Essexwholesale.com



THINGS TO KNOW ON YOUR VA IRRRLMAX LTV: 100% LTV included financed VA funding fee (county limits do not apply to IRRRL’s)VA IRRRL Funding fee: .50% FICO REQUIRMENTS: 600 FICO on SFR; 620 on 2-4 units and Non Owner Occupied; 640 on high balance 1 unit onlyAdmin Fee: $495.00Rate Reduction Certification – Essex will provide to borrower within 3 business days of application and again at closing. This includes all fees including funding fee. It is designed to show borrower all costs associated with loan. Borrower must acknowledge. Tangible Net Benefit – Fixed to Fixed - .05% reduction in rate; Fixed to ARM minimum 2% reduction in rate. If less than 1% discount pts are paid 100% LTV; if more than 1% in discount points, 90% max LTV & conventional appraisal required.36 Month Recoupment of Finance Costs – If new P&I payment is less than current payment – all fees whether financed or paid in cash (appraisal) must be counted in the 36 month recoupment (with the exception of impounds, taxes, and funding fee) If the new P&I is the same or higher than current payment the veteran cannot incur any fees as a result of the refinance.Seasoning: From the date of our new Note, the later of 6 months payments made or 210 days from when the first payment was due.Removal of a non-veteran spouse: requires a full qualifying refinanceValue: Essex will run AVM; if AVM does not support, more appraisal conditions may be required.Certificate of Eligibility: required in order to run VA Case number.Income and Assets: No income or asset documentation (unless bringing funds to close); no ratio calculation or income qualifyingMortgage rating: must be current and no late in last 6 months Investment Property: If property is an investment, Veteran must confirm property was previously his/her primary residence.WHAT TO SUBMIT: (including VA Interest Rate Reduction Worksheet (VA-26-8923)Submission form & 1003Anti-Steering (lender paid only)Case Assignment &COESS card or SS certificateTri-merge creditMtg statement and demandNote and Deed of TrustEscrow and PrelimPicture ID ................
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