Effective Monday, November 19th, the following guideline changes apply to all new VA IRRRL submissions:

Loan Amounts <=$417,000 High Balance Loan Amounts
Maximum LTV 100% 100%
Valuation Requirement AVM with 80% confidence score; if score is <80%, 2055 is required. All AVMs and 2055s must be ordered through MMC (REMN’s AMC) Full appraisal
Credit Qualification Not required Required
Minimum Credit Score 640 660
Eligible Property Types 1-unit only 1-unit only
Eligible Occupancy Owner-occupied only Owner-occupied only
Mortgage History 12 months 12 months

IRRRLs submitted prior to November 19 can use an AVM in lieu of a 2055 if the LTV is <=100%.  Additionally, any IRRRL that was already locked or submitted as a “Litefile” can utilize the old guidelines (110% LTV with a 2055).

Please contact your Account Executive with any questions.