VA Program Guide Wholesale Lending 10/31/2012r

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1 VA Program Guide Wholesale Lending 10/31/2012r VA Guidelines Wholesale page 1 of 22 10/31/2012r

2 Table of Contents Table of Contents... 2 VA Program Guide for Wholesale Lending... 4 Pacific Union Financial Philosophy... 4 Program Parameters... 4 Eligible Programs... 4 Program Details... 4 LTV and Loan Limits... 5 Loan to Value (LTV) Matrices... 5 VA Standard and VA GR$$N Matrix... 5 VA Specialty Matrix... 5 Maximum Base Loan Amount... 6 Minimum Guaranty... 6 Transactions... 6 Eligible Transactions... 6 Purchase... 6 Cash Out... 7 Interest Rate Reduction Refinance Loan (IRRRL)... 7 IRRRL Documentation... 7 Maximum IRRRL Loan Amount... 7 Credit History on IRRRL... 7 IRRRL Reminders... 8 Borrowers... 8 Eligible Borrowers... 8 Borrower Reminders:... 8 Assets... 9 General... 9 Cash Reserves... 9 Gift Funds: Secondary Financing Seller Concession Income and Employment T Verbal VOE Job Tenure Reminders for Employment and Income Credit Credit Analysis CAIVRS Credit Report and Scores Credit Score Methodology Loan Score Selection Bankruptcy (BK) Consumer Credit Counseling (CCC) Federal Debt Foreclosure VA Guidelines Wholesale page 2 of 22 10/31/2012r

3 Mortgage History Nontraditional Credit Short Sale / Pre foreclosure Qualifying Underwriting Prior Approval by VA Qualifying Rate Job Related Expense Maximum Debt to Income Ratio (DTI) Overlays Residual Income Minimum Residual Income with DTI <= 41% Minimum Residual Income when DTI >41% Collateral Property Overlays Appraisal VA Appraisals VA Appraisal Assignments Conventional Appraisals Valuation Conditions Borrower Acknowledgement Reminders for Minimum Property Requirements Insurance Geographic Restrictions Pricing and Fees Escrow Waivers Funding Fee Fees Broker Compensation Documentation VA Guidelines Wholesale page 3 of 22 10/31/2012r

4 VA Program Guide for Wholesale Lending This VA Program Guide for Wholesale Lending (the VA Program Guide) provides an overview of the VA products and policies eligible for delivery to Pacific Union Financial for financing consideration. The details are based on the policies outlined in the VA Lender s Handbook and identifies overlay restrictions specific to Pacific Union Financial. All overlays are shaded in green for easy reference. Revisions are shaded in yellow. Pacific Union Financial Philosophy The Pacific Union Financial philosophy is to offer the VA Program with minimal overlays to our clients. Pacific Union Financial evaluates loans in accordance with the following principles: Desktop Underwriter (also referred to as Automated Underwriting System or AUS) is used to evaluate all eligible loan transactions. Each loan is evaluated in accordance with: VA Policies (collectively defined as the VA Lender s Handbook and circulars). Desktop Underwriter s Findings. The policies as outlined within this VA Program Guide. Each loan applicant is underwritten individually, and all credit standards are applied consistently to each borrower. All factors are weighed in when evaluating a loan file. The underwriting decision is not based on any single item or factor. Program Parameters Eligible Programs VA GR$$N 25 and 30 year Fixed Rate VA Standard 15, 25 and 30 year Fixed Rate 15 year programs are limited to conforming loan sizes 3/1 Treasury ARM with 1/1/5 caps 5/1 Treasury ARM with 1/1/5 caps VA Specialty 25 and 30 year Fixed Rate Program Details All programs are fully amortizing loans, no interest only. Loans are assumable by a qualified borrower during the life of the loan. Temporary buydowns are not permitted. For ARM loans: The initial fixed period is dependent upon the program selected and the first payment date. After an initial fixed period, all VA ARMs may be adjusted annually on January 1, April 1, July 1, or October 1. Payment adjustments occur 30 days after interest rate adjustment. ARMs are not convertible. VA Guidelines Wholesale page 4 of 22 10/31/2012r

