Contents. VA Credit Overlays

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1 Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL... 4 Restructured Loans or Short Payoff Refinances... 4 Secondary Financing... 6 General... 6 Geographic Restrictions... 7 Texas Properties... 7 Occupancy... 7 Primary Residence... 7 Conversion of Principal Residence... 7 Conversion of Principal Residence to a Second Home... 7 Conversion of Principal Residence into Investment Property... 8 Pending Sale of Real Estate... 8 Property Types and Standards... 8 Federally Declared Disaster Areas... 8 Income Rental Income on the Property Vacated by the Borrower R e v i s e d

2 Credit Requirements Authorized User Accounts Credit Score Requirements Mortgage/Rental Payment History Assets Commission from the Sale of the Property Third Party Contributions/Sales Concession Sales Concession VA AUS General System Overrides and Manual Downgrades R e v i s e d

3 Introduction This guide is to be used in conjunction with VA s standard credit policies. The more restrictive of these requirements or those found in the VA Lender s Handbook are to be followed. Links VA Lender s Handbook Veterans Information Portal (password required) VA Forms Staff Appraisal Reviewer (SAR) Information https://vip.vba.va.gov/portal/vbah/home DU User s Guide for VA Loans https://www.efanniemae.com/sf/guides/duguides/pdf/vaduug.pdf Transaction Types Purchase Transactions If the seller is a corporation, partnership, or any other business entity, the file must include documentation showing the owners. If the borrower holds any ownership interest in the business entity, the transaction is not eligible for financing. The seller must be the owner of record. Refinance Transaction Regular Refinance Texas properties not eligible if: existing lien is subject to Texas Section 50(a)(6); existing 2 nd lien is subject to Texas Section 50(a)(6); borrower receives any cash back at closing (even as little as $1). There may be no late payments for the past 12 months on all mortgages secured by the subject property, regardless of the AUS findings. Refinances on properties listed for sale are not permitted. Listing agreements on the subject property must be canceled six months prior to the loan application date or the loan is subject to a maximum loan-to-value of 70%. A copy of the canceled/expired listing should be placed in the file and a search of the current multiple listing service should be completed to verify that the property is not currently listed by a different agency. 3 R e v i s e d

4 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL Texas properties not eligible if: existing lien is subject to Texas Section 50(a)(6); existing 2 nd lien is subject to Texas Section 50(a)(6); borrower receives any cash back at closing (even as little as $1). The IRRRL must bear a lower interest rate then the loan it is refinancing, unless the current loan is an ARM. The principal and interest payment must be less than the principal and interest payment on the loan being refinanced unless one of the following exception applies: o The IRRRL is refinancing an ARM; or o The term of the IRRRL is shorter than the term of the loan being refinanced; or o Energy efficient improvements are included in the IRRRL If the monthly payment (PITIA) increases by 20 percent or more, the lender must: o Determine that the veteran qualifies for the new payment from an underwriting standpoint; and o Include a certification that the veteran qualifies for the new monthly payment which exceeds the previous monthly payment by 20 percent or more. o Maximum DTI of 41% except in the following instances: Maximum 41% DTI may be exceeded provided the monthly payment does not increase by more than 50%. For DTI ratios > 41% - 50%, the residual income must exceed 120% of the VA requirement in addition to significant documented compensating factors. The current mortgage cannot be 1x30 days late within the last 12 months. If the loan is seasoned less than 12 months, evidence the existing loan has no 30-day lates since the inception of the loan and no 30-day lates or greater mortgage lates for any first mortgage loans are associated with the property and borrower(s) in the most recent 12 months. A minimum of a six month payment history is required on the current mortgage. If less than six months, the loan must be documented and underwritten as a credit-qualifying refinance. Lender certification that the prior loan was current at the time of application and at the time of closing. A tri-merge credit report must be obtained. 4506T transcripts are required. The borrower cannot receive more than $250 back from the loan. The maximum loan term is the original term of the VA loan being refinanced plus 10 years, but not to exceed 30 years. The borrower cannot pay off liens other than the existing VA loan from the proceeds. Any second lien holder would have to agree to subordinate to the new mortgage. The veteran or the spouse of an active service member must certify that he or she has previously occupied the property as their primary residence. VA Form (Interest Rate Reduction Refinancing Loan Worksheet) is required. 4 R e v i s e d

