The VA IRRRL program often has program guideline changes – and just to give you an idea of what these kinds of things are, here is a recent update from one wholesale lender.
VA IRRRL Guideline Update
A 2055 Appraisal report is no longer required for VA IRRRL transactions! A maximum of 115% LTV/CLTV will be determined by obtaining an AVM from
approved AVM list. The AVM must provide an actual or estimated value for the subject property. The LTV/CLTV must be calculated using the value on the approved AVM for the subject property.
Other VA IRRRL Program Features
Other features of the current VA IRRRL program at this particular lender include:
- A full appraisal is not required.
- Credit score required to ensure that the borrower(s) meet the minimum 620 requirement (except for properties located in Hawaii with loan amounts greater than $1MM require a 700 credit score).
- No ratio calculation. Repayment ability based on a 12 month history of timely payments
VA IRRRL Guideline Updates Effective
Beginning Wednesday, April 3, 2013, an AVM only (from the lenders approved AVM list) for LTVs up to 115% are eligible with all new transactions or existing transactions in which a 2055 has not been received.
Each lender will have different VA IRRRL requirements and so it is more important than ever to shop multiple lenders. Shopping for a VA approved lender has never been easier – you can start right here and we can get you a VA approved lender in your area who can help you answer any guideline questions or any other questions as well as give you a free rate quote.