5 Index used to calculate interest rate adjustments is the Weekly Average Yield on U.S. Treasury Securities Adjusted to a Constant Maturity of One Year. Margin is 2%. LTV and Loan Limits Loan to Value (LTV) Matrices The loan to value is the base loan amount divided by the lesser of the appraised value or the purchase price. VA Standard and VA GR$$N Matrix VA Standard & GR$$N Maximum base loan amount is the VA County Limit Occupancy Purpose Base Loan Amount Units LTV/CLTV 1 FICO Primary Purchase, IRRRL Conforming % Cash Out Conforming % Purchase, IRRRL High Balance % Cash Out High Balance % Second Home, Investment 2 IRRRL Conforming % 1. Maximum 80% LTV/CLTV when loan amount is >$625, Investment properties are not eligible for the VA GR$$N program. 620 if Standard <=$625, if Standard >$625, if GR$$N VA Specialty Matrix VA Specialty Maximum base loan amount is the lesser of $625,500 or the VA County Limit Occupancy Purpose Base Loan Amount Units LTV/CLTV FICO Primary Purchase, IRRRL Conforming % 560 Cash Out Conforming % 620 Cash Out Conforming % 560 Purchase, IRRRL High Balance % 600 Cash Out High Balance % 620 Second Home, IRRRL Conforming % 560 Investment IRRRL High Balance % 600 VA Guidelines Wholesale page 5 of 22 10/31/2012r

6 Maximum Base Loan Amount The base loan amounts are subject to the following minimum and maximum amount: Units Conforming (Minimum to Maximum) High Balance (Minimum to Maximum) 1 $50,000 to $417,000 $417,001 to VA county limit 1,2 2 $50,000 to $533,850 $533,851 to VA county limit 1,2 3 $50,000 $645,300 2 Not eligible 4 $50,000 to $801,950 2 Not eligible 1. VA Specialty maximum loan amount is the lesser of $625,500 or the VA county limit. 2. Base loan amounts >$625,500: Min 640 FICO, and Min 20% down payment/equity, and Full 25% guaranty. If remaining entitlement provides for less than full 25% guaranty, additional down payment is required. Total guaranty plus down payment/equity must be at least 45%. Minimum Guaranty Base loan amount <= $625,500: Must have a minimum 25% guaranty. Guaranty may be from VA Entitlement or VA Entitlement plus cash down payment/equity in the property. Base loan amount > $625,500: Min 20% down payment/equity plus full 25% guaranty. If remaining entitlement provides for less than full 25% guaranty, additional down payment is required. Total guaranty plus down payment/equity must be at least 45%. Transactions Eligible Transactions Purchase Interest Rate Reduction Refinance Loan (IRRRL) Cash Out Note: Texas Home Equity financing is not available. Purchase Property must be occupied by the borrower as their primary residence. Maximum 4% seller concession permitted. See Seller Concession topic for additional details. Purchase contract: Must include the following language: "It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs. The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. (Authority: 38 U.S.C. 501, 3703(c)(1))" The purchase price may not be increased after the Notice of Value has been issued. VA Guidelines Wholesale page 6 of 22 10/31/2012r

7 Cash Out VA considers most rate/term refinances as cash out transactions. To be eligible, the borrower must be using the proceeds to pay off a lien secured by the subject property and the property must be occupied by the borrower as a primary residence. The refinance of a property that is owned free and clear of any liens is not eligible. Borrower may use the proceeds to pay off liens, closing costs and receive cash back. Interest Rate Reduction Refinance Loan (IRRRL) IRRRL is a streamline refinance option used to pay off an existing VA guaranteed loan with the proceeds from the new loan. All IRRRL loans must be manually underwritten and an AUS should not be run. IRRRL Documentation The following additional documentation must be provided on IRRRLs: VA Loan Summary Sheet (VA ) Interest Rate Reduction Refinance Worksheet (VA ) Interest Rate Reduction Refinance Disclosure (aka VA Loan Comparison Form or VA Rate Reduction Certification) A conventional appraisal is required. Property must be rated in average or better condition. All health and safety repairs must be completed prior to closing. If subject is a second home or investment property, file must contain a certification from the veteran that the property was previously occupied by the veteran as their primary residence. If discount points will exceed 2%, a disclosure stating the following must be given to the borrower: I understand that the VA is strongly urging lenders to limit the number of discount points to be included in all new Interest Rate Reduction Refinance Loans to no more than two. My lender has explained that by adding more than 2 points into my Loan, I may be risking the possibility that I will have difficulty in selling my home for a price sufficient to pay off the Loan, since the Loan balance may be substantially greater than the market value of the house. I also understand that by adding excessive points into my Loan, I am not getting the full benefit of reducing my interest rate, since my monthly payment has not been reduced as much as it might be (or it might even be going up). VA Loan Analysis (VA Form ) is only required on an IRRRL if credit qualifying is required (See Credit on IRRRL topic for details). Maximum IRRRL Loan Amount The maximum total loan amount may include: Payoff of VA guaranteed loan balance. Allowable fees and charges (up to two discount points). The cost of energy efficient improvements. VA Funding Fee. Cash back to the borrower at closing may not exceed $500. Credit History on IRRRL Tri merge credit report is required to validate credit score and mortgage history. Mortgage History must be documented in the file and: Loan must be current. 0x30 in last 12 months. If loan being paid off is less than 6 months old, the loan must be documented and underwritten as a credit qualified IRRRL. VA Guidelines Wholesale page 7 of 22 10/31/2012r

