VA FAQs ULC. Contents

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1 ULC Contents General Information... 3 Application... 3 Maximum Loan Amount... 3 Multiple VA Loans... 4 Occupancy... 4 VA Case Number... 5 VA Eligibility/Entitlement... 5 VA Funding Fee/Guarantee Fee... 7 Residual Income... 8 Transaction Requirements... 9 Cash Out Refinance... 9 Recently Listed Property C/O Refi... 9 Interest Rate Reduction Refinance Loan (IRRRL) Recently Listed Property IRRRL Purchase Flip Transactions Second Primary within 12-months Borrower Eligibility Non-Occupant Co-Borrowers Occupant Co-Borrowers Power of Attorney (POA) Surviving Spouse Credit K Loans Alimony Obligation Bankruptcy Page 1 of 33

2 CAIVRS Collection Accounts Compensating Factors Consumer Credit Counseling (CCC) Extenuating Circumstances Foreclosure Ratios Shared Debt Short Refinance Short Sale Student Loans Thin Credit Employment/Income Active Duty Less than 12-Months Remaining BAH/BAS Bonus/Overtime Employment Contract/Future Income Employment Gap Employment History New Employment Field Non-Taxable Income Recently Graduated Rental Income Self Employed Tax Returns Not Filed Assets Gift Funds Interested Party Contributions (IPCs) Reserves Property/Appraisal Page 2 of 33

3 Appraisal Condominiums Kitchen Appliances Large Acreage New Construction Private Road Repair Escrow Roof Termite Inspections General Information Application Q: Does it matter in which position on the application, borrower/co-borrower, the Veteran is? A: VA requires the Veteran to be the Applicant, in first position on the Application. Maximum Loan Amount Q: Can we do a VA loan over the VA county limit? A: We can exceed VA s county limit as long as the borrower has 25% Guarantee, between entitlement and down payment, (30% for US Bank). Example The VA Loan limit for County X is $417,000. The borrower s minimum down payment would be 25% of the amount of the purchase price over $417,000: Purchase Price: $500,000 County Limit: $417,000 Purchase price is $83,000 over the county limit. Assuming the borrower has full entitlement, the borrower will need a down payment of $20,750 (25% of the amount over the county limit). (Note: If the borrower was not exempt from the funding fee, the required down payment would be this amount plus the amount of the funding fee. Page 3 of 33

4 In this example, the maximum total loan amount will be $479,250 based on a purchase price of $500,000 in County X, and full entitlement. Note: US Bank will require 30% entitlement for loan amounts $417,001 - $650,000, which would require a down payment of $45,750, making your max total loan amount $454,250. (US Bank requires 35% guarantee for loan amounts over $650,000.) Remember, gift funds are not allowed on VA Jumbo loans, (loans exceeding the county limit). Multiple VA Loans Q: If my borrower already has a VA loan on his current residence, can he retain that property as a rental property and get another VA loan for his new home? A: Yes. As long as the Veteran has sufficient entitlement and/or down payment for 25% Guarantee, he will be eligible for another VA mortgage. Occupancy Q: I have a client who is active duty in Afghanistan. They would like to purchase a loan here in the US w/ either a VA or FHA loan as a primary residence, but he will continue to be out of the country for some time. He has no family here that will occupy. A: The law requires a veteran obtaining a VA-guaranteed loan to certify that he or she intends to personally occupy the property as his or her home. As of the date of certification, the veteran must either personally live in the property as his or her home, or intend, upon completion of the loan and acquisition of the dwelling, to personally move into the property and use it as his or her home within a reasonable time. Occupancy within a reasonable time" means no more than 60-days after the loan closing. More than 60 days may be considered reasonable if both of the following conditions are met: the veteran certifies that he or she will personally occupy the property as his or her home at a specific date after loan closing, and there is a particular future event that will make it possible for the veteran to personally occupy the property as his or her home on a specific future date. Occupancy at a date beyond 12 months after loan closing generally cannot be considered reasonable by VA. Q: My borrower is active duty in Afghanistan and wants to buy a home. Service doesn't end for 2-years. His parents would be living in the home until he gets back from Afghanistan. Is that acceptable or does it need to be immediate family only such as wife. A: The borrower s parents occupying the property would not meet VA s occupancy requirements. (Only a dependant of the Veteran occupying the subject property would be acceptable.) Page 4 of 33

