VA and VA IRRRL Programs

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1 VA and VA IRRRL Programs 12/12/14

2 VA Program Benefits VA loan programs offer exceptional financing options for active duty military personnel, veterans and their families. 100% financing on purchase and refinance transactions No down payment required on loan amounts $417,000 High Balance loan amounts up to $1,500,000 No monthly mortgage insurance No reserves required on 1-unit properties Limitations on fees charged to borrower Seller allowed to contribute up to 4% of the loan amount for closing costs. Seller is allowed to pay 100% of the discount points and the borrower s non-recurring closing costs. Assumable 2

3 VA Program Highlights Purchase 100% LTV/CLTV Cash-out refinance up to 100% LTV/115% CLTV 600 minimum credit score 1-4 unit primary residence Single family residence, PUDs and condominiums in VA approved projects DTI per DU with 640 credit score Gift funds, grants and DPA Funds eligible for closing costs and/or down payment if required Products: Fixed rate: 15, 20, 25 and 30 year ARM: 3/1 and 5/1; Treasury index; 1/1/5 caps; 2.00 margin; qualify at Note rate 3

4 VA Program Eligibility Who is eligible for a VA loan? Active duty military personnel Any veteran who served active duty in the Army, Navy, Air Force, Marine Corp or Coast Guard and was discharged under conditions other than dishonorable Reservists or National Guard with 6 years of service Unmarried surviving spouse of an eligible service member who died as a result of service or serviced-related injuries NOTE: VA Circular announced that the VA will review loans for same-sex married couples for eligibility and loan guaranty benefit. The following information is submitted to the VA RLC: Date and name of the state where the marriage occurred, The state the borrowers were residing in at the time of the marriage, State where the subject property is located, Current state of residence, and Estimated loan closing date. 4

5 VA Entitlement The VA entitlement is the amount the VA will guaranty the lender against loss. The entitlement is based on 25% of the total loan amount (including the funding fee, if financed). The total loan amount, including the funding fee can never exceed the VA county loan limit without a down payment from the veteran. The Certificate of Entitlement (COE), issued by the VA, provides the amount of the veteran s entitlement. The entitlement is available for all veterans. The basic entitlement is $36,000 for loan amounts $144,000. Bonus entitlement is available for loan amounts > $144,000 up to conforming loan limits. 5

6 VA Entitlement (continued) The Certificate of Entitlement (COE), issued by the VA, provides the amount of the veteran s entitlement. The entitlement can be affected if the veteran has used it before and whether or not the entitlement has been restored There is no limit on the number of times the entitlement may be used The entitlement can be restored when a prior VA loan obtained by the veteran is paid in full, or An eligible veteran assumes the outstanding loan on a property and substitutes their entitlement for the same amount originally used on the loan. 6

7 VA Entitlement (continued) The Certificate of Eligibility can be obtained by going to the VA website at https://vip.vba.va.gov/portal/vbah/home and accessing WebLGY. Sample COE: 7

8 VA Guaranty A minimum 25% guaranty is required for all VA loans The 25% guaranty is based on the lesser of the purchase price or appraised value Determining Eligibility The maximum VA will guaranty is the lesser of the veteran s available entitlement or the maximum potential guaranty Maximum VA Guaranty: Loan amount $144,000: maximum $36,000 Loan amount > $144,000 to $417,000: 25% of loan amount Loan amount > $417,000: Lesser of 25% of the VA county loan limit or the loan amount 8

9 VA Guaranty Calculations The following are examples of how to calculate the VA Guarantee. These examples are not all inclusive: Borrower Eligibility 9

10 VA Guaranty Calculations (continued) Borrower Additional Eligibility examples: 10

11 VA Loan Limits VA does not have a maximum loan amount however the VA county loan limits are used to determine the maximum Property guaranty Eligibility by county To view VA s county loan limits go to VA County Loan Limits Counties not identified on the VA loan limit list are limited to $417,000 HomeBridge limits the maximum loan amount on VA loans to $1,000,000 excluding Hawaii Maximum loan amount in Hawaii is $1,500,000 11

