VA Refinance IRRRL. VA Refinance IRRRL

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1 This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply with VA requirements. NOTE: This matrix includes overlays, which may be more restrictive than VA requirements. A thorough reading of this matrix is recommended. If a topic is not mentioned, refer to VA guidelines. These Guidelines are subject to change. Program Qualifications Fidelity s VA Interest Rate Reduction Refinance Loan (IRRRL) is designed for the rate/term refinance at a reduced interest rate of an existing insured VA loan on an owner occupied primary residence and non-owner occupied property up to a maximum of 115% LTV. Eligibility Matrix Loan Amount & LTV Limitations Units Maximum Base LTV 1-4 If an appraisal is required (FICO less than 680), the maximum LTV is 115% when the Loan Amount is equal to or less than the area conforming loan limit. The Loan Amount is calculated from the base loan amount plus the VA funding fee. If an appraisal is required (FICO less than 680), the maximum LTV is 100% when the Loan Amount is greater than the area conforming loan limit. The Loan Amount is calculated from the base loan amount plus the VA funding fee. Maximum 125% CLTV for existing subordinate financing. No new secondary financing may be initiated in conjunction with a new VA first lien Maximum Loan Amount Always use VA Form , IRRRL Worksheet, to calculate the maximum loan amount. The maximum loan amount is the existing VA loan balances plus the following: including any late payments* and late charges, plus allowable fees and charges (includes up to two discount points), plus the cost of any energy efficiency improvements, and the VA funding fee. *Any IRRRL that includes delinquent payments in the loan amount must be submitted to VA for prior approval, even when a lender has automatic authority. Note: There is no maximum dollar amount for VA loans; however the maximum Fidelity Bank will allow is $1 million. Since an IRRRL rolls the above items into the new loan, and VA guarantees at least 25 percent of the loan amount (without regard to the veteran s entitlement), the new loan amount may be more than the limits established by the secondary market. It is the lender s responsibility to ensure it has a marketable loan. Product Description VA Fixed Rate 15, 20, 25 and 30 year term; fully amortized VA High Balance Fixed Rate 15 and 30 year term; fully amortized Product Codes Years VA 15 Years VA 15 Years HiBal VA 20 Years VA 25 Years VA 30 Years VA 30 Years HiBal Product Code VA15IRRRL VA15HBIRRL VA20IRRRL VA25IRRRL VA30IRRRL VA30HBIRRL

2 Eligibility Requirements Appraisal Requirements FICO scores 640 to 679, a full appraisal is required FICO scores 680 and greater, no appraisal is required Appraiser Requirements Assets Natural Disasters: Loans secured by properties located in areas federally declared as major disaster areas must have additional inspections. Appraisal ordered through and appraiser assigned by Fidelity s AMC No asset verification unless funds are required to close and then they are listed on the 1003 and verified. Assumptions Permitted Credit worthy borrows only Borrower Eligibility Must be a veteran who served the minimum duty with other than a dishonorable discharge Active duty with at least 181 days of duty Un-remarried surviving spouse of eligible veteran (COE) Reservists/National Guard Joint loans involving a veteran and a non-veteran who is not the veteran s spouse (VA prior approval required. Refer to Special Requirements/Restrictions for more details) Joint loans involving two unmarried veterans (VA prior approval required. Refer to Special Requirements/Restrictions for more details) Certificate of Eligibility (COE) Co-borrowers Credit A Certificate of Eligibility (COE) and VA Form are not necessary for Interest Rate Reduction Refinancing Loans (IRRRLs). If a lender successfully requests a VA case number for an IRRRL a COE is NOT required by VA. If the case number also shows the veteran is Exempt from paying the funding fee, VA Form is NOT required. All borrowers must occupy the subject property Minimum FICO Score Requirement A streamline tri-merged credit report is required reporting mortgage related accounts only. Use the middle score of 3 repositories or lower score of 2 repositories to determine eligibility If a tri-merged credit report is provided, the report must be analyzed to ensure there are no late mortgage payments in the last 12 months (mortgage history must be 0x30). Loans may be subject to further review and 12-month income documentation. For transactions without Appraisal Minimum FICO is 680 For transactions with Appraisal Minimum FICO is 640, Minimum FICO is 660 for High Balance VA IRRRL Borrowers with previous Bankruptcy, Foreclosures or Short Sales refer to Serious Derogatory Seasoning Requirements and Multiple Major Derogatory Events sections as additional restrictions may apply. Employment / Income Escrow Holdback Escrow Waivers Housing (Mortgage/Rental) payment history requirements It may be necessary to verify the current and previous mortgage to establish a 12-month payment history. Housing (Mortgage/Rental) Payment History (PITI) is inclusive of all liens regardless of lien position, as well as all occupancy types. All loans must be current 12 month payment history or life of loan if property is owned less than 12 months via a credit report, cancelled checks, or VOM to reflect no more than 0x30 during the previous 12 months. Loans where the P&I increases more than 20% require a full tri-merged credit report and borrower must fully credit qualify. Employment is verified No income documentation required, except where the P&I payment increases 20%. Documentation for loans if P&I payment increases by 20% or more: Determine the borrower has stable and reliable income to support the proposed housing payment along with other recurring monthly obligation Pay stubs covering at least the most recent 30 day period 2 years W2s 2 years tax returns for self-employed borrowers Telephone VOE of the borrower s current employment 4506T must be executed Ineligible Ineligible Rev8/2/2013Page2