5 Q: Can we do an IRRRL on an investment property? A: We can do a VA IRRRL on an investment property with Wells Fargo, US Bank, and Franklin American. PennyMac will only allow a VA IRRRL on an owner occupied property. Note: The Veteran must certify they previously occupied the property. VA Case Number Q: How do I get a VA Case#/Appraisal transferred to ULC? A: The Veteran needs to submit a written request to the current lender to have the VA Case# and Appraisal transferred to ULC. (The request must include ULC s VA ID.) The current lender will call VA to request the Case# be transferred. Note: We will need evidence the appraisal has been paid for. Q: How do I transfer a VA Case#/Appraisal to another lender? A: The Veteran needs to submit a written request to ULC to have the VA Case# and Appraisal transferred to the other lender. (The request must include the other lender s VA ID.) ULC must call VA to request the Case# be transferred to the other lender. Note: We must insure the borrower has paid ULC for the appraisal VA Eligibility/Entitlement Q: My Veteran s COE reflects $27,500 Entitlement Charged to a previous VA loan that was foreclosed. How do I determine how much entitlement he has for a new VA purchase? A: After the Veteran has met the seasoning requirements for a foreclosure: For a loan amount > $144,000: The Veterans entitlement will be 25% of the county limit minus the amount of entitlement charged on the COE. Example: If the VA county limit is $417,000, the Veteran s entitlement, including bonus entitlement, is $104,250. Because the COE reflects $27,500 charged, we must reduce this from the $104,250 to arrive at $76,750 entitlement. (The Veteran would be eligible for a VA purchase at 100% LTV up to a purchase price of $307,000 in this example. The Veteran would need to make a down payment of 25% of any amount over this.) Page 5 of 33

6 For a loan amount <= $144,000: The maximum entitlement is $36,000. The Veteran s maximum entitlement for the new loan would be $36,000 - $27,500 - $8,500, which is reflected on the COE. Q: Are all VA purchase transactions eligible for bonus entitlement? A: No. Only loan amounts over $144,000 are eligible for bonus entitlement. Q: If the Veterans Certificate of Eligibility reflects Paid in Full/No Restoration, how do we get the Veterans entitlement restored? A: VA must be provided a completed and signed Request for Certificate of Eligibility and a copy of the HUD-1 from the sale/refinance of the other property secured by the previous VA loan and/or the release documents and warranty deed. Upon receipt of the above referenced documents, the Veteran can go to a VA office and request the restoration of his/her entitlement or we can upload the documents to WebLGY then call VA the next business day to request the restoration. Q: I have a couple wanting to buy a new home with VA financing. Both borrowers are Veterans, and both borrowers are on their current mortgage, but only the husband s entitlement was used on their current home. Can they both be on the new VA loan just using the wife s entitlement? A: Yes, as long as the wife has sufficient entitlement for the new VA loan, her entitlement can be use, and they can both be on the loan. Q: If a husband and wife financed a home using her entitlement, can they do an IRRRL using his entitlement? A: No. Veterans may not swap entitlement on an IRRRL. The Veteran s entitlement used on the initial mortgage must be used on the IRRRL. Q: Can a Veteran use their VA Eligibility if they already own an FHA insured mortgage and will be keeping the property? A: Yes. There are no restrictions regarding having a home with FHA financing then using the borrower s VA entitlement to obtain a VA Guaranteed primary residence. Q: Can a Veteran do a simultaneous close, selling their current home encumbered by VA financing, and buying a new home with VA financing, if the borrower will not have sufficient entitlement until his entitlement is restored after the sale of their current home? A: Yes. We will require the Veteran to write a statement requesting restoration of entitlement, the HUD-1 from the sale of the Veteran s current home reflecting the current VA Mortgage is paid in full, and evidence the Veteran is no longer on title to their current home. Q: Do we have a list of what the VA Entitlement Codes on the COE mean? A: See Table below: Entitlement Code Designates Page 6 of 33

7 01 World War II 02 Korean War 03 Post-Korean 04 Vietnam War 05 Entitlement Restored 06 Un-remarried Surviving Spouse 07 Spouse of POW/MIA 08 Post World War II 09 Post Vietnam 10 Gulf War 11 Selected Reserves VA Funding Fee/Guarantee Fee Q: Is the Funding Fee waived for a surviving spouse? A: The borrower s COE will indicate if the borrower is exempt from the funding fee. If the borrower is not exempt, use the VA Funding Fee Table to determine what the funding fee will be. Q: How do I determine what a Veteran s Funding Fee should be? A: Use the attached table: Loan Fee Structure for VA-Guaranteed Loans Veteran Reservist/National Guard First Time Use Down-Payment Less than 5 percent* November 18, 2011 through November 21, % 1.65% November 22, 2011 through September 30, % 2.40% At least 5 percent but less than 10 percent November 18, 2011 through November 21, % 1.00% November 22, 2011 through September 30, % 1.75% 10 percent or more November 18, 2011 through November 21, % 0.75% November 22, 2011 through September 30, % 1.50% Second and Subsequent Use Down-Payment Less than 5 percent* November 18, 2011 through November 21, % 2.80% November 22, 2011 through September 30, % 3.30% At least 5 percent but less than 10 percent November 18, 2011 through November 21, % 1.00% November 22, 2011 through September 30, % 1.75% 10 percent or more November 18, 2011 through November 21, % 0.75% Page 7 of 33

