The following summary of updates to the VA Product Profiles is effective immediately. Please refer to Product Profile for full details.
VA product profile
• Eligibility Matrix
oVA IRRRL: mortgage payment history 0x30x6 per VA. Removed 0x30x12 requirements.
• 2.7 Cash-Out
o Added language clarifying disclosure requirements for loan comparison of existing and new loan at application and at closing
• 2.8 IRRRL
o Added language clarifying disclosure requirements for loan comparison of existing and new loan at application and at closing
o Removed requirement for verbal verification of employment and existence of business for self-employed borrowers.
• 4.5 Properties Previously Listed for Sale
o Listing cancellation must be by Note date (no longer application date)