guidelines and Requirements | Non-Credit Qualifying Streamline

byNicholas Auriemma, NMLS# 1455001
3 years ago
inRefinance, VA Loan
VA IRRRL Guidelines and Requirements Non-credit Qualifying Streamline

VA IRRRL Guidelines and Requirements | Non-Credit Qualifying Streamline

If you are looking for VA IRRRL guidelines, they are not hard to qualify for. The non-credit qualifying streamline has limited documentation, which does not require a full credit report, written Verification of Employment, or appraisal. The two major VA IRRRL requirements are:

  • Meeting the VA IRRRL Net Tangible Benefit Policy.
  • Being current for the month due through closing.

VA IRRRL Guidelines

  • No minimum credit score required on the non-credit qualifying streamline.
  • No appraisal required.
  • Primary and non-owner occupied properties allowed.
  • Must be current for the month due.
  • Manufactured homes permanently affixed to the foundation meeting VA IRRRL requirements are eligible.
  • Incidental cash back may not exceed $500.
  • VA cash out options are available up to 100% loan-to-value.

Some lenders have tougher guidelines called an VA overlay, which make it harder to qualify for. One of the most common VA lender overlays is requiring a minimum credit score, such as 640, 620, 600 FICO credit score.

New Net Tangible Benefit Policy

The net tangible benefit policy, Circular 26-18-13 was passed March 14, 2018 to prevent loan churning, which is not a benefit to Veterans. The major change includes:

  • A comparison statement not to exceed 36 months of recoupment.

This statement determines if all fees, expenses and closing costs, (excluding the funding fee, taxes, and escrow amount) meet the recoupment period. Lender credits can offset these fees, which can be given depending on the interest rate.

Interest Rate Net Tangible Benefit

  • Your interest rate must be reduced by .5% for fixed to fixed rate refinances.
  • Convert from an ARM to a fixed rate.
  • Fixed to ARM rates must have a 2% lower interest rate.

Interest Rates

Pricing varies depending on the mortgage company. Interest rates can depend on pricing adjustments, which could include:

  • Loan amount.
  • Occupancy type.
  • Number of units.
  • Property state.
  • County.
  • Credit score.
  • Or other pricing adjustments.

Some lenders may have higher origination fees, processing, underwriting, or other fees. VA IRRRL refinance rates vary by lender.

Benefits

  • Possibility to bring no money to the closing table.
  • Refund of current escrow account.
  • Defer up to two mortgage payments.
  • VA interests rates can be more competitive than other types of loans and easier to qualify for.
  • Minimal paperwork and easy refinance process.
  • Can result in a lower payment or shorter term.

VA IRRRL Funding Fee

The percentage for use does not vary depending on the type of Veteran or times used like it does on a purchase. The VA IRRRL funding fee is .5% of the total loan amount. The lender will determine if you are exempt from paying a funding fee. A Veteran may be exempt from a funding fee if:

  • Receiving VA compensation for a service-connected disability.
  • Entitled to receive compensation for service-connected disability.
  • Eligible and rated by VA.
  • Not presently in receipt because they are on active duty and entitled to receive compensation.
  • Surviving spouses of a Veteran who died in service or from a service-connected disability.

VA IRRRL Guidelines – Bankruptcy

  • Chapter 7 bankruptcy must be discharged.
  • Chapter 13 bankruptcy is permitted as long as there is a satisfactory payment history with the trustee and court approval.

IRRRL Seasoning Requirements

VA IRRRL guidelines have seasoning requirements before refinancing into a new VA loan. The new loan note date must:

  • Be 210 days after the first payment due date, and
  • 6 total monthly payments must have been made.
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Comparing VA Refinance Rates and VA Cash Out Requirements

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
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​Oakbrook Terrace, IL 60181
NMLS # 276777
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