HomeBridge is announcing updates to the VA IRRRL seasoning requirements based on Ginnie Mae’s Memorandum APM16-05 issued October 19, 2016.
HomeBridge will amend our VA IRRRL seasoning requirements to no longer allow loans seasoned ≤ 6 months.
Brokered Transactions
- Brokered VA IRRRLs seasoned ≤ 6 months must fund by January 13th, 2017 and will require a February 1st, 2017 first payment date.
Emerging Banker/Non-Delegated Correspondent Transactions
- Emerging Banker/NDC VA IRRRLs seasoned ≤ 6 months must be purchased by January 13th, 2017 and will require a February 1st, 2017 first payment date.
Transactions Not Funded/Purchased by January 13, 2017
Credit qualifying and non-credit qualifying transactions (regardless of FICO) that do not fund/or are not purchased by January 13, 2017 will be subject to the following:
- A minimum of 6 payments have been made on the loan being refinanced. The borrower cannot prepay the loan to meet this requirement
The HomeBridge VA IRRRL guidelines will be updated with this information and posted on the HomeBridge website at www.homebridgewholesale.com
If you have any questions, please contact your Account Executive.