5 Maximum loan amount is the existing VA loan balance, plus allowable fees and charges, plus up to two discount points, plus the cost of energy efficiency improvements, plus the VA funding fee. The veteran re-uses the entitlement used on the existing VA loan the VA IRRRL does not impact the amount of entitlement the veteran has in use. Whether or not an appraisal is required on a VA IRRRL loan depends on whether or not the loan being refinanced is serviced by Wells Fargo. Underwriting staff are responsible for confirming that VA IRRRL loans not serviced by Wells Fargo have the required appraisal in the file. o Wells Fargo-serviced loan: No appraisal required. o Non-Wells Fargo serviced loan >95%LTV: An exterior appraisal is required. The 2055/1075 must be changed to an interior and exterior report if any of the following conditions exist : The property does not conform to the neighborhood; or Adverse physical deficiencies or environmental conditions are observed; or Data sources do not provide sufficient information about the property. o Non-Wells Fargo serviced loan 95%LTV:RESDirect VECTOR AVM is acceptable If the AVM does not support the value and results in a >95%LTV, a 2055 must be ordered or the loan amount must be decrease to 95% LTV of the AVM value Caliber Processor to order the RESDirect VECTOR AVM The refinance must be beneficial to the borrower. The total number of months to recoup all closing costs (both paid outside of closing and those financed into the loan) should not exceed 84 months. Verbal verification of employment must be completed. For a self-employed borrower, documented verification of the existence of the borrower s business is required. If the veteran is deceased and the surviving spouse was a co-obligor, the spouse is considered a veteran for the IRRRL. The surviving spouse must own the subject property. 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 acceptable in the following instances: Parties Obligated on Old VA Loan Parties to be Obligated on new IRRRL Is IRRRL Possible? 1 Unmarried veteran Veteran and new spouse Yes 2 Veteran and spouse Divorced veteran alone Yes 3 Veteran and spouse Veteran and different spouse Yes 4 Veteran alone Different veteran who has Yes substituted entitlement 5 Veteran and spouse Spouse alone (veteran died) Yes 5 R e v i s e d

6 6 Veteran and nonveteran Veteran alone Yes joint loan obligors 7 Veteran and spouse Divorced spouse alone No 8 Unmarried veteran Spouse alone (veteran died) No 9 Veteran and spouse Different spouse alone (veteran No died) 10 Veteran and nonveteran joint loan obligors Nonveteran alone No Restructured Loans or Short Payoff Refinances Restructured loans are not eligible for VA financing. Secondary Financing General Secondary financing is acceptable as long as the veteran is not placed in a substantially worse position than if the entire amount borrowed had been guaranteed by VA. Maximum CLTV for a purchase transaction is 100%. Maximum CLTV for a refinance transaction is 90%. Cannot be used to offset required down payment, pay closing costs or cover any portion of the purchase price that exceeds the reasonable value. Interest rate of second mortgage cannot exceed the rate on the VA loan. Must be obtained simultaneously with the VA guaranteed first mortgage, both secured by the same property. Documentation disclosing the source, amount, and repayment terms of the second mortgage and agreement to such terms by the veteran and any co-obligors must be included in the loan file. The second mortgage must be subordinated to the VA-guaranteed loan. There can be no cash back to the veteran from the VA first or second mortgage obtained simultaneously. The veteran must qualify for the second mortgage which is underwritten as an additional recurring monthly obligation. The second mortgage must be assumable by creditworthy purchasers. There should be a reasonable grace period before a late charge comes due or before commencement of foreclosure proceedings in the event of default. Second mortgages bearing unusual terms, interest rates, etc. are sometimes offered. Consult the VA if it is unclear whether the terms of the second mortgage meet VA standards. 6 R e v i s e d

7 Geographic Restrictions Texas Properties Not eligible for refinance if: existing lien is subject to Texas Section 50(a)(6); existing 2 nd lien is subject to Texas Section 50(a)(6); borrower receives any cash back at closing (even as little as $1). Occupancy Primary Residence Purchase of 2 Unit Properties: Borrowers may not own any other residential property of equal or greater value in the same area in which the units are located. The mailing address and property address must be verified at the same. If this verification cannot be made, the loan is not eligible for VA financing. Purchase of 3-4 Units: The loan documentation (credit report, income, asset verification) must show the borrower s current primary residence as the borrower s address. The Homeowner s insurance policy must show that the mailing address and subject property address are the same. Note: If the borrower uses a P. O. Box, and occupancy cannot be verified, a pre-funding inspection is required. The appraisal must indicate the unit the borrower intends to occupy and confirm availability of that unit. Information indicating the unit to be owner-occupied must be consistent with other documentation in the file. If the borrower currently owns other properties (not being sold as part of the subject transaction), the underwriter must review to determine that the borrower s intent to occupy is reasonable. The loan file must contain supporting documentation. The purchase agreement must show the borrower s intent to occupy. Refinance of 2-4 Unit Properties: Verification that the borrower is occupying or intends to occupy the subject property is required as follows: o The loan documentation (credit report, income, asset verification) must show the subject property as the borrower s address. o The Homeowner s insurance policy must show that the mailing address and subject property address are the same. Note: If the borrower uses a P. O. Box, and occupancy cannot be verified, a pre-funding inspection is required. o The appraisal must indicate that the borrower occupies the property. o The title policy should show a homeowner s exemption. Conversion of Principal Residence Conversion of Principal Residence to a Second Home If the veteran is converting a current principal residence to a second home upon purchase of a new principal residence: o Both the current and proposed principal, interest, taxes and insurance (PITI) must be used to qualify the borrower for the new loan; and 7 R e v i s e d