8 November 22, 2011 through September 30, % 1.5% Refinance Loans Interest Rate Reduction 0.50% 0.50% Other Assumptions 0.50% 0.50% Service-connected Veterans 0.00% 0.00% *Includes Cash-Out Refinance loans Q: How do I determine if a Veteran is exempt from the VA Funding Fee? A: The Veteran s Certificate of Eligibility (COE) will reflect either Exempt or Non-Exempt. If the COE reflects Exempt, the Veteran is exempt from the Funding Fee. If the COE reflects Non-Exempt, refer to the Funding Fee Table to determine what the Veteran s Funding Fee will be. Q: Can a Veteran finance half of the Funding Fee and pay the other half in cash? A: No. The VA Funding Fee must be wholly financed or wholly paid in cash. Residual Income Q: What is residual income? A: Residual income is the amount of net income remaining (after deduction of debts and obligations, payroll taxes and monthly shelter expenses) to cover family living expenses such as food, health care, clothing, and gasoline. Q: Do we have a table that shows VA residual income requirements? A: See below tables: Residual Income by Region Loan Amounts $79,999 and below Family Size Northeast Midwest South West 1 $390 $382 $382 E425 2 $654 $641 $641 $713 3 $768 $772 $772 $859 4 $888 $868 $868 $967 5 $921 $902 $902 $1,004 Over 5 Add $75 for each additional member up to a family of seven. Residual Income by Region Loan Amounts $80,000 and above Family Size Northeast Midwest South West 1 $450 $441 $441 $491 2 $755 $738 $738 $823 3 $909 $889 $889 $990 Page 8 of 33

9 4 $1,025 $1,003 $1,003 $1,117 5 $1,062 $1,039 $1,039 $1,158 5 or more Add $75 for each additional member up to a family of seven. Key Geographic Regions 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 South Carolina Tennessee Texas Virginia West Virginia Alaska Arizona California Colorado Hawaii Idaho Montana Nevada New Mexico Oregon Utah Washington Wyoming Transaction Requirements Cash Out Refinance Q: Can we do a Rate/Term Refinance to 100% LTV/CLTV? A: VA does not have a R/T Refinance. VA has an IRRRL, (VA to VA Streamline), and a C/O Refinance. VA does allow a C/O Refinance to 100% when the loan meets R/T requirements, but our investors have capped us at 90% on non-irrrl VA Refinances. Q: Can we do a cash out refinance on a property owned free & clear? A: No. VA only allows cash out refinance transactions when there is a current lien on the property. Recently Listed Property C/O Refi Q: How long does a property that was recently listed for sale need to be off the market before the borrower is eligible to do a VA cash-out refinance? Page 9 of 33

10 A: See below table for seasoning requirements when the subject property being refinanced has recently been listed for sale: Investor Refinance Property must be taken off the market Purpose Wells Fargo IRRRL 1-day prior to application Cash Out 90-days prior to application Refinance US Bank IRRRL 90-days prior to application Cash Out 90-days prior to application Refinance PennyMac IRRRL 30-days prior to application Cash Out 6-months prior to application Refinance Franklin IRRRL 1-day prior to application American Cash Out Refinance 6-months prior to application The loan must be submitted to underwriting with evidence the property was off the market the required time prior to application date and a detailed explanation as to why the property was listed and why the borrower(s) decided to continue occupancy in the property. Interest Rate Reduction Refinance Loan (IRRRL) Q: Can we do an IRRRL on an investment property? A: We can do a VA IRRRL on an investment property with Wells Fargo, US Bank (US Bank to US Bank only), and Franklin American. PennyMac will only allow a VA IRRRL on an owner occupied property. Note: The Veteran must certify he/she previously occupied the property. Q: Does the existing VA mortgage have to be seasoned 6-months like FHA streamline refinances? A: VA does not require the current VA mortgage to be seasoned 6-months, however, some of our investors have overlays: US Bank No seasoning Mortgage being paid off must be VA Guaranteed Wells Fargo If mortgage being paid off is seasoned less than 6-months, and the mortgage being paid off is not being serviced by Wells Fargo, the new mortgage must credit qualify. Franklin American If mortgage being paid off is seasoned less than 6-months, new mortgage is ineligible PennyMac No seasoning, Mortgage being paid off must be VA Guaranteed Q: Does VA have a benefit to borrower requirement on IRRRLs like FHA does on a streamline refinance? Page 10 of 33

11 A: An IRRRL must bear a lower interest rate than the loan it is refinancing unless the loan it is refinancing is an ARM. The principal and interest payment on an IRRRL must be less than the principal and interest payment on the loan being refinanced unless one of the following exceptions applies: the IRRRL is refinancing an ARM, term of the IRRRL is shorter than the term of the loan being refinanced, or energy efficiency improvements are included in the IRRRL. A significant increase in the veteran s monthly payment may occur with any of these three exceptions, especially if combined with one or more of the following: financing of closing costs, financing of up to two discount points, financing of the funding fee, and/or higher interest rate when an ARM is being refinanced. If the monthly payment (PITI) increases by 20 percent or more, the Veteran must credit/ratio qualify. The underwriter must: determine that the veteran qualifies for the new payment from an underwriting standpoint; such as, determine whether the borrower can support the proposed shelter expense and other recurring monthly obligations in light of income established as stable and reliable, and include a certification that the veteran qualifies for the new monthly payment which exceeds the previous payment by 20 percent or more. If PITI increases 20% or more the loan may not be sold to PennyMac The maximum loan term is the original term of the VA loan being refinanced plus 10 years, but not to exceed 30 years and 32-days. For example, if the old loan was made with a 15-year term, the term of the new loan cannot exceed 25 years. Q: I have a borrower that assumed a VA mortgage from his ex-spouse. The ex-spouse s entitlement was used to obtain the VA mortgage. My borrower occupied the property more than 12-months, but has since converted the property to an investment property. Can my borrower, who is not a Veteran, do an IRRRL? A: The borrower is not eligible for an IRRRL unless the veteran agrees to be obligated on the new loan and commit her entitlement to the new loan. A person without entitlement is not eligible for an IRRRL. Note: PennyMac does not allow Investment properties on IRRRLs. Q: Can I do an IRRRL for a borrower who assumed a VA Mortgage if my borrower is also a Veteran? A: Our borrow is only eligible for an IRRRL if he/she swapped entitlement at the time he/she assumed the VA loan being paid off. Page 11 of 33