3 Financing Types Geographic Locations Restrictions Guaranty/Entitlement Internet Links Limitations on Other Real Estate Owned Mortgage Insurance Multiple Major Derogatory Events Occupancy Prepayment Penalty Property Types Qualifying Rate and Ratios Interest Rate Reduction Refinances Only If an appraisal is required, refer to Appraisal /Appraiser Requirements for specifics No seasoning on first mortgage New loan amount may include the following. o Unpaid principal balance, including accrued interest and late fees, if applicable o Allowable closing costs, refer to Section Special Restrictions Section for ineligible costs o Prepaid expenses o Maximum 2 discount points o Funding fee 25% guaranty is considered satisfied No cash back to borrower permitted, minor adjustment at closing not to exceed $500 cash back is eligible No satisfaction of junior liens Premium pricing is permitted Complete VA Form Interest Rate Reduction Refinancing Worksheet Refer to the Out of Footprint Document VA guaranty is always 25% for all IRRRL s The Appraisal System. Order Case Numbers from VA Portal (Case Number Only for VA IRRRLs) WebLGY VA Lenders Handbook VA Lender's and Servicer's Home Page VA Regional Loan Centers None, unless subject is Investment Property then the borrower(s) may not own more than two investment properties Refer to VA Funding Fee for specifics Borrowers who have experienced multiple major derogatory events are subject to additional seasoning and credit requirements. See Serious Derogatory Seasoning Requirements section below. Primary Residence Investment Property allowed provided the Borrower(s) meet the following requirements: Minimum 680 FICO 6 months reserves Do not own more than two investment properties Veteran must verify the property was previously occupied as their primary residence. None Eligible Properties 1 4 units Refer to Special Requirements/Restrictions for restrictions regarding 2-4 unit properties Condos PUDs Modular housing Ineligible Properties Condo Hotels Co-ops Manufactured Homes Non-Credit Qualifying Streamlines DTI Max is not applicable Full-Credit Qualifying Streamlines due to P&I increasing over 20%, the following applies: Conservative use of consumer credit Excellent credit history Existence of equity in refinancing loans Long-term employment Minimal consumer debt Military benefits Satisfactory homeownership experience Significant liquid assets 41% maximum DTI ratio o 41% DTI ratio may be exceeded provided ratio does not exceed 50% o 41% <=50% DTI ratios require residual income exceeding 120% in addition to significant documented compensating factors: (continued on next page) Rev8/2/2013Page3

