Effective Monday, November 19th, the following guideline changes apply to all new VA IRRRL submissions:
|Loan Amounts <=$417,000||High Balance Loan Amounts|
|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.