12 Q: If a husband and wife financed a home using her entitlement, can they do an IRRRL using his entitlement? A: No. Veterans may not swap entitlement on an IRRRL. The Veteran s entitlement used on the initial mortgage must be used on the IRRRL. Q: What is the VA Funding Fee on an IRRRL? A: The Funding Fee on an IRRRL is.5% of the new base loan amount, unless the borrower is exempt. Q: What type of appraisal do we need on an IRRRL? A: For a 1-unit property, you can order a 2055 Exterior. For a 2-4 unit property, you must order a full Conventional appraisal. US Bank - No appraisal required on US Bank to US Bank IRRRL. Anything less than a full appraisal on a non US Bank to US Bank IRRRL and the loan cannot be sold to US Bank. Wells Fargo No appraisal required on Wells Fargo to Wells Fargo IRRRL Note: Do not order a VA Appraisal through the VA Portal. Q: What is the maximum term allowed on an IRRRL? A: The maximum loan term on an IRRRL is the original term of the VA loan being refinanced plus 10 years, but not to exceed 30 years. For example, if the old loan was made with a 15-year term, the term of the new loan cannot exceed 25 years. The remaining term of the VA loan being refinanced is not considered. Q: Do we have to document 25% entitlement on a VA IRRRL? A: No. IRRRL s are not subject to entitlement rules as VA will automatically issue a 25% guaranty on any eligible IRRRL transaction. Q: Do we need to document income on an IRRRL? A: We only document the borrower s source of income, but not the amount of income on an IRRRL, unless the new mortgage payment will be 20% or more higher than the existing mortgage payment, or if the loan is being sold to Wells Fargo and the mortgage being paid off is not seasoned a minimum of 6- months. Q: Do we document assets on an IRRRL? A: All funds required for closing must be documented according to standard underwriting requirements. Recently Listed Property IRRRL Q: How long does a property that was recently listed for sale need to be off the market before the borrower is eligible to do a VA cash-out refinance? A: See below table for seasoning requirements when the subject property being refinanced has recently been listed for sale: Page 12 of 33

13 Investor Refinance Property must be taken off the market Purpose Wells Fargo IRRRL 1-day prior to application Cash Out 90-days prior to application Refinance US Bank IRRRL 90-days prior to application Cash Out 90-days prior to application Refinance PennyMac IRRRL 30-days prior to application Cash Out 6-months prior to application Refinance Franklin IRRRL 1-day prior to application American Cash Out Refinance 6-months prior to application The loan must be submitted to underwriting with evidence the property was off the market the required time prior to application date and a detailed explanation as to why the property was listed and why the borrower(s) decided to continue occupancy in the property. Purchase Flip Transactions Q: Does VA or our investors have property flipping requirements on VA loans? A: VA does not have specific limitations on flip transactions. Any increase in value should be the result of improvements made to the property, as evidenced by receipts, building permits, etc. The appraiser should supply interior photos of the renovations and comment on the cost of the repairs/renovations and likely contribution to the value increase. Note: Franklin American will not purchase a loan on a flip transaction where the value increased 20% or more in 90-days or less. (The 90-days is measured from the date the seller took legal Title, (recorded), to the date the sales contract is signed.) US Bank will not purchase a loan on a flip transaction where the seller has owned the subject property less than 91-days at time of contract, regardless of value change. (US Bank and its associates, HUD, VA, USDA, FNMA, FHLMC, and owner as a result of inheritance, including divorce, are exempt from this rule.) PennyMac will not accept a non-arms length flip transaction that involves a re-sale that occurred within the last 180-days. Page 13 of 33

14 Second Primary within 12-months Q: We just refinanced a borrower s primary residence 3-months ago, and now they want to purchase a new primary residence. Is this allowed? A: When a borrower signs the Deed of Trust, when financing a primary residence, he/she certifies his/her intend to occupy the property for a minimum of 12-months. An underwriter will look at the financing date of the current primary, and the contract date of the new property, to determine if the timing makes since. (This is true for all loan types, (Conventional/FHA/VA /USDA/etc.)) When applying for financing on a second primary residence within 12-months, the loan should be submitted with a detailed letter of explanation and appropriate documentation to show why the current residence no longer meets the borrower s needs. Ex: Borrower is being relocated, divorcing, family size is increasing, etc. The underwriter must be able to determine the need for the new primary residence arose after the borrower(s) signed the Deed of Trust on their current primary residence to be eligible for financing on the second primary residence within the 12-month period. f the borrower will have occupied his current residence and the current Deed of Trust is seasoned 12- months at the time of closing on the new home, there is no concern. If the borrower s do not qualify for an exception, based on circumstances, then their other options are to refinance their current residence as an investment property or purchase the new home as an investment property with Conventional financing. ULC will require written proof from the servicer on the borrower s current mortgage they know the property will no longer be owner occupied or evidence the property was listed prior to our application. Q: Can we provide a credit supplement to confirm the servicer on the borrower s current residence is aware the property will no longer be owner occupied? A: No. ULC will require written confirmation from the mortgage servicer. Borrower Eligibility Non-Occupant Co-Borrowers Q: Does VA allow non-occupant co-borrowers? A: No Occupant Co-Borrowers Q: Can a Veterans dad co-sign for a VA mortgage if he is going to occupy the subject property? Page 14 of 33