8 If loan being paid off is less than 12 months old, existing mortgage must be 0x30 since inception and the payment history for any other first lien mortgage associated with the subject must be 0x30 in last 12 months. IRRRL Reminders The maximum loan term is the original loan term plus 10 years, not to exceed 30 years and 32 days. A fully completed 1003 is required. IRRRLs are available through Pacific Union Financial regardless of current loan servicer. The payment on the new loan must decrease unless one of the following applies: The IRRRL is refinancing an ARM loan. Term of IRRRL is shorter than term of loan being paid off. The new loan contains the cost of Energy Efficient Improvements. If the monthly payment increases by more than 20%, the file must contain documentation to support the borrower s ability to repay the debt. Borrowers Eligible Borrowers At least one borrower must meet the basic criteria of appropriate length and character of service to the home loan benefit as evidenced by a Certificate of Eligibility. Exceptions are permitted for an unmarried surviving spouse of veteran who died as a result of a service related cause. Refer to the VA Lender s Handbook for complete details. All borrowers must have a valid social security number as evidenced by one of the following: Pay stub W2 Valid tax returns Any borrower that uses entitlement must occupy the dwelling. A non occupying co borrower is permitted only if the non occupant is not using any VA entitlement. These types of transactions require prior approval by VA. Borrower must be a natural person. Title may not be in the name of: Partnership Corporation Real estate syndication Trust Shared Equity transaction Borrower Reminders: VA requires very specific documentation when a Power of Attorney will be used to sign the legal document. Refer to Chapter 9, 7 of the VA Lender s handbook for complete details. Note: POA must be legally enforceable, compliant with state regulations and allow clear title to be conveyed in the event of foreclosure. Veteran must provide written consent to the specifics of the transaction. At the time of closing: Confirm in writing that veteran is alive and well and if on active duty, not missing in action; and VA Guidelines Wholesale page 8 of 22 10/31/2012r

9 Provide the following certification in writing: "The undersigned lender certifies that written evidence in the form of correspondence from the veteran or, if on active military duty, statement of his or her commanding officer (including statement of person authorized to act for said officer), affirmatively indicating that the veteran was alive and, if the veteran is on active military duty, not missing in action status on (date), was examined by the undersigned and that the said date is subsequent to the date the note and security instruments were executed on the veteran's behalf by the attorney in fact." When the subject property is located in a community property state, credit must be pulled on the non borrowing spouse. Any additional obligations must be included in the DTI and against the residual income. A CAVIRS screening must be performed on all obligors on the loan. Screening is not required on non borrowing spouse. The CAVIRS confirmation code must be entered on the Loan Analysis (VA Form ) and the IRRRL Worksheet (VA Form ) as applicable. First time homebuyers are eligible. Non US Citizens are eligible. Assets General The applicant or spouse must have sufficient cash to cover: Any closing costs or points which are the applicant s responsibility and are not financed in the loan. The down payment, if any. The difference between the sales price and the loan amount, if the sales price exceeds the reasonable value as outlined on the Notice of Value. Note: No verification of veteran s source of funds is required if closing costs plus the difference between the sales price of the property and the base loan amount is <4% of the lesser of the sales price or Notice of Value. Cash Reserves VA only requires cash reserves when rental income is used as qualifying income as follows: 6 months PITI if purchasing a 2 4 unit dwelling 3 months PITI for each additional rental property The following cash reserves are required as follows: VA GR$$N 6 months additional cash reserves when score is <700 VA Specialty, as follows: The following minimum cash reserves are required in addition to cash reserves required by VA: 2 months when score is between 600 and months when score is <600 6 months cash reserves required on all 3 4 unit dwellings (inclusive of VA s policies, not in addition to) even if rental income will not be used for qualifying. VA Guidelines Wholesale page 9 of 22 10/31/2012r

