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IRRRL, Military, Servicemembers, Surviving Spouses, US Armed Services, VA Funding Fee, VA Home Loan, VA Home Loan Guaranty, VA Interest Rate Reduction Refinance Loan

Kentucky Fannie Mae Mortgage Guideline Changes for 2015.

via Kentucky Fannie Mae Mortgage Guideline Changes for 2015.

MAXIMUM ENTITLEMENT
The minimum VA guaranty required is 25% of the loan amount.
VA will provide 25% of the maximum county limits.
A Certificate of Eligibility must be requested from  Veterans Information Portal website.
Veterans receiving VA pension for non-service connected disability will require VA prior approval

Streamline Refinance (IRRRL) to 100% LTV/CLTV
o Maximum $1,000,000 including funding fee, 640 credit score
o The loan being refinanced was originated and have made at least 6 payments before the new loan’s closing date.
Non-IRRRL Refinance / VA Cash Out, maximum 100% LTV/CLTV
o Maximum $1,000,000 including funding fee, 640 credit score
o Refer to VA handbook in cases where the Veteran does not have eligibility to ensure a 25% guaranty.
o Payoff of ANY non VA loan is considered cash out refinance
o 90.01-100%LTV/CLTV/HCLTV: 1 unit, fixed rate only; Max $5K cash to borrower for loan amount > conforming limit.

VA WEBSITE LINKS
o VA Home Loans information page, go here for FAQ’s, forms,
announcements and general information regarding VA loans:
www.benefits.va.gov/HOMELOANS
o Direct link to VA Handbook:
http://www.warms.vba.va.gov/pam26_7.html
o Loan Limits: http://www.benefits.va.gov/HOMELOANS/
purchaseco_loan_limits.asp

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