15 A: The only co-borrowers VA allows are the Veteran s spouse or another Veteran that will occupy the subject property. Note: When doing a VA loan for two unmarried Veterans, they will both have to have sufficient entitlement, they will both be required to use their entitlement, and the loan will need to be submitted directly to VA for Approval. Power of Attorney (POA) Q: Can a Veteran use a POA if they are deployed overseas? A: Power of Attorney is allowed. Must meet the requirements of VA Lenders Handbook Ch 9 Sec 7 and be accompanied by an Alive and Well Statement obtained at the time of closing Requirements per VA Lender s Handbook Ch 9 Sec 7: The veteran must execute a general or specific power of attorney which is valid and legally adequate. The veteran s attorney-in-fact may use this power of attorney to apply for a Certificate of Eligibility and initiate processing of a loan on behalf of the veteran. To complete the loan transaction using an attorney-in-fact, ensure that the general or specific power of attorney complies with state law to the extent that: the mortgage can be legally enforced in that jurisdiction, and clear title can be conveyed in the event of foreclosure. To complete the loan transaction using an attorney-in-fact, VA also requires the veteran s written consent to the specifics of the transaction. This requirement can be satisfied by either: the veteran s signature on both the sales contract and the Uniform Residential Loan Application, as long as the veteran s intention to obtain a VA loan on the particular property is expressed somewhere in those documents, or a specific power of attorney or other document(s) signed by the veteran, which encompasses the following elements: Entitlement A clear intention to use all or a specified amount of entitlement. Purpose A clear intention to obtain a loan for purchase, construction, repair, alteration, improvement, or refinancing. Property Identification Identification of the specific property. Price and Terms The sales price, if applicable, and other relevant terms of the transaction. Occupancy The veteran s intention to use the property as a home to be occupied by the veteran (or other applicable VA occupancy requirement). In addition, at the time of loan closing, the lender must: Page 15 of 33

16 verify that the veteran is alive, and, if on active military duty, not missing in action (MIA), and make the following certification: 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. The lender must always verify that the veteran is alive at the time of loan closing, whether or not the veteran is still in the military. If the lender has difficulty obtaining verification that a service person in a combat area is alive and not in MIA status, the lender may request that VA obtain the necessary information on its behalf. VA may deny guaranty on a loan if the lender failed to properly verify the veteran s status and the veteran was deceased (or MIA) at the time the loan was closed. Surviving Spouse Q: Is the Funding Fee waived for a surviving spouse? A: The borrower s COE will indicate if the borrower is exempt from the funding fee. If the borrower is not exempt, use the VA Funding Fee Table to determine what the funding fee will be. Credit 401K Loans Q: Will a 401K loan be included in a borrower s ratios? A: Certain types of loans secured against deposited funds (signature loans, cash value life insurance policies, 401K loans, etc ) in which repayment may be obtained through extinguishing the asset, do not require repayment consideration for loan qualification. Note: Assets securing these loans may not be included as an asset in the loan analysis. Alimony Obligation Q: Does VA allow alimony obligation to be reflected as a reduction to income, rather than a liability. A: No. VA requires alimony obligations to be reflected as a liability. Bankruptcy Page 16 of 33

17 Q: What is VA s seasoning requirement after a Bankruptcy? A: You may disregard a bankruptcy discharged more than 2 years ago. If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that the applicant or spouse is a satisfactory credit risk unless both of the following requirements are met: the applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period, and the bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified. Divorce is not generally viewed as beyond the control of the borrower and/or spouse. If the bankruptcy was caused by failure of the business of a self-employed applicant, it may be possible to determine that the applicant is a satisfactory credit risk if the applicant obtained a permanent position after the business failed, there is no derogatory credit information prior to self-employment, there is no derogatory credit information subsequent to the bankruptcy, and failure of the business was not due to the applicant s misconduct. If a borrower or spouse has been discharged in bankruptcy within the past 12 months, it will not generally be possible to determine that the borrower or spouse is a satisfactory credit risk. Petition Under Chapter 13 of the Bankruptcy Code This type of filing indicates an effort to pay creditors. Regular payments are made to a court-appointed trustee over a 2 to 3 year period or, in some cases, up to 5 years, to pay off scaled down or entire debts. If the applicant has finished making all payments satisfactorily, the lender may conclude that the applicant has reestablished satisfactory credit. If the applicant has satisfactorily made at least 12 months worth of the payments and the Trustee or the Bankruptcy Judge approves of the new credit, the lender may give favorable consideration. Q: Can we refinance a borrower that was discharged through a CH 7 BK and not reaffirmed? A: No. If the mortgage was discharged through the BK, not reaffirmed, the loan will be ineligible for purchase, even if the borrower maintained the payments. CAIVRS Q: How do we handle a Veteran with a CAIVRS claim? A: If the CAIVRS screening indicates an applicant (or co-obligor) is presently delinquent or has had a foreclosure or a claim paid on a loan made, guaranteed, or insured by a Federal Agency, take the following actions: Page 17 of 33