10 Note: Cash reserve overlays do not apply on non credit qualifying IRRRLs. Gift Funds: Acceptable with gift letter and donor s ability must be sourced. Gift can come from family member or verifiable long term relationship, if non family member. Family member is defined as a parent, grandparent, or child (including son, daughter, stepson, stepdaughter, legally adopted child, and foster child). Gift given in the form of cash is not acceptable. Federal, State, local government agencies and FHA Approved non profit agencies considered by FHA to be an instrumentality of the government may provide funds for down payment, closing costs and prepaid expenses. Secondary Financing Secondary financing is permitted to finance closing costs and down payment provided: The borrower is qualified with the debt as a long term obligation. The veteran is not in a worse position than if the entire amount had been secured by the VA first lien amount. This means terms of the subordinate financing must allow for assumption by a qualified borrower. If secured by the subject property, the lien must be subordinate to our first lien and CLTV may not exceed the limits in the LTV/CLTV matrices. Down payment Assistance Programs (DAP) are permitted on conforming base loan amounts only. DAPs with unique terms may require prior approval by the local VA office. A 25% guaranty (or 45% total of guaranty plus down payment/equity for base loan amounts >$625,500) is met without the use of the subordinate funds. (This means, if a down payment is required, those funds may not come from the subordinate financing.) Seller Concession Contributions by an interested party may not exceed 4% of the established reasonable value Seller concessions include, but are not limited to the following: payment of the buyer's VA funding fee prepayment of the buyer's property taxes and insurance gifts such as a television set or microwave oven payment of extra points to provide permanent interest rate buydowns provision of escrowed funds to provide temporary interest rate buydowns payoff of credit balances or judgments on behalf of the buyer Seller concessions do not include payment of the buyer s closing costs, or payment of points as appropriate to the market. Income and Employment Loans must be documented in accordance with VA Policies and the AUS Findings. Only income that meets VA s standards for stable income should be included in the AUS submission. Typically VA defines stable income as income that has been received for at least 2 years and is likely to continue. In addition to VA s requirements, the following must be provided: VA Guidelines Wholesale page 10 of 22 10/31/2012r

11 4506 T A fully completed 4506 T is required for all borrowers except on IRRRL transactions. The 4506 T must be executed if tax returns are used to calculate income. Income reported on the transcript must support the income entered in the AUS system. Any major discrepancies between the income verified in the file and tax transcripts must be reasonable and supported by documentation in the file. Verbal VOE Verbal VOE must be completed by the closer within 5 days of closing. Job Tenure Specialty loan must also comply with the following on all High Balance loans: Borrower must have minimum 3 year job tenure with same employer (not applicable on IRRRL). Reminders for Employment and Income Income must be documented in accordance with DU Findings and the VA Lender s Handbook. Refer to Chapter 4 of the VA Lender s Handbook for specific details regarding documentation. Refer to Circular for recent clarifications that have not yet been incorporated into the VA Lender s Handbook. Employment documentation for Active Duty borrowers must be reviewed to determine potential separation date from military service. If the borrower is eligible for separation from Active Duty within 12 months of the date of closing, specific documentation must be obtained and evaluated to ensure the borrower s income is likely to continue. This documentation may include verification of any of the following: The borrower intends to re enlist and is eligible to re enlist, or Receipt of a valid offer for civil employment following release from active duty, or Strong compensating factors such as: 10% down payment Significant cash reserves Clear evidence of ties to the community Recently activated servicemembers may experience a significant change in their income. The impact of this change needs to be carefully reviewed to ensure the veteran will not be placed in a position of financial hardship. All aspects of each individual case, including credit history, accumulation of assets, overall employment history, etc., must be evaluated. Each file must be carefully and thoroughly documented and include the reasons for using and not using the reservist income, as applicable. Only income considered stable and reliable should be used as qualifying income. Civilian income for recently discharged veterans must be carefully reviewed to ensure income is reliable and likely to continue. Continuity of employment is essential for a veteran with no retirement income or insufficient retirement income to support the loan obligation. If the duties of the new job are similar to the one performed while in the military, the income may be considered stable. If the applicant s retirement income, compared to total estimated shelter expense, long term debts, and family living expense is such that only minimal income from employment is necessary to qualify from the income standpoint, resolve doubt in favor of the veteran. VA Guidelines Wholesale page 11 of 22 10/31/2012r

