VA Refinance Cash Out

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1 VA Refinance Cash Out This matrix is intended as an aid t help determine whether a prperty/lan qualifies fr certain financing. It is nt intended as a replacement fr VA guidelines. Users are expected t knw and cmply with VA requirements. NOTE: This matrix includes verlays, which may be mre restrictive than VA requirements. A thrugh reading f this matrix is recmmended. If a tpic is nt mentined belw, refer t VA Guidelines. These Guidelines are subject t change. Prgram Qualificatins Fidelity s VA Cash Out Refinance lan is designed fr the cash ut refinance f an wner ccupied primary residence using VA insured financing. There must be an existing lien n the prperty and it may be frm any surce. Eligibility Matrix Lan Amunt & LTV Limitatins VA Refinance Cash Out Primary Residence Only Units Maximum Base LTV % - Cash Out 100% - When prceeds are used t pay ff existing liens per guidelines herein Basic Entitlement is $36,000 Bnus Entitlement is available fr lans clsed n r after 1/1/09. Refer t standard VA Calculatin Wrksheet Minimum 25% guaranty may be satisfied by a cmbinatin f VA entitlement and equity r cash Maximum Base Lan LTV is 90% (Subject t sufficient entitlement). Maximum Ttal Lan Amunt is calculated as 90% f the value f the prperty plus funding fee 90% LTV limit may be exceeded nly by the amunt f the funding fee Maximum 100% CLTV fr existing subrdinate financing New subrdinate financing is nt permitted The maximum LTV is capped at 90% EXCEPT as fllws. Fidelity will allw a maximum LTV f 100% n VA Cash-Out (Regular) refinance transactins when the prceeds f the lan transactin are used t pay the fllwing: Csts assciated with the refinance transactin, Payff f an existing first mrtgage lien, Payff f a purchase mney secnd lien, Payff f an existing nn-purchase secnd lien (prceeds were nt used tward the purchase f the hme). Additinal requirements apply t cash-ut/regular refinance transactins when the LTV exceeds 90% as fllws. All existing liens (t be paid ff r remain subrdinate t the new first mrtgage) must be seasned fr at least six (6) mnths (i.e. six (6) mnths frm nte date t applicatin date), with an acceptable payment histry (i.e., n late payments f 30 days r beynd), If there is an existing HELOC there can be n draws within the last 6 mnths exceeding $1,000 in ttal If prceeds are used t pay ff any prtin f a HELOC (Hme Equity Line f Credit) then that HELOC must be paid in full and clsed Prceeds f the lan transactin may nt be used fr the fllwing: Payff ther existing nn-mrtgage debt, and The brrwer may nt receive cash at clsing, except fr up t $500, r recalculatin f the mrtgage is required. Nte: If cash t brrwer exceeds $500, a principal curtailment is nt allwed, the lan amunt must be recalculated. The maximum LTV is 100% f the value shwn n the VA Ntice f Value plus the VA funding fee, nt t exceed the limitatins set by the maximum guarantee allwed by VA. The maximum entitlement is 25% f the VA Cunty Lan Limit. The maximum lan amunt is limited t the lesser f 100% f the appraised value r the maximum allwable lan amunt f $417,000 (r the cnfrming lan amunt fr the area) excluding the funding fee, prviding there is sufficient entitlement plus equity t meet the required minimum guarantee percentage f 25%. The veteran must have entitlement t use tward the new transactin. The 25% cannt cnsist f nly equity in the prperty. Lans using the rate/term LTV flexibility ( %LTV) are limited t a maximum lan amunt f $417,000 r area cnfrming limit, excluding the funding fee regardless f higher guaranty limits in certain cunties. Refinance f Installment Land Sales Cntracts Lan amunt may nt exceed the lesser f: VA reasnable value excluding VA funding fee OR The sum f the utstanding balance f the lan t be refinanced plus allwable clsing csts (excluding VA funding fee) and discunt pints Prcess as a cash-ut refinance transactin except the maximum LTV is 100%, excluding VA funding fee N cash back t brrwer Rev. 2/23/2016

