Transcription of VA Loan Matrix - ResMac
1 VA loan Matrix Updated Max Minimum Credit Score Occupancy Transaction Type Number of Units LTV/CLTV/HCLTV Standard High Balance Purchase 1-4 Units 100% 600 620. Primary Residence Cash-Out 1-4 Units 100% 600 640. All Occupancy Types IRRRL 1-4 Units N/A 600 620. VA Helpful Links VA 26-7 Pamphlet VA Funding Fee Tables VA Circulars VA Regional Centers Request for COE VA loan Limits Guidelines Borrowers All borrowers must have a valid Social Security number and at least one credit score. DPA's & MCC's Down Payment Assistance programs and Mortgage Credit Certificates are not permitted.
2 Financed Properties The maximum number of financed properties including the subject property is four. Loans with any Section 50(a)(6) financing are not permitted. Ineligible loans Joint Loans are not permitted. Loans must be current and have no mortgage lates in the most recent 12 months. A tri-merge credit report is required to solely validate the loan score. Mortgage only credit reports are not permitted. HUD withdrawn projects are ineligible. If loan scenario requires a loan to be a credit qualifying IRRRL: Borrower's income and credit report must be provided per VA guidelines, DTI ratios must be IRRRL's considered, and underwriter must determine that the borrower will continue to make mortgage payments.
3 All IRRRL's are all manual underwrites. HPML "evaluated" requires evidence borrower is able to repay the debt. Requires income documentation to satisfy RESPA requirements. Provide standard evidence and documentation borrower meets requirement as per HUD guidelines: income documentation / DTI / income validation tools (4506T transcripts if required). All VA loans require a 25% guaranty. VA does not impose maximum statutory loan limits however, VA does publish county loans limits (see VA loan Limit link above). The 25% guaranty may come from the VA or Down payment or a combination of both.
4 The Maximum amount that the VA will insure is 25% of is the published county loan limit. If this amount is greater than or equal to 25% of the VA NOV then no down payment is required. If VA's insuring participation is less loan Amount Limits than 25% of the purchase price / appraisal then the borrower must bring a down payment for the difference. ResMac will permit loan amounts up to $1,000,000 on high balance loan products. If a loan amount exceeds Agency loan limits, the high balanced product must be selected. loan Terms 30 year fixed rate & 15 year fixed rates are available Page 1 of 2.
5 VA loan Matrix Updated Guidelines Manufactured ResMac has the following restrictions for manufactured housing: Minimum 640 FICO score. Cash-out transactions are not permitted. N/O/O transactions not Housing permitted. Fixed rates only. DU Approve/Eligible only. Subordinate financing not permitted. Must be < 15 years of age at time of appraisal. Must be double-wide Requirements or larger. For complete requirements, please see ResMac guidelines. VA offers purchase, cash-out transactions, and Interest Rate Reduction Refinances (IRRRL's). Refinancing any other type of loan to an VA loan is considered a cash- Transaction Types out refinance even if there is no cash back to the borrower(s).
6 1-4 Units, PUD's, Townhomes, Row homes, Manufactured Housing (see requirements above), and FHA Approved Condominiums are permitted. Property Types Excluded property types include but are not limited to: Co-Op's, Bed & Breakfast properties, Manufactured homes in PUD's, Co-ops, & condominium projects. Properties Listed for ResMac will not close a transaction if the property was listed for sale at the time of application. ResMac will close a loan if the subject property was listed for sale Sale within the last six months but was taken off the market prior to the application date.
7 Residual Income Residual income must meet VA residual income guidelines based upon family size. AUS must be run, with the exception of IRRRL's in which manual underwriting is required. All loans with < 620 credit score require a DU Approve/Eligible. Manual underwriting is not permitted. Underwriting ResMac follows AUS findings, however a full review of the borrower's credit profile will be completed. Borrowers with limited depth of credit or with layered risk characteristics must be reviewed for strong compensating factors and additional reserves may be required.
8 Vesting ResMac will not lend on properties held in Life Estates, Non-Revocable Trusts, Guardianships, LLCs, Corporations or Partnerships. Information in this Matrix is a summary only and is not a complete representation of ResMac Lending Policies. Refer to the VA 26-7 Pamphlet for detailed requirements. Information is accurate as of the date of publishing and is subject to change without notice. The overlays outlined in this Matrix apply to VA loans submitted to DU. In addition to applying these ResMac specific overlays, all loans submitted to DU must comply with the DU Findings and VA product requirements.
9 This document should not be relied upon or treated as legal advice. Page 2 of 2.