12 Special Separation Benefit (SSB) Income received as a one time lump sum payout. May not be considered qualifying income, but may be used as a compensating factor for significant cash reserves. Voluntary Separation Incentive (VSI) VSI payments are made on a recurring annual basis. This is considered taxable income and may be used as qualifying income if it is likely to continue to the foreseeable future. For eligible recently discharged vets, the minimum payout is over a 12 year period and therefore is eligible as stable monthly income. Annualize the payout for qualifying purposes. File must contain clear evidence of the annual amount and how long it will continue. If vet is receiving VSI and is called to active duty, the VSI will be reduced by the amount of base pay. Rental Income may be used as qualifying income if specific criteria are met as outlined in the VA Lender s Handbook. The criteria varies depending upon the scenario and typically requires: Departing residence cannot be used as positive income. Rental Income can only be use to net out the PITI on the property. 3 6 months cash reserves. Borrowers must have 2 years experience as a landlord. Foster care income may not be used as qualifying income but may be used to offset higher residual requirement. Income for VA educational benefits may not be used as qualifying income. Unemployment compensation may only be used if received as a regular part of the borrower s primary job (i.e. seasonal worker). Other types of income such as income from pension, disability, dividends from stock, interest income, etc., may be used as stable monthly income if a 2 year history of receipt and 3 year continuance is documented. Credit Loans must comply with VA policies and the policies outlined within this document. All loans with the exception of IRRRL transactions must receive an Accept recommendation from DU. We will rely on the DU determination for creditworthiness except when a manual downgrade is required, as detailed below. Credit Analysis Loan must receive an Approved/Eligible through DU. A manual downgrade will be required whenever the loan received an Approved/Eligible recommendation and any of the following are present. Any mortgage or other significant debt is currently greater than or equal to 90 days past due. If any mortgage debt has more than 1x30 past due in the last 12 months. If any direct verification of an obligation was obtained (required if omitted from credit report) and is more than 1x30 past due in the last 12 months. When a loan is manually downgraded, it means: The loan must be documented in accordance with VA s Refer policies, and The underwriter may not rely on the DU findings for creditworthiness or eligibility. Loan must be reviewed for compliance with VA s manual underwriting guidelines. CAIVRS A CAIVRS screening must be performed on all obligors on the loan. Screening is not required on a nonborrowing spouse. If CAVIRS screening indicates an applicant is delinquent, has had a foreclosure or a claim paid on a federal debt, the issue must be resolved before a loan may be approved. Veterans may call to make arrangements to repay the debt. VA Guidelines Wholesale page 12 of 22 10/31/2012r

13 The CAVIRS confirmation code must be entered on the Loan Analysis (VA Form ) and the IRRRL Worksheet (VA Form ) as applicable. Credit Report and Scores A tri merge credit report is required on all loans. For IRRRLs, it is used solely to validate the credit score. Credit Score Methodology The following criteria may be used to determine each individual borrower's Credit Score using the "middle/lower" method. If there are three valid credit scores for a borrower, the middle score (numerical middle of the three scores) is used. If there are three valid scores for a borrower but two of the scores are the same, the duplicate score is used. If there are two valid scores for a borrower, the lower of the two scores is used. If there is one valid score for a borrower, that score is used. Loan Score Selection After selecting the appropriate Credit Score for each borrower, the Loan Score must be determined. If there is more than one borrower, the lowest selected Credit Score among all borrowers is the Loan Score. When there is only one borrower, the selected Credit Score for that borrower is also the Loan Score. Note: Refer to the Product Matrices for minimum score requirements and overlays. Bankruptcy (BK) Rely on DU to determine if credit history is satisfactory. Typically DU requires a minimum 2 years from the discharge of the BK. However, if currently in Chapter 13 BK, the loan may be eligible if the file contains evidence of a satisfactory 12 month payment history and the Trustee or BK Judge approval to obtain new credit. For High Balance Loans: No BK in last 7 years on High Balance loans. Consumer Credit Counseling (CCC) If currently in a CCC, file must contain evidence of 12 months satisfactory payments and approval from the counseling agency to obtain the new credit. Rely on DU to determine if credit history is satisfactory. Federal Debt The veteran may not have any outstanding federal debt issues. To determine if a veteran or Veteran s coobligor(s) has a federal debt, submit Verification of VA Benefits (VA Form ) to VA when the Owes Federal Debt box is checked on the front of the Indebtedness letter. If the form indicates the applicant has any outstanding federal debt, the file must contain evidence the debt has been paid in full or evidence that an acceptable repayment plan has been established. If a repayment plan has been established, a copy of the promissory note for the entire debt, signed by the veteran must be included in the file. Refer to chapter 4, 6 b for additional details and exceptions. VA Guidelines Wholesale page 13 of 22 10/31/2012r

14 The veteran must resolve all federal debt issues prior to loan approval. Foreclosure Rely on DU. Typically at least 2 years must have elapsed from the completion of the foreclosure and the file must contain documentation of reestablished satisfactory credit for the borrower. If the foreclosure was on a VA loan, the applicant might not have full entitlement. Ensure the applicant s COE reflects sufficient entitlement to ensure at least 25% guaranty. For High Balance Loans: No foreclosure in last 7 years on High Balance loans. Mortgage History VA Specialty: if High Balance, 0x30 in last 12 months for any housing payments. See IRRRL topic for additional requirements specific to IRRRLs. Nontraditional Credit Not acceptable. All borrowers must have a traditional credit history. Short Sale / Pre foreclosure VA Standard and VA GR$$N loans will rely on DU. VA Specialty: Short Sale/Pre foreclosure sale: Minimum 3 years must have elapsed. Qualifying Underwriting All loans with the exception of IRRRLs must be evaluated using DU and receive an Approved/Eligible recommendation. IRRRL loans must be manually underwritten. An Underwriter will review all loans to ensure loans comply with VA requirements and requirements of this program guide. Prior Approval by VA VA requires specific loans be sent to them for prior approval. Pacific Union Financial only accepts those loans requests that can be underwritten using automatic authority. The following scenarios are not eligible for delivery to Pacific Union Financial: Joint loans (loans made to two veterans who will both use entitlement). Loans with a non occupying co borrower. Loans to veterans in receipt of VA nonservice connected pension. Loans to veterans rated incompetent by VA. This designation will appear on the VA Form , Verification of VA Benefits form. IRRRL made to refinance delinquent loans. Manufactured home loans. Unsecured loans or loans secured by less than a first lien. Supplemental loans. Qualifying Rate Borrowers are qualified using the note rate except as follows: Maryland Properties: All ARMs qualify at greater of the fully indexed rate or note rate. VA Guidelines Wholesale page 14 of 22 10/31/2012r