12 VA Funding Fee VA loans require a VA funding fee which is paid directly to VA Property Eligibility Funding fee can be financed into the loan amount Veteran may be exempt from the funding fee; the COE will identify if veteran is exempt. The base loan amount plus the financed funding fee cannot exceed the conforming loan limit or the VA county limit or a down payment will be required to ensure a 25% guaranty The funding fee is calculated using the base loan amount The funding fee can be paid by: Property seller Realtor Broker Lender 12

13 VA Funding Fee (continued) The funding fee is based on type of service, use and down payment as detailed in the chart below: Property Eligibility VA Funding Fee* Regular Military Down Payment First Time Use Subsequent Use None 2.15% 3.30% 5% (up to 10%) 1.50% 1.50% > 10% 1.25% 1.25% Reserves/National Guard Down Payment First Time Use Subsequent Use None 2.40% 3.30% 5% (up to 10%) 1.75% 1.75% > 10% 1.50% 1.50% Refinance Transactions Type of Veteran First Time Use Subsequent User Regular Military 2.15% 3.30% Reserves/National Guard 2.40% 3.30% Type of Loan % for All Veterans Loan Assumptions 0.50% 13

14 Fees and Charges VA has specific requirements regarding fees to the borrower. VA requirements are: 1% origination fee based on the total loan amount. Unallowable fees cannot be charged, OR 1 % of the unallowable fees based on the total loan amount. An origination fee cannot be charged, OR 1% blend of origination fee and unallowable fees based on the total loan amount. Combined fees cannot exceed 1% of the total loan amount. 14

15 Fees and Charges (continued) Per VA, the veteran cannot pay any of the following fees: Attorney fees (unless the veteran independently retains an attorney Pre-payment fees Real estate broker fees Termite inspection (allowed on refinance transactions only) 15

16 Fees and Charges (continued) The following fees are unallowable and cannot be charged to the veteran if a 1% origination fee is charged: Lender s Inspection Lender s Appraisal Closing/Settlement Fee Doc Prep Fees Conveyance Fee Underwriting Fee Pest Inspection Fee Well/Septic Fee Escrow Fees Notary Fee Commitment Fee Trustee Fee Interest Rate Lock Fee Postage/Mail Charges Amortization Schedule Tax Service Fee Attorney s Services other than title work Loan Application/Processing Fee Fees for preparing Truth-in-Lending Prepayment Penalties (refinance) Any other fee not listed as allowable by VA Fees to Loan Brokers, Finders or other 3 rd party fees NOTE: The above list may not be all inclusive. Refer to the VA Lender s Handbook 4155 for complete VA requirements. 16

17 Fees and Charges (continued) The following are allowable closing costs: Loan Origination Fee Reasonable Discount Points Appraisal Fee/Compliance Inspection Credit Report Fee (actual) Title Examination/Title Insurance Fees Recording Fes & Taxes Prorated Taxes Hazard Insurance Flood Insurance Flood Determination Federal Express/Express Mail (Refi only) Closing Protection Letter VA Funding Fee MERS Registration Survey/Plot Plan 17

18 Property Eligibility Eligible Property Types: 1-4 unit primary residence Townhome/PUD one unit Project reviews not required Condo Must be in a VA approved project Site condos require VA Project Approval Modular New Construction (completed < 1 year and never occupied) 1 year VA Builder Warranty OR enrolled in a 10 year protection plan, and Construction must be > 95% complete 18

19 Property Eligibility Ineligible Property Types: Manufactured/mobile homes Proposed construction Non-VA approved condo projects Leasehold properties (unless prior VA approval is obtained) Properties located within electrical line easements Second home and investment property Properties subject to regular flooding Rural properties > 10 acres Properties located in an unacceptable noise zone (e.g. airport) 19