8 o Minimum reserves of six months PITI for both properties are required. However, only reserves of two months PITI are required for both properties if 30% equity in the existing principal residence is documented with an HVCC-compliant appraisal report. Conversion of Principal Residence into Investment Property If the veteran is converting a current principal residence to an investment property upon purchase of a new principal residence, the following requirements apply: o both the current and proposed monthly housing expenses must be used to qualify o rental income may not be used to offset the mortgage payment o evidence of cash reserves totaling 6 months PITI for both properties must be provided The following exceptions allow the veteran to qualify using 75% of the gross rental income to offset the mortgage payment and waive the reserve requirement: o The veteran is relocating with a new employer, or is transferred by the current employer to an area not within a reasonable and locally recognized commuting distance, or o The veteran has documented equity of at least 30% in the existing property. Acceptable documentation for determining the equity position is an HVCC-compliant appraisal report Pending Sale of Real Estate In instances where the veteran intends to sell the property but it will not close before the purchase of a new principal residence occurs: The principal, interest, taxes and insurance (PITI) on both the pending sale and the subject new property must be included in qualifying the borrower AND the following documentation must be obtained: o o Cash reserves totaling at least six months PITI for both properties or Cash reserves totaling at least two months PITI for both properties if able to document equity of a least 30% in the existing property. Acceptable documentation for determining the equity position is an HVCC-compliant appraisal report Exception: o The PITI of the pending sale does not need to be included in qualifying the borrower as long as the six months of reserves (or two months with documented equity) for both properties are documented and the following additional documentation is provided: The executed sales contract for the current residence and Confirmation that any financing contingencies have been cleared Property Types and Standards Federally Declared Disaster Areas Properties located in a federally declared disaster area for which individual assistance is available are subject to additional restrictions. Note that these restrictions do not apply to counties for which no individual assistance is available or counties for which public assistance is available. All federally declared disaster areas with incident end dates within the past 12 months can be found on Caliber Funding s Disaster Area List. 8 R e v i s e d

9 If the subject property is located in an area with a federal disaster incident end date within 90 days of the date of the appraisal, all of the following requirements must be met: o For areas with a Caliber Funding designated status of Standard, it is preferred that all comparables be post-disaster. However, if sufficient comparables are not available, the appraiser must provide current photos of the subject property and comparables. Multiple Listing Service (MLS) photos or photos used for previous appraisals are not acceptable. o For areas with a Caliber Funding designated status of Expanded, the appraisal must include a minimum of three post-disaster comparable sales, and photos of the subject s interior, exterior, and neighborhood. Note that properties located in an area with a status of Extreme are not eligible for financing. If the appraisal indicates damage, the extent of the damage must be addressed. Completion of the repairs is required as evidenced by Form 1004D/442, Appraisal Update and/or Completion Report, with photos, before the loan can close. If no appraisal is needed, an inspection by a VA approved appraiser or inspector must be performed if the subject is located in an area with a federal disaster incident end date within 90 days of the Note date. There may be situations where a longer timeframe may be instituted. At a minimum, the exterior of the subject and the subject s neighborhood must be inspected. However, in any situation where the appraiser notes defects in the exterior inspection, a full appraisal report with an interior and exterior inspection is required. Photographs of the subject exterior must be provided. The appraiser must confirm that the property is free from damage. If the inspection indicates damage, the extent of the damage must be addressed. Completion of the repairs is required as evidenced by Form 1004D/442, Appraisal Update and/or Completion Report, with photos, before the loan can close. The "Remarks" section of VA Form , VA Loan Summary Sheet, must be annotated "Lender and Veteran Disaster Certifications on File. If local law requires the property to be inspected and approved by the local building inspection authority, a copy of the appropriate local report(s) must be maintained. Neither VA nor the veteran purchaser shall bear the expense of any disaster-related inspections or repairs. The lender must provide the following signed certification: o This is to affirm that the property which is the security for VA loan number has been inspected to ensure that it was either not damaged in the recent disaster or has been restored to its pre-disaster condition or better. The veteran must provide the following signed certification: o I have inspected the property located at and find its condition now to be acceptable to me. I understand that I will not be charged for any disaster related expenses, and now wish to close the loan. 9 R e v i s e d

