Effective June 18, 2013 HomeBridge is pleased to announce that 125% LTV will be allowed on the VA IRRRLs program on loan amounts ≤ $417,000 ($625,500 Alaska and Hawaii). As a reminder, loan amounts > $417,000 (> $625,500 Alaska and Hawaii) are limited to a maximum 100% LTV and require a full appraisal.
HomeBridge will now allow an AVM up to 125% LTV subject to the requirements below:
An AVM is required with a standard deviation of ≤ 18 on loan amounts ≤ $417,000 ($625,500 Alaska and Hawaii). If the AVM has a standard deviation > 18 a 2055 will be required.
Additionally, HomeBridge will now accept a CoreLogic GeoAVM™ Core in lieu of a CoreLogic PASS® AVM. The CoreLogic GeoAVM™ Core provides a cascade approach. The user will see ONE of the following four AVM types on the Valuation Summary page: PASS®, ValuePoint®4, PowerBase®6.0 or HPA®. The cascade approach will select the most accurate AVM available.
(see pdf for chart)
Only one of the above highlighted options will show on a completed CoreLogic GeoAVM™The estimated value of the property will reflect on page 2 of the AVM and should be used for LTV purposes. The deviation score is also reflected on page 2 of the AVM. The upper left hand corner of page 2 of the AVM will reflect the type selected by the cascade approach (either PASS®, ValuePoint®4, PowerBase®6.0 or HPA®):
Brokers should refer to HomeBridge Bulletin 13-01 Revised for additional information on how to set up a CoreLogic account. No action is required for brokers currently set up with a CoreLogic account. Instructions for how to pull a CoreLogic GeoAVM™ Core can be found in Bulletin 13-01 Revised. The fee associated with a CoreLogic GeoAVM™ Core is the same as a CoreLogic PASS® AVM ($18 per report).
Loans currently in the pipeline are eligible for this enhancement.
The VA IRRRL matrix has been updated and posted to the HomeBridge website at www.homebridgewholesale.com.