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VA refinance guidelines Miami Fort Lauderdale Florida

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VA refinance guidelines Miami Fort Lauderdale Florida

VA Borrower Eligibility. VA refinance guidelines Miami Fort Lauderdale Florida.

VA Borrowers must be US Citizens or document their non-US Citizen status using the following guidelines:

Required Identification All VA Borrowers are required to have a valid driver’s license, state issued identification or passport on all transactions.

Permanent Resident Alien.

Individuals granted permanent residence status in the U.S. also includes refugees and others seeking political asylum. Documentation is commonly referred to as a ‘Green Card’. Permanent Resident Aliens must provide any of the following documents to validate acceptable status:

  • VA refinance guidelines Miami Fort Lauderdale Florida

    VA refinance guidelines Miami Fort Lauderdale Florida

    Permanent Resident Card (USCIC form I-551).

  • – May be issued as a conditional right to reside for individuals seeking residency through marriage to a US Citizen/ Permanent Resident Alien or based on a financial investment in a US business.
  • – These cards have an expiration date and are valid for two years.
  • – At the end of two years, the individual must apply for an unconditional right to reside or risk losing their permanent resident status.
  • – Cards due to expire within 90 days must be accompanied by a copy of the USCIS form I-751 (Petition to Remove Conditions on Residence) or USCIS form I-829 (Petition by Entrepreneur to Remove Conditions) filing receipt.
  • – Cards may be issued without conditions and are valid for 10 years.
  • – Cards that are due to expire within six months must be accompanied by a copy of the USCIS form I-90 (Application to Replace Permanent Resident Card) filing receipt.
  • Unexpired Foreign Passport.
  • – Must contain an unexpired stamp reading “Processed for I-551 Temporary Evidence of Lawful Admission for Permanent Residence. Valid until mm-dd-yy.

All Non- U.S. Citizen VA Borrowers. VA refinance guidelines Miami Fort Lauderdale Florida.

Non-US Citizens must have current acceptable documentation from the Bureau of Citizenship and Immigration Services (BCIS) (formerly the Immigration and Naturalization Service or INS) within the Department of Homeland Security, evidencing the person’s legal residency status in the United States.

Non-Permanent Resident Alien. VA refinance guidelines Miami Fort Lauderdale Florida.

Non-permanent resident aliens are individuals seeking temporary entry to the U.S. for a specific purpose, either business or pleasure. VA refinance guidelines Miami Fort Lauderdale Florida. This group may include intra-company transferees, temporary workers/trainees, visitors for business or pleasure, students, etc. Various types of visa classification documentation will apply.

All non-permanent resident aliens must provide evidence of an acceptable visa. VA refinance guidelines Miami Fort Lauderdale Florida. Acceptable visas include but are not limited to E-1, H-1B, H-2B, H-3, L-1, G-series and O-1. Non-permanent residents, who are permitted employment and meet the guidelines listed below, are eligible for primary or secondary residence financing only. Verification the VA Borrower has all of the followings is required:

  • A valid Social Security Number. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Documentation to support that the VA Borrower is eligible to work in the US as evidenced by an unexpired work authorization document issued by the United States Citizenship and Immigration Services (USCIS). VA refinance guidelines Miami Fort Lauderdale Florida.
  • If the authorization for temporary residency status will expire within one year and a prior history of residency status renewals exist, continuation may be assumed. If there are no prior renewals, the likelihood of renewal must be determined, based on information from the USCIS. VA refinance guidelines Miami Fort Lauderdale Florida.
  • VA Borrowers sponsored by a specific employer do not need an EAD. A valid passport, a letter from the employer/sponsor and an I-94 form proving they may work in the US are acceptable. VA refinance guidelines Miami Fort Lauderdale Florida.
  • A social security card may not be used as evidence of the eligibility for employment . VA refinance guidelines Miami Fort Lauderdale Florida.

All non-permanent resident aliens must have a minimum two-year history of credit and employment in the U.S. or another country. VA refinance guidelines Miami Fort Lauderdale Florida.

Social Security Number. VA refinance guidelines Miami Fort Lauderdale Florida.

All VA Borrowers must have valid and verifiable Social Security Numbers. Other forms of taxpayer identification are not allowed.

Excluded Parties Search (LDP/GSA/CAIVRS). VA refinance guidelines Miami Fort Lauderdale Florida.

VA refinance guidelines Miami Fort Lauderdale Florida

VA refinance guidelines Miami Fort Lauderdale Florida

CMG va loans require confirmation that companies or individuals involved in the origination or underwriting of a mortgage transaction are not on the General Services Administration (GSA) excluded party list or the HUD Limited Denial Participation (LDP).

Regardless of the reason for the party being excluded, any party to the transaction included on either list will result in the va loan being ineligible for delivery.

All name variations found throughout the va loan file must be run when performing the LDP/GSA searches. VA refinance guidelines Miami Fort Lauderdale Florida.