2 Maximum Lan Amunt: The Department f Veterans Affairs (VA) Lan Guaranty prgram des nt set a maximum amunt that an eligible Veteran may brrw using a VA-guaranteed lan. Lenders may make lans t Veterans ver the calculated maximum lan limit; hwever, lenders may require Veterans t make a dwnpayment in these types f transactins. The fllwing lan limits must be used t calculate VA s maximum guaranty amunt. These limits apply t all lans clsed February 28, 2014, thrugh December 31, VA lan limits are based ff median hme values estimated by the Federal Husing Administratin (FHA). These values are the basis fr which VA calculates limits fr ur prgram. Fr 2014, sme limits increased, sme stayed the same, and a few decreased. The maximum guaranty amunt (available fr lans ver $144,000) is 25 percent f the 2014 VA lan limit shwn belw. Therefre, a Veteran with full entitlement available may brrw up t the 2014 VA lan limit shwn belw and VA will guarantee 25 percent f the lan amunt. If a Veteran has previusly used entitlement that has nt been restred, the maximum guaranty amunt available t that Veteran must be reduced accrdingly. Lenders shuld check their wn investr requirements regarding guaranty amunts and dwnpayments. Lan Limits: Prduct Descriptin VA Fixed Rate 15, 20, 25 and 30 year term; fully amrtized VA Fixed Rate 15 and 30 year term, high balance; fully amrtized Prduct Cdes Years VA 15 Years VA 15 Years HiBal VA 20 Years VA 25 Years VA 30 Years VA 30 Years HiBal Prduct Cde VA15F VA15HB VA20F VA25F VA30F VA30HB Eligibility Requirements Appraisal Requirements A new appraisal cmpleted by a VA apprved r VA fee panel Appraiser is always required. VA LAPP apprved Underwriting Cnsultant will issue the Ntice f Value Cpy f the signed Ntice f Value must remain in the lan file Natural Disasters Lans secured by prperties lcated in areas federally declared as majr disaster areas must have additinal inspectins. Appraisal rdered thrugh and appraiser assigned at the VA Prtal at the time the case number is rdered. Appraiser Requirements Assets Fllw AUS Findings Assumptins Permitted Credit wrthy brrwers nly Brrwer Eligibility Certificate f Eligibility (COE) C-brrwers Credit Certificate f Eligibility must have sufficient entitlement t meet minimum 25% guarantee Jint lans invlving a veteran and a nn-veteran wh is nt the veteran s spuse (VA prir apprval required. Refer t Special Requirements/Restrictins fr mre details) Jint lans invlving tw unmarried veterans (VA prir apprval required. Refer t Special Requirements/Restrictins fr mre details) A Certificate f Eligibility (COE) is required. All brrwers must ccupy the subject prperty Husing (Mrtgage/Rental) Payment Histry Requirements It may be necessary t verify the current and previus mrtgage t establish a 12-mnth payment histry. Rev. 2/23/2016 Page 2

3 Husing (Mrtgage/Rental) Payment Histry (PITIA) is inclusive f all liens regardless f psitin, as well as all ccupancy types. All lans must be current Cash-Out Regardless f AUS Decisin 12 mnth payment histry r life f lan if prperty is wned less than 12 mnths via a credit reprt, cancelled checks, r VOM t reflect n mre than 0x30 during the previus 12 mnths. Emplyment / Incme Escrw Hldback Escrw Waivers Financing Types Gegraphic Lcatins/ Restrictins Guaranty/ Entitlement Internet Links Limitatins n Other Real Estate Owned Mrtgage Insurance Multiple Majr Dergatry Events Credit Scre Requirements: 620 minimum credit scre required regardless f AUS Decisin 660 minimum credit scre fr VA Cash ut when LTV is 100% (n exceptins belw) 660 fr VA High Balance lan regardless f AUS decisin (n exceptins belw) 680 fr Lan amunts >=$1,000,000 t <=$1,500,000 Nn-traditinal credit is ineligible Bankruptcy, Freclsure and Shrt Sale Seasning - Refer t Serius Dergatry Seasning Requirement sectin belw and Multiple Majr Dergatry Events sectin. Emplyment dcumentatin Verificatin f emplyment Paystubs cvering