18 Collection Accounts Step Action 1 Suspend processing of the loan application. 2 Contact the applicant or co-obligor for information regarding the loan default, foreclosure, or claim. If a previous VA loan is involved, the applicant may call to make arrangements to repay the debt. 3 Contact the Federal agency that reported the applicant to CAIVRS if further information is needed. Use the phone number provided by CAIVRS (Step 7 in the previous table). Q: Does VA require collection accounts to be paid? A: Isolated collection accounts do not necessarily have to be paid off as a condition for loan approval. For example, a credit report may show numerous satisfactory accounts and one or two unpaid medical (or other) collections. In such instances, while it would be preferable to have collections paid, it would not necessarily be a requirement for loan approval. However, collection accounts must be considered part of the borrower s overall credit history and unpaid collection accounts should be considered open, recent credit. Borrowers with a history of collection accounts should have reestablished satisfactory credit (see next paragraph) in order to be considered a satisfactory credit risk. Reestablished Credit: In circumstances not involving bankruptcy, satisfactory credit is generally considered to be reestablished after the veteran, or veteran and spouse, have made satisfactory payments for 12 months after the date the last derogatory credit item was satisfied. For example, assume a credit report reveals several unpaid collections, including some which have been outstanding for many years. Once the borrower has satisfied the obligations, and then makes timely payments on subsequent obligations for at least 12 months, satisfactory credit is reestablished. Compensating Factors Q: What are some examples of acceptable compensating factors for VA? A: The following list are examples of compensating factors. This is not an all inclusive list. Remember, each loan is different, and in some cases compensating factors may not be sufficient to overcome certain risk factors. Examples of Compensating Factors Residual Income exceeds requirement by 20% Excellent credit history Conservative use of consumer credit Minimal consumer debt Long-term employment Page 18 of 33

19 Significant liquid assets (3 mths) Sizable down payment The existence of equity in refinancing loans Little or no increase in shelter expense High residual income Low debt-to-income ratio Tax credits for child care Tax benefits of home ownership Note: Compensating factors CANNOT be used to offset unsatisfactory credit. Consumer Credit Counseling (CCC) Q: Can we refinance a borrower with a VA mortgage if they have accounts in Consumer Credit Counseling? A: If a veteran, or veteran and spouse, have prior adverse credit and are participating in a Consumer Credit Counseling plan, they may be determined to be a satisfactory credit risk if they demonstrate 12 months satisfactory payments and the counseling agency approves the new credit. If a veteran, or veteran and spouse, have good prior credit and are participating in a Consumer Credit Counseling plan, such participation is to be considered a neutral factor, or even a positive factor, in determining creditworthiness. Do not treat this as a negative credit item if the veteran entered the Consumer Credit Counseling plan before reaching the point of having bad credit. Extenuating Circumstances Q: What do we consider an extenuating circumstance? A: Extenuating circumstances are defined as non-recurring events that were beyond the borrower's control, resulting in a sudden, significant, and prolonged reduction in income (extended illness, unemployment, and death of a spouse or co-borrower). They are not defined solely by one event. The severity of the hardship and the borrowers efforts to resolve the situation must be considered. Documentation provided to support claims of extenuating circumstances should confirm the nature of the event that led to the significant derogatory credit and illustrate that the borrower had no reasonable options other than to default on his or her financial obligations. Documentation Requirements The loan file must contain all of the following documentation: The borrower's written statement, attributing the cause of the financial difficulties to factors beyond his or her control. The difficulties must not be ongoing or likely to recur. Third-party supporting documentation to verify the extenuating circumstances. The supporting documentation must correlate to borrower's explanation and timetable of events, and confirm the events were an isolated occurrence, which resulted in a sudden, significant, and prolonged Page 19 of 33