4 Secondary Financing Serious Derogatory Seasoning Requirement Any borrower(s) with a qualifying debt ratio >41% but =<50%, must meet ALL of the following guidelines: AUS Approval Must receive approval by Manual Underwriting Credit Analysis Credit Score DTI Housing Payment History Verification Reserves Serious Derogatory Credit Payment History No active revolving, installment or mortgage account may be presently past due and must be 0x30 in the last 12 months on all credit Tradeline Requirement Minimum of 3 Traditional Trade Lines, each reporting the Tri-Merge Credit Report with at least 12 months of acceptable payment history. The tradelines may be either open or closed with date of last activity within the last 24 months. Authorized User Accounts and Deferred Student Loans with no payment history do not meet this criterion Minimum score of 660 or greater Maximum DTI allowed not to exceed 50% - no Exception If the borrower(s) rent, a VOR is required. If the landlord is a private individual, twelve (12) months of cancelled checks are required If the borrower(s) has no verifiable housing payment history, the loan is not eligible for a DTI ratio greater than 50% Minimum of 2 months of reserves Must be from borrower s own funds Refer to Serious Derogatory Seasoning Requirement Matrix Existing secondary financing eligible. Must be approved by Fidelity Bank. No cash back to the veteran from the VA first mortgage or second mortgage is permitted The second lien should not restrict the veteran s ability to sell the property (i.e. assumability feature) Maximum 125% CLTV for existing subordinate financing. No new secondary financing may be initiated in conjunction with a new VA first lien Secondary financing must meet requirements in VA Lender Handbook, Secondary Borrowing, Chapter 9, Section 4. Borrowers with One Major Derogatory Serious Derogatory Matrix Derogatory Type VA IRRRL VA IRRRL - Credit Qualifying (when DTI >41% <= 50%)* Bankruptcy 13 2 years 2 years Bankruptcy 7 2 years 4 years Short Sale 2 years 3 years Foreclosure 3 years 4 years *Borrowers with multiple major derogatories are not eligible for DTI enhancement Borrowers with Multiple Major Derogatories For borrowers that have experienced more than one serious derogatory and were not connected but rather two separate events, there is an additional one year of seasoning required that is applied to the most recent derogatory event as well as additional credit requirements below. The matrix below includes the one additional year of seasoning required. Serious Derogatory Matrix Derogatory Type Bankruptcy 13 Bankruptcy 7 Short Sale Foreclosure VA IRRRL 3 years 3 years 3 years 4 years Additional requirements for Borrowers with Multiple Major Derogatories: o In addition to the required waiting period and guidelines, the loan will be reviewed to assess the overall risk and is subject to Underwriting s discretion. o Minimum FICO required 680 o Max DTI 45% Rev8/2/2013Page4

5 o o Satisfactory explanation of the multiple events is required Borrower must possess a 100% clean payment record history since the most recent major derogatory event and the application date. Any derogatory credit of any kind (any installment/revolving late payments, collections, tax liens, including a history of NSF fees found on bank statements) would result in a denial. No exceptions regardless of circumstance. Special Documentation Requirements Documents required to underwrite the full file are as follows. VA IRRRL Case Assignment screen print out to confirm new case number (verify veteran s name and address match the new application) All veteran applicants whose income is being used to qualify for the loan transaction must complete and sign the VA Reserves or National Guard Certification. Reserves or National Guard Certification. The VA Underwriter must use this information to determine the veteran-borrower s true monthly qualifying income and service pay Verification of VA Benefit (VA Form ) required if borrower or co-borrower is: A surviving spouse of a veteran who died on active duty or as a result of a service connected disability Submit form to the VA Regional Loan Center having jurisdiction over property state Cannot issue final loan approval until VA completes and returns the form Cannot submit loan to the VA for prior approval unless completed form is received from the VA If case number shows veteran is exempt from paying the funding fee, VA Form is not required Original signed and completed Uniform Residential Loan Application (FNMA 1003) Original HUD/VA Addendum to the URLA (VA Form a) Mortgage history for past 12 months Current payoff statement for existing mortgage Copy of original note VA Interest Rate Reduction Refinancing Worksheet VA Form VA Loan Summary Sheet (VA Form ) CAIVRS information must be checked and noted on the IRRRL Worksheet in the remarks section Nearest living relative information Initial Good Faith Estimate and Truth in Lending disclosures Affiliated Business Disclosure Counseling checklist for Military Homebuyers VA Form required only for credit qualifying streamline and active duty borrowers Federal Collection Policy Notice VA Form VA Payment Comparison Letter and Lender Certification Statement signed by the veteran acknowledging the effect of the refinance loan on the veteran s loan payments and interest. (The statement must show the interest rate and monthly payments for the new loan versus the old loan) The statement must also disclose to the borrower how long it will take for him/her to recoup ALL closing costs (both those included in the loan and those paid outside of closing.) If the monthly mortgage payment (P&I) increases by 20% or more, a Lender s Certification must also be completed by the VA Underwriter: The VA Underwriter signs and certifies the Lender Certification that the borrower qualifies for the new monthly mortgage payment which exceeds the previous payment by 20% or more Provide all other applicable VA related forms The following documents will be required at closing HUD/VA Addendum to the URLA Special Requirements/ Restrictions VA Transmittal List VA Form Report and Certification of Loan Disbursement VA Form Payment Comparison Letter must be signed at closing IRRRL Eligible Borrowers Generally, the parties obligated on the original VA loan must be the same parties on the new loan and the veteran must still own the property. However, some ownership changes may be eligible. A change in mortgagors is eligible with proper documentation as follows: Existing VA Loan New Loan Yes/No Unmarried Vet Veteran & new spouse Yes Unmarried Vet Spouse only (deceased veteran) No Vet Different veteran who has substituted his/her Yes Rev8/2/2013Page5

