HomeBridge is pleased to announce an enhancement to the VA IRRRL appraisal requirement when discount points are charged.
An appraisal will now only be required when there are discount points AND the loan is going from a fixed to an ARM. Currently, when discount points are charged an appraisal is required on all transactions.
The below chart provides a quick reference of the requirements when discount points are charged
This improvement may be applied to new submissions and loans currently in the pipeline.
The VA IRRRL guidelines have been updated with this information and posted on the Homebridge website at www.homebridgewholesale.com
If you have any questions, please contact your Account Executive