15 Job Related Expense VA requires any costs for child care, significant commuting costs, and any other direct or incidental costs associated with the applicant s (or spouse s) employment to be included deducted from the qualifying income. Files should include a child care letter whenever the borrower(s) are employed and have dependents under the age of 13. When the borrower s place of employment is a significant distance from the borrower s home, the file should also contain a letter from the borrower addressing any commuting expenses. Maximum Debt to Income Ratio (DTI) Overlays VA Standard and VA GR$$N loans must comply with the following: 50% DTI Refer to Residual Income topic for additional requirements. VA Specialty loans must comply with: 45% when any of the following apply: Borrower is using gift funds to meet the minimum 25% guaranty requirement. Payment shock exceeds 65% of current housing payment. First Time Homebuyer with no housing history. High balance loan amounts. 50% all other scenarios. Refer to Residual Income topic for additional requirements. Note: DTI overlays do not apply on non credit qualifying IRRRLs. Residual Income Residual income is the amount of income remaining after housing expenses, income taxes, long term obligations and other expenses have been deducted from the borrower s total gross pay. VA requires a specific amount of monthly residual income be available for the borrower s use. This amount is based on the family size, location of the property and loan amount. Federal, state and local taxes must be entered in DU. Taxes should be calculated using the most recently published tax charts by the IRS and state or local taxing authorities. Click here for Tax tables. Maintenance and utility costs may be estimated at 14 cents per square foot. Minimum Residual Income with DTI <= 41% Loan Amounts $79,999 and Below 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 for each additional family member up to 7 Loan Amounts $80,000 and Above 1 $450 $441 $441 $491 2 $755 $738 $738 $823 3 $909 $889 $889 $990 4 $1025 $1003 $1003 $1117 VA Guidelines Wholesale page 15 of 22 10/31/2012r

16 5 $1062 $1039 $1039 $1158 Over 5 Add $80 for each additional family member up to 7 Geographic Areas Northeast Midwest South West Connecticut Maine Massachusetts New Hampshire New Jersey New York Pennsylvania Rhode Island Vermont Illinois Indiana Iowa Kansas Michigan Minnesota Missouri Nebraska North Dakota Ohio South Dakota Wisconsin Alabama Arkansas Delaware District of Columbia Florida Georgia Kentucky Louisiana Maryland Mississippi North Carolina Oklahoma Puerto Rico South Carolina Tennessee Texas Virginia West Virginia Alaska Arizona California Colorado Hawaii Idaho Montana Nevada New Mexico Oregon Utah Washington Wyoming Minimum Residual Income when DTI >41% When the DTI exceeds 41%, regardless of DU Findings, residual income must be at least 120% of the minimum required by VA. Collateral Property Overlays Condo project must be on VA s approved list. Condo rider required on all loans. If VA version is not available, use the conventional rider. PUD rider required on all loans. If VA version is not available, use the conventional rider. No leaseholds. No manufactured homes. No EEM. No Escrow Holdbacks. Specialty loans must also comply with: No 2 unit dwellings if all borrowers are First Time Homebuyers if purchase transaction. 3 4 unit dwellings require: 2 years landlord experience; and 6 months cash reserves. VA Guidelines Wholesale page 16 of 22 10/31/2012r