All VA Borrowers must also pass a HUD Credit Alert Interactive Voice Response System (CAIVRS) check.

The search must be run on the following parties in the transaction:

  • VA Borrowers.
  • Seller.
  • Builder.
  • Processor.
  • Underwriter.
  • VA loan Officer.
  • Account Executive
  • Broker.
  • Listing Agent and Listing Company.
  • Selling Agent and Selling Company.
  • Title Agent.
  • Title Company.
  • Closing attorney.
  • Appraiser and Appraisal Company.

Ineligible VA Borrowers.  VA refinance guidelines Miami Fort Lauderdale Florida.

  • VA loans with title or interest held in various forms/legal entities such as Life Estates, Non-Revocable Trusts, Guardianships, LLC’s, Corporations or Partnerships are not eligible. See product guide for full details. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Individuals applying for a va loan that will not take title are considered guarantors or co-signers. Guarantors or cosigners are ineligible. All VA Borrowers must be in title. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Applicants possessing diplomatic status are ineligible.
  • Foreign Nationals are individuals who have no lawful residency status in the U.S. are not considered to be nonpermanent resident aliens and are not eligible for financing. VA refinance guidelines Miami Fort Lauderdale Florida.
  • VA Borrowers with Diplomatic Immunity. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Corporations/LLC’s. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Foreign Nationals. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Non-Revocable Inter vivos Trust. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Partnerships. VA refinance guidelines Miami Fort Lauderdale Florida.

Power of Attorney. VA refinance guidelines Miami Fort Lauderdale Florida.

General Requirements

Only a special/limited Power Of Attorney (POA) that is specific to the subject va loan transaction can be accepted. Durable/general POAs are allowed only for court-appointed guardians with unlimited powers over the ward’s affairs and must be accompanied by appointing documents.

Initial 1003 and all initial disclosures must be signed without POA. All closing documents may be signed by Attorney In Fact if POA is eligible and approved for use by underwriting.

POAs are not permitted on cash-out refinance transactions or Texas Section 50(a)(6) mortgage va loans.

If no VA Borrowers are executing va loan documents in person in the presence of a notary, the attorney-in-fact must be either (a) the VA Borrower’s relative or (b) the VA Borrower’s attorney-at-law. VA refinance guidelines Miami Fort Lauderdale Florida.

The following guidance must be followed when evaluating a POA for eligibility:

  • The POA cannot be a party to the transaction except where the POA is the VA co-Borrower. VA refinance guidelines Miami Fort Lauderdale Florida.
  • All POAs need to be specific to the transaction with o Property address o Legal description o Transaction type. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The POA must be on the proper form and drawn in accordance with applicable state laws and be acceptable to the recording agent in the local jurisdiction.
  • The POA is in effect (the expiration date, if any, has not passed and the POA has not been revoked. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The POA clearly defines the agent. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The POA grants to the agent, the authority to enter into a real estate transaction and mortgage real property. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The POA does not contain any blanks. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The principal is the same person as shown on the va loan application. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The agent’s identity is verified and documented in the va loan file. VA refinance guidelines Miami Fort Lauderdale Florida.
  • The POA has been or will be, recorded prior to the recording of the Deed of Trust/Mortgage. If recorded simultaneously, the POA must be recorded first. VA refinance guidelines Miami Fort Lauderdale Florida.

Signature Requirements.  VA refinance guidelines Miami Fort Lauderdale Florida.

Documents executed by the attorney-in-fact must include the principal’s name, the agent’s name, and the agent’s capacity (attorney-in-fact) in the signature. The agent’s capacity (attorney-in-fact) must be written out in its entirety; abbreviations are not acceptable (AIF, POA, etc.). Additionally, the same information should be typed on the documents.

Living Trust (Inter vivos Revocable Trust).  VA refinance guidelines Miami Fort Lauderdale Florida.

An inter vivos revocable trust is allowed provided it is established by one or more natural persons, solely or jointly. The primary beneficiary of the trust must be the individual(s) establishing the trust. VA refinance guidelines Miami Fort Lauderdale Florida. If the trust is established jointly, there may be more than one primary beneficiary as long as the income or assets of at least one of the individuals establishing the trust will be used to qualify for the mortgage. The trustee(s) must include either:

  • The individual establishing the trust (or at least one of the individuals, if there are two or more) or
  • An institutional trustee who customarily performs trust functions in and is authorized to act as trustee under the laws of the applicable state.

The trustee(s) must have the power to mortgage the security property for the purpose of securing a va loan to the party (or parties) who are the VA Borrower(s) under the mortgage or deed of trust note.

Multiple Va loans to One VA Borrower.  VA refinance guidelines Miami Fort Lauderdale Florida.

VA Borrowers are limited to one (1) VA va loan and two (2) other va loans, or one million dollars ($1,000,000) total in va loans funded/purchased by CMG. Jumbo va loans are excluded from va loan amount limit but still, count towards the aggregate total of va loans with CMG.

