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All Participant Memorandum (APM) Ginnie Mae is revising the seasoning requirements in Chapter 24, Part 2 § (A) (3) (d) (i) to ensure that the requisite seasoning period is computed by reference to the first payment due date on each covered loan rather than by reference to the date on which the first payment is made
Circular 26-20-16 Exhibit A - Veterans Affairs VA Circular 26-19-22 (August 8, 2019) states that all VA-guaranteed loans must be seasoned 210 days after the due date of the first monthly payment of the loan being refinanced
New Seasoning Requirements for FHA VA Cash-Out and Streamline IRRRL . . . A minimum of 210 calendar days must have passed between the first payment due date of the original loan (loan being refinanced) and the first payment due date of the new loan (new for cash-out and Streamlines) Additionally, the following current FHA requirements continue to apply:
Ginnie Mae Amends Seasoning Requirements for Refinance Loans Ginnie Mae issued All Participant Memorandum APM 17-06 (APM), announcing revised seasoning requirements for refinance loans Per the APM, the first payment due date of a streamlined refinance or a cash-out refinance loan must be at least 210 days after the first payment due date of the initial loan
Ginnie Mae Seasoning Requirements for VA Refinances Ginnie Mae Seasoning Requirements for VA Refinances For all refinances of VA loans that have been modified, the seasoning requirement is to be measured from the “first payment due date listed on the modification agreement instead from the first payment due date on the original note” and thus, seasoning requirement will be met as described
19-25: Clarifications to Ginnie Mae Seasoning Requirements When seasoning is applicable, Ginnie Mae requires the (new) note date of any VA-guaranteed refinance loan to be on or after the later of: the date that is 210 days after the date on which the first monthly payment was made on the mortgage being refinanced and the date on which 6 full monthly payments have been made on the mortgage being refinanced
Resource | Government Loan Seasoning Requirements Below is a table intended to help our loan team use documents that may be available to establish an estimate of seasoning based on the first payment date that early in the process might not be identifiable using the underlying note
Seasoning Requirements for Refinances of Modified VA Loans As a reminder the seasoning rule is — The note date of the refinance loan is on, or after, the later of: the date on which the borrower has made at least six monthly payments on the loan being refinanced; and the date that is 210 days after the first payment due date of the loan being refinanced
VA Cash-Out Seasoning Requirement - Mortgage Guidelines Ginnie Mae Seasoning uses the note date as your benchmark for measuring the seasoning The note date of the new refinance must be on or after the later of: 210 days after the 1st payment due date AND 6 monthly payments have been made Some lenders do not sell to GNMA and will not require seasoning
18-23: Ginnie Mae Seasoning Requirements for VA Loans Effective for loans purchased on or after 6 4 2018, PennyMac is aligning with Ginnie Mae’s updates to seasoning on all VA refinance transactions (IRRRL and non-IRRRL)