at least the mst recent 30 day perid Mst recent W-2 2 years tax returns fr self-emplyed brrwers, r OR Paystubs cvering at least the mst recent 30 day perid 2 years W2s 2 years tax returns fr self-emplyed brrwer Cmpleted Telephne VOE If telephne VOE des nt verify incme, full dcumentatin is required Frm 4506-T must be prcessed prir t clsing. A new IRS Frm 4506-T is required t be signed with the clsing package as well as at applicatin even when the frm has been prcessed. Ineligible Ineligible Cash-Out (Equity Refinances) Subject prperty must have an existing lien N seasning n first mrtgage r junir liens New lan amunt may include the fllwing. Payff f existing liens Reasnable discunt pints Allwable fees and charges (ther than funding fee) Cash back t the brrwer Premium pricing permitted Refinance f Cnstructin Lans and Installment Land Sales Cntracts Lan amunts may nt exceed the lesser f the fllwing. The VA reasnable value excluding the VA funding fee, OR The sum f the utstanding balance f the lan t be refinanced plus allwable clsing csts (excluding the funding fee) and discunt pints. Lan must be established as a purchase transactin t permit the maximum LTV t exceed 90% f the reasnable value. Refer t the Out f Ftprint dcument. Must meet bth VA and GNMA requirements. Refer t VA Calculatin Wrksheet fr lan amunt calculatins. The Appraisal System. Order Case Numbers frm VA Prtal (Case Number Only fr VA IRRRLs) WebLGY VA Lenders Handbk VA Lender's and Servicer's Hme Page VA Reginal Lan Centers Nne Refer t VA Funding Fee fr specifics Brrwers reflecting multiple majr dergatry events are subject t additinal seasning and credit requirements. See Serius Dergatry Seasning Requirements sectin belw. Rev. 2/23/2016 Page 3

4 Occupancy Prepayment Penalty Prperty Types Qualifying Rate and Ratis Primary Residence Nne Eligible Prperties 1 4 units VA apprved cnds PUDs Mdular husing Ineligible Prperties C-ps Manufactured Hmes Qualify at nte Rate AUS Apprve lans Ratis evaluated by AUS Max DTI fr Lan amunts >=$1,000,000 t <=$1,000,000 is 50% (n exceptins belw) The DTI rati f 41% may be exceeded prvided this rati des nt exceed 50% DTI Ratis >41% <=50% require residual incme exceeding 120% in additin t significant dcumented: Cnservative use f cnsumer credit Excellent credit histry Existence f equity in refinancing lans Little r n increase in shelter expense Lng-term emplyment Minimal cnsumer debt Military benefits Satisfactry hmewnership experience Significant liquid assets 41% maximum DTI rati 41% DTI rati may be exceeded prvided rati des nt exceed 50% 41% <=50% DTI ratis require residual incme exceeding 120% in additin t significant dcumented cmpensating factrs as fllw: DTI Rati > 50% Guideline fr FHA/VA Lans: Effective March 1, 2013, Fidelity Bank Mrtgage s maximum Debt-t-Incme rati plicy is 50%. Fidelity Bank will, n an exceptin basis, allw higher debt ratis. Fidelity Bank recgnizes that debt ratis greater than 50% represent a significantly higher risk and therefre require additinal scrutiny. In rder t prvide cnsistency in the granting f exceptins and the applicatin f this plicy, the fllwing guidelines have been implemented as part f Fidelity Bank s underwriting criteria. All lans, regardless f AUS Findings, are still subject t underwriter s risk assessment f the verall credit wrthiness f the brrwer(s). Every effrt will be made t verify and validate the data entered int any AUS Finding nt receiving a DU Apprve/Eligible r LP Accept decisin t insure the findings are accurate. Any brrwer(s) with a qualifying debt rati >50% but =<55%, must meet ALL f the fllwing guidelines: AUS Apprval Credit Analysis Credit Scre DTI Husing Payment Histry Verificatin A FNMA DU Finding with an Apprve/Eligible decisin r an FHLMC LP Finding with an Accept is required. Refer Cautin decisins are ineligible. Fr Apprve/Ineligible r Refer/Eligible refer t the Fidelity Bank Guideline t Apprving FHA/VA Refer Eligible Lans sectin belw. Payment Histry