20 Occupancy Owner-occupied primary residence only Income Eligibility VA requires the borrower to certify that they intend to personally occupy the home as their primary residence. The borrower(s) must generally occupy the property within 60 days of loan closing NOTE: Borrowers currently on active duty are not required to meet this timeframe although the spouse, if not also on active duty would need to occupy the property. 20

21 AUS Findings All loans must be run through DU and receive an Approve/Eligible or Refer/Eligible Finding. Refer/Eligible requires a manual underwrite Calculating Annual Income An Approve/Eligible Finding must be downgraded to a manual underwrite when: The mortgage history has a 1x30 in previous 12 months Subject loan was previously restructured/modified Minimum12 months of 0x30 payments on restructured/modified loan Mortgages in default at time of restructure/modification are not eligible There are disputed tradelines Manual downgrade not required if disputed tradeline meets all of the following: Disputed account has a zero balance, and The disputed account is marked paid in full or resolved, and The disputed account is both < $500 and is > 24 months old. 21

22 Appraisals Appraisal must be performed by a VA appraiser. Appraisals are ordered through VA. The Notice of Value (NOV) must be provided to the veteran within 5 business days of receipt of appraisal. The NOV must be issued at the appraised value reflected on the appraisal report. 22

23 Assets Assets are generally not required to be documented. If assets are required to close the following is required to indicate sufficient funds: 2 months bank statements or per DU Findings (all pages) 23

24 Credit Requirements Minimum 580 credit score regardless of DU Findings Minimum 600 credit score required on cash-out 90.01% to 100% LTV All credit inquiries in the previous 120 days must be addressed and the result of the inquiry explained. 24

25 DTI A DTI > 41% requires additional documentation/justification (compensating factors) unless: The ratio is > 41% is due solely to the existence of tax-free income, or Residual income exceeds the guidelines by at least 20% Max DTI 31%/43% with a credit score Max DTI 45% with a credit score; > 45% DTI may be eligible subject to HomeBridge prior approval Per DU Findings with a 640 credit score and Approve/Eligible Illinois 2-4 units, New Jersey and New York 3-4 units maximum 45% DTI. 25

26 Compensating Factors VA considers the following when considering compensating factors: Excellent credit history Conservative use of consumer credit Minimal consumer debt Long-term employment Military benefits High residual income Low DTI ratio Significant liquid assets Sizable down payment The existence of equity in refinance loans Little or no payment shock Satisfactory homeownership experience Tax credits for child care Tax benefits of home ownership 26

27 Employment and Income A two year employment history is required. A verbal verification of employment (VVOE) is required within 10 calendar days of loan closing. A military Leave and Earnings Statement (LES) is required for active duty military in lieu of a VVOE. The LES must be an original or certified copy of original. The LES must be no more than 120 days old (180 days for new construction). A current paystub with YTD of at least one month, and W-2s for prior 2 years. 27

28 Escrow & Financed Properties Escrow/Impound Account Required on all loans, no exceptions. Financed Properties Owner-occupied properties: No limit. HomeBridge limits its exposure to a maximum of 2 loans per borrower. 28

29 Gift Funds Gifts, grants, and down payment assistance programs are eligible per VA guidelines. There must be no expected or implied repayment requirement of the gift funds. A gift is acceptable if the donor is: A relative of the borrower. A government agency or public entity that has a program providing home ownership. Gift funds must be evidenced by a gift letter, signed by the donor. The gift donor may not be a person/entity with an interest in the sale of the property. 29

30 Inspections A termite inspection is required in all states where termites are present or when the appraiser has indicated a need for a termite review due to wood-destroying insect damage or an active insect infestation. Refer to VA Department - Local Requirements for additional details. Well inspections are required in all cases (private or shared). Septic inspection is required when the appraiser indicated the need for one. 30