17 Appraisal VA Appraisals All Non IRRRL transactions require an appraisal completed by a VA approved appraiser. VA appraisal assignments are requested by the broker using WebLGY. Upon appraisal receipt, the lender has 5 business days to issue/send a Notice of Value (NOV) along with a copy of the appraisal to the veteran. To ensure a timely issuance of the NOV and delivery of the appraisal to the borrower, the following procedures should be followed when ordering a VA appraisal: Register the loan with PUF in FLOW Log into WebLGY Click Request an Appraisal When completing the request: Always order a LAPP appraisal unless property is ineligible for LAPP processing (see VA Lender s Handbook) Enter our VA Lender Sponsor number Enter this address in the appraisal request which will ensure the appraisal is delivered to Pacific Union Financial for underwriting If the appraisal is delivered to you, the appraisal to us at within 24 hours of receipt of the appraisal. This must be done to ensure the NOV is issued within 5 days of the appraisal being completed. VA Appraisal Assignments A VA Appraisal may be assigned from another lender to Pacific Union Financial. Only the appraisal is assignable. The appraisal must be evaluated by a Pacific Union Financial and is warranted, a NOV will be issued. The assigned appraisal: May not be expired. May not have been used to complete another transaction that has closed. Conventional Appraisals A full conventional appraisal with an interior and exterior inspection is required on IRRRL transactions. For IRRRL transactions, brokers must use the appraisal ordering services available on the Pacific Union Financial web site. Valuation Conditions Valuation conditions are standard repair and inspection conditions required by VA. These conditions may vary by property location. State and regional specific valuation conditions are available by clicking here. Borrower Acknowledgement All files must include one of the following acknowledgements from the borrower: Receipt of the appraisal at least 3 days prior to closing. Waiver of right to receive appraisal within 3 days prior to closing.* *Note: VA requires we provide the VA appraisal to the borrower. Therefore, the waiver form would only be permitted on IRRRL transactions. Reminders for Minimum Property Requirements Mixed use properties are eligible provided the non residential use does not impair the residential character and does not exceed 25% of the total square footage. All properties must have safe potable drinking water and sanitary facilities for safe disposal of sewage. Connection to public or community water/sewage required whenever feasible. VA Guidelines Wholesale page 17 of 22 10/31/2012r

18 Individual water systems must meet local health standards or EPA standards in the absence of local standard. Evidence of water test required by local health department or a commercial testing lab or licensed sanitary engineer. Individual sewage inspections by a local health authority may be required when appraiser indicates a problem with either the septic system, indicates the subject is located in an area with soil percolation problems or is a condition of the appraisal. If roof is defective and has 3 or more layers of shingles, it must be corrected. All mechanical, heating and electrical supplies must be adequate for the dwelling. New construction or for properties constructed less than 1 year and never been occupied are subject to specific inspection requirements and LTV limitations. Refer to VA Lender s Handbook for complete details. Property must be free of any health, safety or structural hazard that may impair the customary use and enjoyment of dwelling. Site must be graded to provide positive, rapid drainage form perimeter of will and prevent ponding on the site. Property may not be located in a high pressure gas, liquid petroleum or high voltage electric transmission line easement. Any defective paint condition in a dwelling build prior to 1978 will be assumed to contain lead and must be corrected. Property must be free of wood destroying insect infestation, dry rot and fungus growth. A termite inspection is required when any of the following apply. Satisfactory Termite Certification required if the property is located in an area where the probability of termite infestation is "very heavy" or "moderate to heavy" according to the Termite Infestation Probability Map published in The Council of American Building Officials (CABO) One and Two Family Dwelling Code. Required by appraiser. Insurance All loan files must contain evidence of appropriate hazard, title and flood insurance policies in accordance with VA policies. As a rule of thumb, insurance policies that comply with Fannie Mae policies are acceptable. A life of loan flood policy is required on all loans and is ordered by the closer. Geographic Restrictions No Texas Home equity loans No Condos in Florida Pricing and Fees Refer to the daily rate sheet for current pricing. Escrow Waivers Not permitted Funding Fee A Funding Fee is required on all loans unless the file contains documentation to evidence the veteran is exempt. The Funding Fee may be financed or paid in cash. The Funding Fee must be collected at closing. VA Guidelines Wholesale page 18 of 22 10/31/2012r

19 Loan Purpose Purchase Military Service Regular Military Down Payment Percentage for: First Time Use Subsequent Use 0 to <5% 2.15% 3.30% 5% to <10% 1.50% 1.50% >10% 1.25% 1.25% Reserves / National Guard 0 to <5% 2.40% 3.30% 5% to <10% 1.75% 1.75% >10% 1.50% 1.50% Refinance Regular Military N/A 2.15% 3.30%* Reserves / National Guard N/A 2.40% 3.30%* IRRRL All N/A.50%.50% * The higher subsequent use fee does not apply to these types of loans if the veteran s only prior use was for a manufactured home loan. Fees The veteran is permitted to pay the fees listed in the VA Allowable Fees table provided they are reasonable and customary If the borrower is paying a 1% origination fee, none of the additional fees listed in the VA Unallowable Fees Table may be paid by the borrower Charge relates to services performed by a third party, the amount paid by the borrower must be limited to the actual charge of that third party. VA Allowable Fees Table Credit Report. For AUS loans, may pay an evaluation fee in lieu of credit fee not to exceed $50 Flood Zone Determination if obtained from third party (other than appraiser) and Life of loan cert Hazard insurance premium MERS Fee Notary fees Other Fees contact local VA Office Prepaids for current year and initial deposit account Recording fees and recording taxes and other charges incident to recordation Second appraisal fee if veteran is requesting a reconsideration of value Survey If condo, obtain approval by local VA office; yes all others Title Examination, Title Insurance and environmental protection lien endorsement if applicable VA appraiser s fee VA compliance inspector s fee VA Funding Fee VA Guidelines Wholesale page 19 of 22 10/31/2012r

