Borrowers will almost always need to wait two years after a foreclosure before applying for a VA home loan, but VA guidelines do not set a required wait, or seasoning period, after a short sale. Despite that, many lenders treat short sales as a form of foreclosure and impose that same two-year seasoning period.
One of the largest restrictions on this loan program is the seasoning requirements. These requirements pertain to the length of time you must have held your original VA loan in order to get approved. In the case of the VA Interest Rate Reduction Refinance Loan, you must have held your original VA loan for a minimum of 6 months from the closing date to the date of the application for the IRRRL.
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Ginnie Mae adds news requirements for VA refinance eligibility. The implementation is pursuant to the Loan Seasoning for Ginnie Mae Mortgage-Backed Securities provision in the Economic Growth.
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VA Veterans Benefits Administration Web Automated Reference Material System Lenders Handbook – VA Pamphlet 26-7 Web Automated Reference material system lenders Handbook – VA Pamphlet 26-7
As part of these changes, Ginnie Mae said that high LTV VA cash-out refinances could be pooled into Ginnie Mae II Custom Pools without restriction, provided they satisfied the seasoning and number of.
Effective immediately, VA refinance transactions must meet the revised seasoning requirements to be eligible for funding/purchase. Plaza’s VA Program Guidelines have been updated to align with Ginnie.
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PennyMac posted a new announcement regarding Clarification on Ginnie Mae seasoning requirements. mountain west Financial posted details regarding recent VA changes to appraisal fees and turn times in.
What are the Seasoning Requirements? The good news is the VA does not have seasoning requirements for a cash out refinance. In fact, you don’t even have to have a VA loan to take advantage of the program. You can refinance from a conventional or FHA loan as well. You just have to have eligibility for the VA program.
Ginnie Mae, also a HUD agency, securitizes loans guaranteed by FHA and by the VA. Its press release also issued. pooled into Ginnie Mae II Custom Pools if they meet seasoning and number of payment.