HomeBridge is updating the VA IRRRL program guidelines as follows:
When funds are required to close, HomeBridge will no longer require documentation if the amount required to close is ≤ $500. If the amount required to close is > $500 documentation is required.
Verbal Verification of Employment – Non-Credit Qualifying
HomeBridge will no longer obtain a verbal verification of employment on non-credit qualifying IRRRLs so borrowers will no longer be required to complete Section IV – Employment Information of the 1003 application.
As a reminder, Section V – Monthly Income and Combined Housing Expense Information and Section VI – Assets and Liabilities of the 1003 are also not required to be completed on non-credit qualifying IRRRLs (assets will be required if > $500 is needed to close the transaction).
These changes are effective immediately. The VA IRRRL matrix has been updated and posted on the HomeBridge website at www.homebridgewholesale.com.
If you have any questions, please contact your Account Executive.