20 VA Unallowable Fees Table The veteran may be charged the following fees provided: Total of all of these fees does not exceed 1%, and the Borrower is not paying a 1% origination fee or receiving any other compensation from the borrower These fees may be paid for by the broker, seller or any other third party Amortization schedules, pass books, and membership or entrance fees Attorney s services other than for title work Brokerage Fees or commissions charged by a real estate agent or broker in connection with a VA loan Commitment fees or marketing fees of any secondary purchaser of the mortgage and preparation and recording of assignment of mortgage to such purchaser Document preparation fees Escrow fees or charges Fees charged by loan brokers, finders or other third parties whether affiliated with the lender or not Fees for preparation of truth in lending disclosure statement HUD / FHA Inspection Fees for Builders Interest rate lock in fees Lender s appraisal (includes appraisals requested by lender or other party for reconsideration of value) Lender s inspections Loan application or processing fees Loan closing or settlement fees Notary fees Photographs Postage and other mailing charges, stationary, telephone calls, and other overhead Preparing loan papers or conveyance fees Prepayment penalty to discharge any existing lien on the seller s property Tax service fees Trustee s fees or charges Refer to Chapter 8 of the VA Lender s Handbook for additional details. Broker Compensation VA allows the lender to collect 1% flat fee from the borrower. This means: If the broker collects the 1% origination fee, the broker can not collect any additional compensation from the borrower or the lender. In addition, the broker is responsible for the payment of our fees which cannot be passed onto the borrower. If the broker does not collect the 1% origination fee from the borrower, the broker may receive Lender paid compensation from us. Our lender fees may then be passed onto the borrower but may not to exceed a total of 1%. If our lender fees exceed 1%, the broker is responsible for payment of the remaining amount to us. VA Guidelines Wholesale page 20 of 22 10/31/2012r

21 Documentation The following lists the most commonly used forms and certifications required by VA. Additional certifications and or documents may be required depending upon the scenario. VA Form# Form Name When Required VA Loan Summary Sheet Required if IRRRL Federal Collection Policy Required if IRRRL and VA URLA Addendum has not been provided Counseling Checklist for Military Homebuyers Required if Active Duty A VA URLA Addendum Required if Purchase or Cash Out Request for Determination of Reasonable Value Required Warranty of Completion May be required by Underwriter as a NOV condition Request for COE May be required at closing when entitlement must be restored Endorsement to Certificate of Reasonable Value Provide if applicable. Issued by VA when they amend a Master CRV VALA (VA Loan Analysis) Required Interest Rate Reduction Refinancing Loan Required on IRRRL Worksheet VA Indebtedness Letter Only required when 1) the box that states owes federal debt is checked on the COE or 2) the COE contains a condition requesting a copy of the be faxed to the RLC. May be used to verify veteran is exempt from the FF if exempt status is not displayed on the COE Certificate of Eligibility Required except if IRRRL Nearest Living Relative Required Child Care Expense Letter Required when all children are under the age of 13 and both parents work Commute Expense Letter Required when borrowers job is a significant distance from the subject property VA Amendatory Clause Required on purchase transaction when language is not included in the sales contract. "It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs. The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. (Authority: 38 U.S.C. 501, 3703(c)(1))" Veteran Acknowledgement May be required on new construction or recently constructed properties. Discount Point Disclosure Required when discount points exceed 2%. VA Guidelines Wholesale page 21 of 22 10/31/2012r

22 VA Form# Form Name When Required Disclosure must state: I understand that the VA is strongly urging lenders to limit the number of discount points to be included in all new Interest Rate Reduction Refinance Loans to no more than two. My lender has explained that by adding more than 2 points into my Loan, I may be risking the possibility that I will have difficulty in selling my home for a price sufficient to pay off the Loan, since the Loan balance may be substantially greater than the market value of the house. I also understand that by adding excessive points into my Loan, I am not getting the full benefit of reducing my interest rate, since my monthly payment has not been reduced as much as it might be (or it might even be going up). HUD Compliance Inspection report If required by NOV Veteran's written consent to the restrictions (obtained at the time of loan application). Restrictions exist on the purchase or resale of the property the veteran is purchasing; see chapter 9 for details IRS 4506 T Request for tax transcripts Required on all loans except IRRRL VA Guidelines Wholesale page 22 of 22 10/31/2012r

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