Va Seasoning Requirements

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Lenders have various requirements for the seasoning of a short sale. Ideally, you should be about 2 years out from a short sale, but you may find lenders that have shorter requirements. The bottom line is that lenders and the VA want to make sure that you are ready for a loan, whether a cash-out refinance or you are trying to buy a home after a foreclosure.

VA cash-out requirements. VA cash-out loans require documentation similar to that required for a VA home purchase loan. A new appraisal is required to establish current value of your home.

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.

All other VA cash-out and IRRRL requirements must be met. The following seasoning requirements apply: A minimum of 210 calendar days must have passed between the first payment due date of the original loan (loan being refinanced) and the first payment due date of the new loan (new for cash-out and Streamlines).

Refine results: 18-23: Ginnie Mae Seasoning Requirements for VA Loans. Effective for loans purchased on or after 6/4/2018, PennyMac is aligning with Ginnie Mae’s updates to seasoning on all VA refinance transactions (IRRRL and non-IRRRL). When refinancing any loan to a new VA loan, the new note date must be on or after the later of:

The IRRRL seasoning requirements pertain to the length of time you owned the home with a VA loan. The hard number is 6 months. This means you must own the home with a VA loan for at least 6 months before you can apply for the IRRRL program. The six-month counter begins on the date you closed on the home.

VA Streamline Guidelines: video transcription. Hello, and welcome back to our Sit Rep series here at Low VA Rates. Today, we’re going to continue talking about the VA streamline refinance, specifically seasoning and pre-payment penalties.

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