6 entitlement Veteran & new spouse Divorced veteran only Yes Veteran & new spouse Veteran & different spouse Yes Veteran & new spouse Spouse only (deceased veteran) Yes Veteran & new spouse Divorced spouse only No Veteran & new spouse Different spouse only (deceased No veteran) Vet & Spouse Different spouse only Veteran only Yes Vet & Non-Vet (joint obligors) Non-Veteran only No Term Increase The term of the new loan may not exceed the original term by more than 10 years, subject to the maximum term of 30 years and 32 days. Interest Rate Decrease The interest rate of the new loan must be less than the interest rate of the existing VA loan unless refinancing an ARM to a fixed rate. Payment Increase P&I payment must be less than the P&I payment of the existing VA loan unless: o Refinancing an ARM to a Fixed Rate; OR o The term of the new loan is less than the term of the existing VA loan If the P&I increases by 20% or more the veteran s ability to repay must be demonstrated. Refer to Sections 17 Credit, 15 Income and Special Documentation Requirements for specifics. General Guidelines The loan being paid off through the refinance must be the loan indicated on the IRRRL Case number. In some cases, a copy of the note may be required to verify the VA loan number. The minimum guaranty on an IRRRL is 25% regardless of the dollar amount of guaranty being transferred from the prior loan If the veteran is deceased and the surviving spouse was a co-obligor, the spouse is considered a veteran for the IRRRL o Surviving spouse must own the property Fees Ineligible to be Financed in Loan Amount Flat fees charged by second lien holders to subordinate existing secondary financing. Veteran must pay with own funds. Processing type fees such as Subordination prep charged by closing agents or other third parties to process subordination is ineligible to be charged to Veteran. Underwriting No AUS on IRRRL Ineligible for submission to DU/LP Manual underwriting only VA Case Order the case from the VA Portal. Remember on an IRRRL you order case number only Number VA Funding Fee VA Funding Fee applies unless veteran is exempt. See VA Funding Fee Table for specific percentages. Rev8/2/2013Page6

7 VA Funding Fee Table Purchase and Construction Loans: Note: In 2011, funding fees were lower from October 1 through October 5, and November 18 through November 21. The enactment of Public Law , signed November 21, 2011, established rates at the below levels through September 30, The Honoring America s Veterans and Caring for Camp Lejeune Families Act of 2012, signed August 6, 2012, further extended the rates through September 30, Type of Veteran Downpayment Percentage for First Time Use Percentage for Subsequent Use Regular Military None 2.15% 3.3%* 5% or more 1.50% 1.50% 10% or more 1.25% 1.25% Reserves/National Guard None 2.40% 3.3%* 5% or more 1.75% 1.75% 10% or more 1.50% 1.5% Cash-Out Refinancing Loans: Note: There are no reduced funding fees for regular refinances based on equity. Reduced fees only apply to purchase loans where a downpayment of at least 5 percent is made Type of Veteran Percentage of First Time Use Percentage for Subsequent Use Regular Military 2.15% 3.3%*. Reserves/National Guard 2.4% 3.3%* *The higher subsequent use fee does not apply to these types of loans if the veteran s only prior use of the entitlement was for a manufactured home loan. Type of Loan Percentage for Either Type of Veteran Whether First Time or Subsequent Use IRRRLs.50% Manufactured home Loans (NOT permanently affixed) 1.00% Loan Assumptions.50% Rev8/2/2013Page7

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