N active revlving, installment r mrtgage accunt may be presently past due and must be 0x30 in the last 12 mnths n all credit Medical cllectins are excluded. Tradeline Requirement Minimum f tw traditinal tradelines, each reprting the Tri-Merge Credit Reprt with at least 12 mnths f acceptable payment histry. At least ne tradeline must be pen with date f last activity within the last 24 mnths. Authrized User Accunts and Deferred Student Lans with n payment histry d nt meet this criterin Minimum scre f 640 r greater Maximum DTI allwed nt t exceed 55% - n Exceptin 0x30 in the last 12 mnths Nt required if Brrwer has been living n a military base prir t lan applicatin. If the brrwer(s) rent, a VOR is required regardless f AUS Findings If the landlrd is a private individual, twelve (12) mnths f cancelled checks are required Rev. 2/23/2016 Page 4

5 Secndary Financing Serius Dergatry Seasning Requirements Reserves Serius Dergatry Credit If the brrwer(s) has n verifiable husing payment histry, the lan is nt eligible fr a DTI rati greater than 50% Minimum f tw mnths f reserves Must be frm brrwer s wn funds Dergatry Type DTI>50% <=55%) Bankruptcy 13 2 years Bankruptcy 7 3 years Shrt Sale 4 years Freclsure 4 years NOTE: Brrwers with Multiple Majr Dergatries have additinal credit requirements. Refer t the Serius Dergatry Seasning Requirements sectin. New subrdinate/secndary financing is nt permitted. Existing subrdinate financing is limited t a maximum f 100% CLTV. The secnd lien shuld nt restrict the veteran s ability t sell the prperty (i.e. assumability feature) Brrwers with One Majr Dergatry: Dergatry VA VA w/dti>50% <=55%* Bankruptcy 13 2 years* 2 years Bankruptcy 7 2 years* 3 years Shrt Sale 2 years* 4 years Freclsure 2 years* 4 years * Unless therwise specified in the FHA/VA Prduct Guidelines fr DTI >50% t =<55%. Brrwers with multiple majr dergatries are nt eligible fr the credit r DTI exceptins. Brrwers with Multiple Majr Dergatries Fr brrwers that have experienced mre than ne serius dergatry and were nt cnnected but rather tw separate events there are additinal verlays belw: In additin t the required waiting perid and guidelines, the lan will be reviewed t assess the verall risk and is subject t Underwriting s discretin. Minimum FICO required 660 Ratis: 33/45% fr multiple majr dergatries Tw Mnths Reserves PITI Satisfactry explanatin f the multiple events is required Apprve/Eligible r Accept/Eligible AUS Findings required Open traditinal tradelines within the last tw years are required Payment Histry: N mre than 2 x 30 past due in the last 24 mnths r n mre than 1 x 60 past due in the last 24 mnths N histry f NSF fees n the bank statement prvided. Medical cllectins are excluded. Special Dcumentatin Requirements Examples: 1. Brrwer filed Chapter 7 and included their Mrtgage lans in the bankruptcy. The Discharge is cmpleted and the brrwer mves ut f residence and rents anther prperty. The lender des nt cmplete the freclsure until several mnths later. This wuld be treated as ne event. 2. The same example abve but the brrwer wns multiple prperties and all prperties are included in the bankruptcy but again all f the lenders take several mnths t cmplete the freclsures, this wuld be treated as ne event. 3. The brrwer files Chapter 7 and included the mrtgage in bankruptcy and des nt reaffirm the mrtgage. Hwever the brrwer cntinues t reside in the prperty and cntinues t make their mrtgage payment even thugh did nt reaffirm the debt. The brrwer cntinues t make payments n time fr ne year r mre but then defaults and the bank then initiates and cmpletes a freclsure. This wuld be treated as separate events because the brrwer chse t cntinue t make payments and later defaulted. 4. The brrwer des a shrt sale n an investment prperty and several mnths r years later files bankruptcy and abandns their primary residence. This wuld be treated as tw separate events. 5. Multiple Bankruptcies wuld be treated as separate events. Dcuments required in rder t underwrite the full file are as fllws. VA Case Number Assignment Screen t cnfirm new case number Autmated Certificate f Eligibility printed frm the VA ACE system Rev. 2/23/2016 Page 5