20 reduction in income or a catastrophic increase in financial obligation. Documentation confirming the event may include a copy of a notice of job layoff, job severance papers, etc.. Supporting documentation establishing the date of the foreclosure, deed-in-lieu, short sale or a copy of the applicable bankruptcy documents to confirm the bankruptcy discharge date and identify any debts not satisfied by the bankruptcy, if applicable. Supporting documentation indicating all debts are paid. Recovery time period from significant derogatory credit is met. Foreclosure Q: What is VA s seasoning requirement after a Foreclosure? A: VA requires 2-years seasoning, or 7-years for a VA Jumbo, after a foreclosure, from date of foreclosure or date of a government claim was paid to application date. Below are our investors requirements: PennyMac 3-years Franklin American 2-years US Bank 2-years Wells Fargo 2-years Note: If the foreclosed mortgage was VA guaranteed, the borrower may not have full entitlement. Ratios Q: What is the maximum DTI allowed by VA? A: VA s guidelines recommend the borrower s DTI be <= 41%, however, underwriting may approve a loan with higher ratios, if there are sufficient compensating factors. Note: DU/LP may Refer a loan with DTI exceeding 41%, which will result in the need for a manual underwrite. If a loan is closed on an automatic basis with a ratio greater than 41%, the file must contain a statement justifying the reasons for approval, signed by the underwriter s supervisor, unless residual income exceeds the guideline by at least 20 percent. The statement must list the compensating factors justifying approval of the loan. (See Compensating Factors) Shared Debt Q: If we can show another party is making half of a monthly payment on a liability, can we include only half the payment in the borrower s ratios? A: No. We must include the full payment in the borrower s ratios unless the credit provider will confirm our borrower is only liable for half the payment. Short Refinance Page 20 of 33

21 Q: My borrow has a letter from their second lien holder agreeing to reduce the balance and release any liability for the difference. Can we do this on a VA C/O Refinance? A: VA can go up to 90% on a cash out refinance, and will not have an issue with the second lien holder forgiving part of the balance. (Loan cannot be sold to Franklin American. No other investors have published overlays.) We ll need a copy of the agreement with the second lien holder and a copy of the Note to insure there is no recourse clause allowing them to file a deficiency judgment. Short Sale Q: What is VA s seasoning requirements for a borrower with a previous short sale? A: Short Sale with timely payments: If all mortgage and installment payments were made on-time for the 12-months leading up to the short sale, the short sale serves as payment in full, the borrower does not have a previous BK or foreclosure, and the borrower is not buying a similar or superior property in the same market, the borrower will be eligible for VA financing. Short Sale with delinquent payments: Short sale must be seasoned 24-months, or 12-months with extenuating circumstances. (24-months for Franklin American; extenuating circumstances are not accepted) Borrowers may not have had any late mortgage payments on any mortgages in the most recent 12- months. Q: My borrower had a short sale 6-months ago. He has a letter from the previous servicer that states they will only approve the short sale if the account is delinquent, so the borrower skipped one payment. Will the letter from the servicer eliminate the 24-month seasoning requirement? A: No. Regardless of the letter from the servicer, the account was delinquent and we must have 24- months seasoning. Student Loans Q: Do we have to count a payment in the borrower s qualifying ratios on deferred student loans? A: Student loan payments do not need to be included in the borrower s total debt ratio if evidence is provided that the student loan repayment is deferred a minimum of 12-months past the Note date. (Note: If the student loans are in forbearance, provide a detailed letter of explanation and all documentation provided to the student loan servicer to obtain the forbearance. Typically, a forbearance is provided to a consumer with a hardship, and would cause the borrow to be ineligible.) Q: If a borrower has student loans that are deferred less than 12-months, or not deferred and the credit report does not reflect a payment, can we estimate a payment for the student loans? A: No. The borrower must provide documentation from the student loan servicer verifying what the monthly payment is/will be for all student loans. Q: Can we close a loan for a borrower with student loans in "forbearance"? Page 21 of 33

22 A: If the student loans are in forbearance, provide a detailed letter of explanation and all documentation provided to the student loan servicer to obtain the forbearance, for the underwriter to review and determine if the borrower is eligible. Typically a forbearance is provided to a consumer with a financial hardship, and would cause the borrower to be ineligible.) Thin Credit Q: Do we have a minimum trade-line requirement on VA? A: The borrower will need a minimum of one FICO score to be eligible. (There is no requirement for number of trade-lines or length of time the trade-lines have been opened.) The loan must receive an AUS Approval to be eligible. The underwriter will have to analyze the depth of credit, DTI, residual income, etc., in conjunction with payment shock, financial savings, etc. to determine the acceptability of the credit risk. Developing a non-traditional credit history, particularly a housing history, in addition to the above requirements, will aid the underwriter in providing a more accurate decision at initial underwrite. Employment/Income Active Duty Less than 12-Months Remaining Q: How do we handle an active duty Veteran with less than 12-months remaining? A: Identify service-members who are within 12 months of release from active duty or end of contract term. Find the date of expiration of the applicant s current contract for active service on the LES (for an enlisted service-member). For a National Guard or Reserve member, find the expiration date of the applicant s current contract. If the date is within 12 months of the anticipated date that the loan will close, the loan package must also include one of the following four items, or combinations of items, to be acceptable: documentation that the service-member has already re-enlisted or extended his/her period of active duty to a date beyond the 12-month period following the projected closing of the loan, or verification of a valid offer of local civilian employment following the release from active duty. All data pertinent to sound underwriting procedures (date employment will begin, earnings, and so on) must be included, or a statement from the service-member that he/she intends to reenlist or extend his/her period of active duty to a date beyond the 12 month period, plus a statement from the service-member s commanding officer confirming that: the service-member is eligible to reenlist or extend his/her active duty as indicated, and the commanding officer has no reason to believe that such reenlistment or extension of active duty will not be granted, or Page 22 of 33