Multiple Financed Properties.  VA refinance guidelines Miami Fort Lauderdale Florida.

AUS findings are unable to determine the number of financed properties for a given VA Borrower. It is incumbent upon the underwriter to determine the number of financed properties and apply additional standards where appropriate. Under no circumstances are VA Borrowers with more than ten (10) properties eligible for VA financing with CMG.

Financed Properties Abroad.  VA refinance guidelines Miami Fort Lauderdale Florida.

For VA Borrowers who have financed properties abroad, the property AND mortgage payment must be counted in the total amount of financed properties.

Primary Residence.  VA refinance guidelines Miami Fort Lauderdale Florida.

A primary residence is a property that is physically occupied by at least one VA Borrower as their primary residence. Residency is defined by the following criteria:

  • VA Borrower occupies the property as his or her principal residence. VA refinance guidelines Miami Fort Lauderdale Florida.
  • VA Borrower occupies the property for a majority part of the year. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Property location is convenient to the VA Borrower’s principal place of employment
  • Property address is of record for one or more of the following: federal income tax reporting, voter registration, driver’s license, occupational licensing, etc. The VA Borrower must occupy the property within 60 days of closing and continue to occupy the property for at least one year. VA refinance guidelines Miami Fort Lauderdale Florida.

Acceptable Documents. VA refinance guidelines Miami Fort Lauderdale Florida.

The application package must contain acceptable documentation to support the underwriting decision. When standard documentation does not provide sufficient information to support the decision, additional explanatory statements or documentation must be provided. VA refinance guidelines Miami Fort Lauderdale Florida. Verification forms must pass directly between CMG/correspondent and creditor without being handled by any third party. Documentation must not contain any alterations, erasures, and correction fluid or correction tape.

Alternative documentation is allowed for all eligible va loans. Defer to AUS findings for required documentation. VA refinance guidelines Miami Fort Lauderdale Florida.

Alternative documentation provided in lieu of “Verification of Employment” and “Verification of Asset” forms must be legible originals or certified true and exact copies. The documentation cannot contain any alterations, erasures or whiteouts.

Fax Copies.  VA refinance guidelines Miami Fort Lauderdale Florida.

Fax copies in lieu of original documents or certified copies are acceptable subject to the following:

  • Verification transmitted directly from the va loan processor to an employer, depository institution, mortgage or landlord. The employer, depository institution, mortgage or landlord must transmit the verification directly back to the va loan processor. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Photocopies or faxes received by the va loan originator or va loan processor directly from the VA Borrower are acceptable. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Copies or faxes from a builder, real estate agent, property seller or other third party are unacceptable. VA refinance guidelines Miami Fort Lauderdale Florida.

Internet Documentation.  VA refinance guidelines Miami Fort Lauderdale Florida.

For conventional va loans, Internet documents/downloads of credit reports as well as income, employment, and asset verification are acceptable. The allowance of Internet docs does not change the required content or level of documentation needed. The information must be easy to read, understandable, and have no evidence of alterations, erasures or whiteouts. The information must also make sense based on the VA Borrower profile and transaction terms.

The following source validation criteria apply to all documents obtained via the Internet:

  • Identify the VA Borrower as the employee or owner of the applicable account. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Identify the credit reporting agency, employer, or depository/investment firm’s name and source of information. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Headers, footers, and the banner portion of the printout of the downloaded web page(s) must reflect the appropriate firm.
  • Display the Internet uniform resource locator (URL) address and the date and time printed. VA refinance guidelines Miami Fort Lauderdale Florida.
  • If faxing an Internet download, make sure fax header does not cover URL information. VA refinance guidelines Miami Fort Lauderdale Florida.

Direct Written Verification.  VA refinance guidelines Miami Fort Lauderdale Florida.

Written verifications for employment, deposit accounts and/or mortgage/rental history (VOE/VOD/VOM) must pass directly between CMG/correspondent and the employer, financial institution, mortgagor/landlord, as applicable, without being handled by any third party.

Documentation must not contain any alterations, erasures, and correction fluid or correction tape.

Additional Documentation. VA refinance guidelines Miami Fort Lauderdale Florida.

  • Tax returns, if required, must be true copies and the applicant must sign copies of filed returns. VA refinance guidelines Miami Fort Lauderdale Florida.
  • W-2 forms that are marked “Employer Copy” are not acceptable. Employers do not distribute their copies. VA refinance guidelines Miami Fort Lauderdale Florida.
  • If handwritten W-2 forms or pay stubs are provided, tax returns must be obtained to substantiate the income. VA refinance guidelines Miami Fort Lauderdale Florida.
  • Letters of explanation regarding financial circumstances must specifically address the financial or credit concern presented and must contain a complete explanation in the applicant’s own words, and be signed and dated by the applicant. VA refinance guidelines Miami Fort Lauderdale Florida.

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