6 VA Frm , Request fr Certificate f Eligibility fr VA Hme Lan Benefits, with supprting evidence f service All veteran applicants whse incme is being used t qualify fr the lan transactin must cmplete and sign a VA Reserves r Natinal Guard Certificatin. The VA Underwriter must then use this infrmatin t determine the veteranbrrwer s true mnthly qualifying incme and service pay Verificatin f VA Benefit (VA Frm # ) required if brrwer r c-brrwer is: Receiving VA disability benefits Wuld receive benefits but fr the receipt f retired pay Has received VA disability benefits in the past A surviving spuse f a veteran wh died n active duty r as a result f a service cnnected disability Submit frm t the VA Reginal Lan Center having jurisdictin ver prperty state. Cannt issue final lan apprval until VA cmpletes and returns the frm Cannt submit lan t the VA fr prir apprval unless cmpleted frm is received frm the VA Original, signed and fully cmpleted Unifrm Residential Lan Applicatin (FNMA 1003) Original HUD/VA Addendum t the URLA (VA Frm a) VA Lan Analysis Wrksheet (VA Frm ) VA Lan Summary Sheet (VA Frm ) Ntice f Value cmpleted and signed by LAPP Apprved Underwriter r issued by the VA CAIVRS infrmatin must be checked Residual incme requirements must be met Nearest living relative Infrmatin Initial Gd Faith Estimate and Truth in Lending Disclsures Affiliated Business Disclsure Child Cared Letter Prvide all ther applicable VA related frms Special Requirements/ Restrictins The fllwing dcuments will be required at clsing Federal Cllectin Plicy Ntice (VA Frm ) r the HUD/VA addendum t the URLA VA Transmittal List VA Frm Cunseling Checklist fr Military Hmewners VA Frm Reprt and Certificatin f Lan Disbursement VA Frm If the lan being paid ff thrugh the refinance is an existing VA lan, this must be the same lan indicated n the COE. In sme cases a cpy f the nte may be required t verify the case number. One Time Restratin is required t be reflected n the COE and be specific fr this transactin. Entitlement is the guaranty r insurance benefit available t an eligible veteran. The percentage and amunt f guaranty is based n the lan amunt including the funding fee prtin when the fee is paid frm lan prceeds. GNMA Guaranty f at least 25% is required. The 25% guaranty may be satisfied thrugh a cmbinatin f available entitlement plus equity in the prperty Lender Credit Lender Credit frm premium pricing can be used tward csts f transcatin nly. Lender Credit cannt be used fr principal reductin, payff f debt r fr ther items nt part f the purchase transactin Refer t VA Calculatin Wrksheet fr guidelines pertaining t Partial and Bnus entitlement. Lan amunts >$417,000 r if using Bnus entitlement, must include the VA Wrksheet Underwriting Eligible fr submissin t DU Refer/Eligible Findings must fllw the requirements n the attached Underwriting Requirements fr VA Refer Findings. Manual underwriting nt allwed VA Case Number Order the case frm the VA Prtal VA Funding Fee VA Funding Fee applies unless veteran is exempt. See VA Funding Fee Table fr specific percentages. Rev. 2/23/2016 Page 6

7 Fidelity Bank Guideline t Apprving VA Refer Eligible Lans The fllwing guidelines must be met when underwriting a VA lan with Refer/Eligible Findings: NOTE: NO EXCEPTIONS TO THE FOLLOWING GUIDELINES ARE ALLOWED. Credit Scre A minimum 620 FICO is required Qualifying Ratis Maximum husing rati is 31.00% Maximum ttal DTI is 43.00% Fr New Cnstructin r Energy Efficient lans the maximum DTI is 43.00% NOTE: Paying ff debt in rder t qualify is nt permitted Eligible Prperty 1 Unit SFD Type Emplyment Brrwer must evidence a cntinuus and stable tw years emplyment histry. Histry Gaps in emplyment greater than 60 days must be addressed with a letter f explanatin. Fr