Va Seasoning Requirements

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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.

The seasoning requirement is SIX (6) consecutive mortgage payments to be made on your existing VA loan. You cannot simply pre-pay your mortgage payments in advance in hopes of being able to do a VA IRRRL refinance sooner.

In June, issued an All Participants Memorandum (APM) announcing the implementation of changes to pooling eligibility requirements for Department of Veteran affairs’ (va) insured or guaranteed.

The act helps protect veterans and service members from the dangers associated with repeatedly refinancing their home loans, requiring, among other things, the seasoning. loan must meet the.

Other FHA Streamline Requirements. Aside from the seasoning requirements, the FHA requires a few more things in order to qualify for the streamline program: Timely mortgage payment history – If you have had your FHA loan for more than 12 months, you are allowed one 30-day late payment during the loans’ term.

Pros and Cons of Refinancing with a VA Loan  · 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.

Phone calls can begin only a day after veterans close on VA-guaranteed home loans. Brokers will claim they can offer an even lower interest rate, or a better strategy for refinancing, that will cut.

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VA lenders will also typically require a two-year seasoning period following a foreclosure. Homeowners who lose an FHA loan to foreclosure may need to wait three years before securing a VA home.

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