10 Income Rental Income on the Property Vacated by the Borrower Rental income on the property vacated by the borrower, reduced by the appropriate VA vacancy factor, may be used under the following circumstances: o Relocations - The homebuyer is relocating with a new employer, or is transferred by the current employer to an area not within a reasonable and locally recognized commuting distance. o Sufficient Equity in Vacated Property - The homebuyer has a loan-to-value ratio of 75% or less, as determined by either a current (no more than six months old) residential appraisal or by comparing the unpaid principal balance to the original sales price of the property. The appraisal, in addition to using forms Fannie Mae 1004/Freddie Mac 70, may be an exterior-only appraisal using form Fannie Mae/Freddie Mac 2055, and for condominium units, form Fannie Mae 1075/Freddie Mac 466. The above guidance applies solely to a primary residence vacated in favor of another primary residence and is not applicable to existing rental properties disclosed on the loan application and confirmed by tax returns (Schedule E of form IRS 1040). A properly executed lease agreement (such as a lease signed by the homebuyer and the lessee) of at least one year s duration is required from the date the loan closes. Obtain evidence of the security deposit and/or evidence the first month s rent was paid to the homeowner. The underwriter is responsible for determining eligibility of rental income in accordance with VA specifications. Credit Requirements Authorized User Accounts Credit reports containing authorized user accounts require additional evaluation and documentation regardless of any AUS recommendation. If the primary account holder is another borrower on the transaction no further action is required. If the primary account holder, including non-borrowing spouses, is not another borrower on the transaction and the credit report shows any of the following characteristics, it may indicate the report is not an accurate reflection of the borrower s credit profile: o o There is a significant difference in credit utilization between the authorized user accounts and primary credit lines. There is a significant difference when comparing the late payments of the authorized user accounts to the primary credit lines. o The credit limits on authorized user accounts are significantly higher when compared to the primary credit lines. o The following documentation must be obtained when any of the above applies: 10 R e v i s e d

11 A letter of explanation from the borrower identifying the relationship of the primary account holder to be that of a relative (the borrower s spouse, parent, or an individual related to the borrower by blood, marriage, adoption, or legal guardianship). Evidence of three months of recently cancelled checks or account statements to document that the borrower(s) has been making payments on the account(s). If either of these two requirements cannot be met, the loan must be manually underwritten following nontraditional credit requirements and cannot include the authorized user accounts. Credit Score Requirements All borrowers must have at least one score, regardless of AUS findings. Non-traditional credit reports are not permitted. Caliber has a minimum credit score requirement for all borrowers on the loan, which applies to both manually underwritten loans and loans receiving an AUS recommendation of approve or accept. The minimum required score can be found on the VA Program matrix. Mortgage/Rental Payment History For refinance transactions, there may be no late payments for the past 12 months on all mortgages secured by the subject property, regardless of the AUS findings. Downgrade to manual underwrite if any of the following delinquencies have occurred during the most recent 12 months and have not been considered by the AUS: o Three or more late payments greater than 30 days o One or more late payments of 60 days plus one or more 30-day late payments. o One payment greater than 90 days late. Assets Commission from the Sale of the Property Funds /Commission received from subject property transaction may not be used for down payment, closing costs, prepaid items, or reserves. Third Party Contributions/Sales Concession Sales Concession An aggregate real estate commission including a bonus greater than 8% of the sales price of the subject property is considered a sales concession and that commission and/or bonus amount over 8% must be deducted from the sales price. 11 R e v i s e d

12 VA AUS General All Full Doc VA loans must be run through DU. If the loan receives a refer recommendation, it must then be underwritten by a VA Approved Automatic Underwriter. System Overrides and Manual Downgrades Downgrade to manual underwrite if any of the following situations occur and they have not been considered by the AUS: o Delinquent federal debt, or CAIVRS claim. o Disputed accounts, significant inaccuracy or undisclosed debt. o Previous mortgage foreclosure (within 3 years of application) and bankruptcy (within 2 years of application) o Collection accounts, tax lien, charge-off, judgment. o Delinquent items and any mortgage trade line, including mortgage line-of-credit payments, during the most recent 12 months consisting of any of the following: Three or more late payments greater than 30 days One or more late payments of 60 days plus one or more 30-day late payments. One payment greater than 90 days late. o Bank statements that indicate multiple non-sufficient funds (NSF) charges. Example: more than 1 or 2 isolated incidents over a 60 day period. An explanation for such NSFs will be required and additional asset statements may be required to decision the loan. o Failure to meet the specific conditions of an AUS approval. 12 R e v i s e d

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