VA lans, the VOE must include related service in the military. Fr recently discharged veterans with less than a 2 year civilian emplyment histry, the tw year emplyment histry must be dcumented as related t prir military service Incme VA Lans - Must fllw VA Manual underwriting criteria regardless f AUS findings. VA lans must have residual incme Reserves Brrwer must evidence tw mnths f reserves frm their wn funds. Ownership f ther real estate Husing Payment Histry Credit Analysis Gifts are allwed fr dwn payment and clsing csts, nt reserves. If the Brrwer s existing Primary prperty is being retained with the intentin t cnvert it int an Investment prperty, the Brrwer must qualify with bth payments included in the DTI rati (n credit fr rents allwed). Brrwer must evidence a satisfactry12 mnth husing payment histry with 0 x 30 late payments in the last 12 mnths. A VOR r VOM is required with the histry reprted frm the credit reprting agency. If the landlrd is a private individual, twelve (12) mnths f cancelled checks are required If the brrwer(s) has n verifiable husing payment histry, then the DTI exceptin is nt allwed and the maximum DTI ratis are 31%/43%. Payment Histry All revlving, installment, and mrtgage accunts must be current with n past due accunts permitted. Fr active revlving accunts, n mre than 1x30 in the last 12 mnths. Installment and Mrtgage accunts must have 0x30 in the last 12 mnths. Medical cllectins are excluded Tradeline Requirement Minimum f three traditinal tradelines each reprting n the Tri-Merge Credit Reprt with at least 12 mnths f acceptable payment histry. At least ne tradeline must be pen with date f last activity within the last 24 mnths If brrwer therwise meets all criteria but des nt meet the three traditinal tradeline requirement, but the brrwer des have tw traditinal tradelines then allw Refer/Eligible t prceed prviding the brrwer has fur mnths f reserves. Authrized User Accunts and Deferred Student Lans with n payment histry d nt meet this criterin. Nn-traditinal credit is nt acceptable Ineligible Nn Occupant C-Brrwers are nt allwed Brrwers Serius Brrwers with Single Majr Dergatry fllw Agency Guidelines Dergatry Histry Brrwers with Multiple Majr Dergatries have additinal credit requirements. Refer t the Serius Dergatry Seasning Requirements. AUS Findings Refer/Eligible findings must be in LQB and must dcument the credit file per thse findings. As the credit file is updated, DU/LP must als be updated. Refer with Cautin findings are nt eligible QM Lan must meet general QM requirements Rev. 2/23/2016 Page 7

8 VA Funding Fee Table Purchase and Cnstructin Lans: Nte: In 2011, funding fees were lwer frm Octber 1 thrugh Octber 5, and Nvember 18 thrugh Nvember 21. The enactment f Public Law , signed Nvember 21, 2011, established rates at the belw levels thrugh September 30, The Hnring America s Veterans and Caring fr Camp Lejeune Families Act f 2012, signed August 6, 2012, further extended the rates thrugh September 30, Type f Veteran Dwnpayment Percentage fr First Time Use Percentage fr Subsequent Use Regular Military Nne 2.15% 3.3%* 5% r mre 1.50% 1.50% 10% r mre 1.25% 1.25% Reserves/Natinal Guard Nne 2.40% 3.3%* 5% r mre 1.75% 1.75% 10% r mre 1.50% 1.5% Cash-Out Refinancing Lans: Nte: There are n reduced funding fees fr regular refinances based n equity. Reduced fees nly apply t purchase lans where a dwnpayment f at least 5 percent is made Type f Veteran Percentage f First Time Use Percentage fr Subsequent Use Regular Military 2.15% 3.3%*. Reserves/Natinal Guard 2.4% 3.3%* *The higher subsequent use fee des nt apply t these types f lans if the veteran s nly prir use f the entitlement was fr a manufactured hme lan. Type f Lan Percentage fr Either Type f Veteran Whether First Time r Subsequent Use IRRRLs.50% Manufactured hme Lans (NOT permanently affixed) 1.00% Rev. 2/23/2016 Page 8

9 Lan Assumptins.50% Rev. 2/23/2016 Page 9

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