31 Mortgage/Rental History 0 x 30 in 12 months. A manual downgrade is required for any mortgage debt with 1 x 30 in 12 months. Mortgage must be current and due for the month closing. Verification of Mortgage (VOM) or Verification of Rent (VOR) are required if an Approve/Eligible Finding is not received. 31

32 Power of Attorney HomeBridge will accept a Power of Attorney (POA) on VA transactions subject to the following: General/Military Durable POA acceptable if veteran signed the sales contract and loan application and the veteran s intention to obtain a VA loan is indicated in the sales contract and/or loan application. A specific POA is required if both contract and application not signed by the veteran and must contain the following information: Clear intention to use their entitlement to obtain the loan Property address Terms of the loan Veteran intends to occupy the property as primary residence An Alive and Well statement is required if the veteran is not at closing. 32

33 Reserves 1-unit property: Not required 2-4 unit property: 6 months PITI Other rental real estate owned: 3 months PITI for each additional property owned. 33

34 Residual Income Residual income is required by VA NOTE: Residual income requirement can be reduced by 5% if the veteran is on Active Duty. Loan Amounts 77, 999 Family Size Northeast Midwest South West 1 $390 $382 $382 $425 2 $654 $641 $641 $713 3 $788 $772 $772 $859 4 $888 $868 $868 $967 5 $921 $902 $902 $1,004 Over 5 Add $75.00 for each additional family member up to 7. Loan Amounts 88, 000 Family Size Northeast Midwest South West 1 $450 $441 $441 $491 2 $755 $738 $738 $823 3 $909 $889 $889 $990 4 $1,025 $1,003 $1,003 $1,117 5 $1,062 $1,039 $1,039 $1,158 Over 5 Add $80.00 for each additional family member up to 7. 34

35 Transactions - Ineligible EEM (Energy Efficient Mortgage) MCC (Mortgage Credit Certificates) Borrower allowed to do an MCC after closing, but MCC cannot be used to qualify. Texas Section 50(a)(6) 35

36 Transactions Types Cash-out Refinance to 100% LTV Requirements Maximum loan amount is $417,000 ($625,500 for properties in Alaska/Hawaii or $721,050 in Honolulu county, HI) Minimum credit score is year fixed loan term only Minimum monthly residual income required: Family Size Minimum Residual Income Veteran Only $1, Veteran +1 $1, Veteran +2 $2, Veteran +3 $2, Veteran +4 $2, Veteran +5 $3, Over 6 + $ for each additional 36

37 VA IRRRL Interest Rate Reduction Interest Rate Reduction Refinance Loan (IRRRL) General Information An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan. The PITI payment on the new loan must be less than on the existing loan unless one of the following applies: The loan term is reduced, or The veteran is refinancing to a more stable product (i.e. ARM or GPM to fixed rate 37

38 VA IRRRL Program Highlights Highlights of an IRRRL include: VA to VA refinance No income No assets (unless borrower needs funds to close, then asset verification required) No reserves No ratios No termite inspection No monthly MI Maximum loan term is the original term of the VA loan being refinanced plus 10 years. New loan term can never exceed 30 years and 32 days. 38

39 VA IRRRL Program Eligibility 39

40 VA IRRRL Program Eligibility Appraisals The base loan amount is used to determine appraisal requirement. An AVM or 2055 is required: A CoreLogic GeoAVM with a standard deviation 18 for all loan amounts. If the confidence score is < 18% a 2055 is required, or Loan amount $417,000 ProTeck AVM with a confidence score of 80% or more. If the confidence score is < 80% a 2055 is required; > $417,000 requires a confidence score of 90% or a 2055 is required, or A

41 VA IRRRL Program Eligibility (continued) Assets AUS Not required unless funds are needed to close. Documentation is not required if funds needed to close is $ Manual underwrite only. Cash Back to Borrower Maximum $