23 documentation of other unusually strong positive underwriting factors, such as: a down-payment of at least 10 percent, significant cash reserves, and clear evidence of strong ties to the community coupled with a nonmilitary spouse s income so high that only minimal income from the active duty service-member is needed to qualify. BAH/BAS Q: Can I gross up BAH/BAS reflected on my Veteran s LES? A: Yes. BAH/BAS are non-taxable, and VA allows non-taxable income to be grossed up 15%. Bonus/Overtime Q: Can we use bonus/ot income from a new job? A: Generally, bonus/overtime income cannot be considered stable and reliable unless it has been received for 2 years and the underwriter can determine it is likely to continue. The underwriter may use this income, if it is not eligible for inclusion in effective income, but is verified for at least 12 months, to offset debts of 10 to 24 months duration, or justify a higher debt ratio. Include an explanation. Employment Contract/Future Income Q: Can a borrower close on a VA loan before starting a new job if they have an employment contract? A: We don t have an investor that will purchase a loan based on future income. The borrower needs to have started his new job and received a minimum of 1-paystub prior to closing. Employment Gap Q: How long does a borrower need to be back to work after an employment gap? A: Each case is different, but as a general rule, if the gap was greater than 6-months, we will consider the borrower re-entering the work force, and require 6-months on the new job. If the gap was less than 6-months, and we can determine the borrower s current employment is expected to continue for at least 3-years, we shouldn t need to wait 6-months to use the borrower s income as stable qualifying income. Employment History Q: Does VA require a 2-year employment history? A: Typically, we look for a 2-year employment history in a given employment field, but may go down to 12-months when the underwriter can justify using it. This includes any education in the current/new employment field. With less than 12-months, but not less than 6-months, if the underwriter can determine the probability of continued employment/income is high, based on training in the current employment field and comments from the employer indicating the probability of continued Page 23 of 33

24 employment is high, the underwriter may give favorable consideration to including the income in the total effective income. If the probability of continued employment is good, but not as well supported, the underwriter may still consider the income if the borrower has been employed at least 6 months to partially offset debts of 10 to 24 months duration or justify a higher debt ratio. The underwriter will determine the amount which can be used, based on such factors as: the employer s evaluation of the probability of continued employment, if provided, and the length of employment (for example, 10 months versus 6 months). Note: Include an explanation with the loan submission. New Employment Field Q: I have a veteran who just completed his service 3 months ago and at the same time began a new job. Can we use the income in the new job in a new employment field? A: If the borrower was not performing similar duties in the military, as he is on his new job, we will consider this a new employment field. (The duties don t need to be exactly the same, but similar enough for the underwriter to tie them together.) Typically, we look for 2-years in a given employment field, but may go down to 12-months when the underwriter can justify using it. This includes any education in the new employment field. With less than 12-months, but not less than 6-months, if the underwriter can determine the probability of continued employment/income is high, based on training in the current employment field and comments from the employer indicating the probability of continued employment is high, the underwriter may give favorable consideration to including the income in the total effective income. If the probability of continued employment is good, but not as well supported, the underwriter may still consider the income if the borrower has been employed at least 6 months to partially offset debts of 10 to 24 months duration or justify a higher debt ratio. The underwriter will determine the amount which can be used, based on such factors as: the employer s evaluation of the probability of continued employment, if provided, and the length of employment (for example, 10 months versus 6 months). Note: Include an explanation with the loan submission. Non-Taxable Income Q: Does VA allow non-taxable income to be grossed up? A: VA allows non-taxable income to be grossed up at the actual tax rate for the borrower, but not to exceed 20%. (If you do not know the actual tax rate, gross up the income 15%.) Page 24 of 33

25 Recently Graduated Q: I have a borrower that recently graduated college and has an employment contract. How long does the borrower need to be on the new job before we can close on a VA purchase? A: If the borrower provides school transcripts and/or diploma, and the employer notes the probability of continued employment is good, and the underwriter can determine the likelihood of continued employment is good, then we can use base income from the borrower s new job to qualify him/her. Submit the loan with the following documentation: School transcripts and/or diploma Written VOE reflecting hire date, pay rate, and probability of continued employment. Paystub covering at least one full pay period W-2 s for the most recent 2-years (If applicable) 2-years tax transcripts Note: If the borrower s employment contract is contingent on the borrower receiving a license or certification, we will need evidence the borrower has received the required license/certification. Rental Income Q: What is VA s requirement for using rental income on a rental property that is not securing a VA mortgage and was not the borrower s previous residence? A: Analysis: Rental of Other Property Not Securing the VA Loan Rental income verified as stable and reliable may be included in effective income. If there is little or no prior rental history on the property, make a determination based on review of: documentation of the applicant s prior experience managing rental units or other background involving both property maintenance and rental any leases on the property, and the strength of the local rental market. Property depreciation claimed as a deduction on the tax returns may be added back to the effective income. Verification: Rental of Other Property Not Securing the VA Loan Obtain the following: documentation of cash reserves totaling at least 3 months mortgage payments (principal, interest, taxes, insurance, and HOA dues - PITIA), and individual income tax returns, signed and dated, plus all applicable schedules for the previous 2 years, which show rental income generated by the property. Page 25 of 33

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