PRIME VA IRRRL without Appraisal - AA15S00F00Loan Purpose • Interest Rate Reduction Refinancing Loan (IRRRL) without appraisalAmortization Term • Fixed Rate: 30 Years, 15 Years, 3/1 ARM, 5/1 ARMOccupancy • Primary Residence OnlyEligible Properties • Attached / Detached SFRs• PUDs• Condos• Manufactured Homes are Not Allowed under this program.Minimum Credit Score • 640Bankruptcy, Foreclosures,Short Sale, & <strong>Mortgage</strong>Lates• Credit derogatories such as bankruptcy, foreclosure, short sale, or 90-day mortgage latenot allowed within last 36 months.• If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report or publicrecords, then the minimum FICO required is 680.<strong>Mortgage</strong> Lates • None in last 12 months on any mortgageCollection Accounts • Housing-expense related collection accounts within 24 months are not allowed.• Other collections (including medical) are subject to UW discretion on the file.Subordinate Financing • Allowed• Re-subordination certificate from current lender requiredLTV / CLTV • 125 / 125• For LTV > 105, credit qualification applies. Please refer to Credit Qualification section.• For LTV > 105, pricing hit applies. Please refer to the rate sheet.Maximum Loan Amount • Lesser of $417,000 or maximum county limit• Click Here for County limits• Loan amounts over $417,000 not allowedCredit Qualification • Credit qualification not required for LTV 105, a full VA in<strong>com</strong>e underwriting required using pay stubs, tax returns, and4506T, as applicable.• Credit qualification is not required for properties acquired on or after 05/01/2010,regardless of LTV.Maximum DTI Ratios • 40 / 50Note: When a non-occupying co-applicant is used to qualify the borrower, DTI BackRatio calculated without using non-occupying applicant's in<strong>com</strong>e must not exceed 60.Payment HistoryDocumentationMaximum Cash Back toBorrowerVerbal Verification ofEmploymentSubject PropertyValuationValue Check Requeststhrough <strong>SWMC</strong> VendorOrder System• Non-credit qualifying VA IRRRLs must evidence at least 3-month mortgage history.• $500, except in TX where no cash back is allowed• Mandatory• Must be dated within 10 days of funding.• <strong>SWMC</strong> must receive a RELS AVM or report for each mortgage submission, except wheresubject property was purchased after January 1, 2010, wherein such properties will notrequire third party valuations. CoreLogic AVM’s are acceptable within tolerancesdescribed below.• The RELS AVM predicted value range:o up to 20% variance (FSD): up to 95% LTV;o up to 13% variance (FSD): from 95.01% LTV to 125% LTV.• “No Hit” results on AVMs may require an alternative valuation, including a full orexterior-only conventional appraisal in lieu of an AVM. Transaction will continue to beconsidered without appraisal.• You may order a Value Check for $15 through the <strong>SWMC</strong> Vendor Order System in<strong>Sun</strong>Soft.• Estimated three-Hour turn-times for Value Checks.22
PRIME VA (Jumbo) Loan Program - SO32S00F00Loan Purpose • Purchase• Cash-Out Refinance (Not available in Texas)• VA Jumbo IRRRL (Streamline) with AppraisalAmortization Term • Fixed Rate: 15 Years and 30 Years• Adjustable Rate: 3/1 and 5/1Occupancy • Owner-occupied properties onlyEligible Properties • Attached / Detached SFRs• PUDs• Condos• 2-4 UnitsCredit ScoresLoanPurposeLoan ScenarioMinimumFICOPurchasesCash-OutRefinanceHousing Payment Shock 20% 700LTV
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