42 VA IRRRL Program Eligibility (continued) (continued) Credit Report Conforming Loan Amounts A mortgage only credit report with credit scores is acceptable unless the PITI payment is increasing by more than 20% or a spouse is being removed from the new loan then a tri-merge credit report is required. High Balance Loan Amounts Full credit report to verify no major derogatory credit with the past 12 months. Major derogatory credit is defined as any payment > 60 days delinquent, collections and/or judgments (excludes medical/utilities). 42

43 VA IRRRL Program Eligibility (continued) (continued) Credit Score Minimum 580 required for: 1-unit credit qualifying conforming and high balance loan amount NOTE: Maximum 90% LTV/CLTV Minimum 580 required for: 1-4 units credit qualifying conforming and high balance loan amount Minimum 640 required for: 1-unit non-credit qualifying conforming and high balance loan amounts NOTE: Credit qualifying required: < 640 credit score with high balance loan amount The borrower s PITI payment will increase by more than 20% A spouse will be removed from the original loan, Credit score conforming and high balance loan amounts 43

44 VA IRRRL Program Eligibility (continued) Documentation Credit Qualifying Fully completed 1003 Non-Credit Qualifying Abbreviated 1003 allowed. Section IV - Employment Information, Section V - Monthly Income and Combined Housing Expense Information and Section VI - Assets and Liabilities of the 1003 are not required (assets must be included if needed to close the transaction). All Loans Legible photo ID and social security card Most recent mortgage statement Copy of existing Note Payoff statement with valid expiration 44

45 VA IRRRL Program Eligibility (continued) Eligible Borrowers Veteran or veteran and spouse. Must currently occupy the property. A spouse may only be deleted from the new loan if the loan is credit qualified. Funding Fee 0.50%. The Certificate of Eligibility, issued by VA, will indicate if the veteran is exempt, or non-exempt from paying the VA Funding Fee. Guaranty A minimum 25% guaranty is required. 45

46 VA IRRRL Program Eligibility (continued) Maximum Loan Amount Maximum Base Loan Amount $417,000 Lesser of: Existing VA loan pay off - Unpaid principal balance, plus allowable VA closing costs, plus VA funding fee (if applicable), plus up to 2 discount points, or The appraised value (AVM or 2055) x 125%. Maximum Base Loan Amount $417,001 Lesser of: Existing VA loan pay off Unpaid principal balance, plus allowable VA closing costs, plus VA funding fee (if applicable), plus up to two discount points, or The appraised value (full conventional appraisal required) x 100% as applicable. 46

47 VA IRRRL Program Eligibility (continued) Mortgage History/Seasoning 0 x 30 in previous 12 months on loan amounts $417,000 0 x 30 in previous 24 months for loan amounts $417,001 ($625,500 in Alaska/Hawaii or > $750,000 in Honolulu county, HI). If < 24 months on current mortgage for subject property, prior mortgages may be used to meet the 24 month history requirement. No increase from current housing payment allowed. Mortgage must be current and due for the month closing. Borrower must have made a minimum of 12 mortgage payments prior to application. 47

48 VA IRRRL Program Eligibility (continued) Occupancy 1-4 owner-occupied primary residence (2-4 unit ineligible on high balance) 1-unit second home (ineligible on high balance) 1-4 unit investment (ineligible on high balance) Properties Listed for Sale Within the Previous 12 months Properties that were listed for sale in the previous 12 months must be taken off the market prior to the application date. A property listed for sale will be considered as long as the listing has been cancelled, expired or withdrawn. A letter of explanation is required. 48

49 VA IRRRL Program Eligibility (continued) Refinance Transactions Continuity of obligation requires that at least one of the borrowers on the refinance transaction is currently on the title of the property being refinanced. Reserves Not required. Subordinate Financing New loan proceeds cannot be used to pay off any existing subordinate financing. Existing subordinate financing must subordinate to the new loan. Temporary Buy-downs Not allowed. 49

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