Program highlights.
- No income or asset documentation unless P&I rises more than 20%
- Mortgage-only credit report accepted
- Recoupment up to 36 months
- Manufactured homes at 640+ when not credit qualifying
Key figures.
- Score from
- 580
- IRRRL, primary residence
- LTV up to
- 110%
- at 580+ to $1M
- Loans to
- $1.5M
- at 700+ and 110%
Limits by transaction.
Score · LTV · Loan in each cell, with the tier each needs beneath.
| Transaction | Primary residence | Investment |
|---|---|---|
| IRRRL | 580+ score110% LTVloans to $1.5M110% at 580+ to $1M; $1.5M at 700+ and 110% | 580+ score90% LTVloans to County limit |
What to know.
- Primary loan ceiling
- Up to $1.5M700+ FICO; the 580-score tier is limited to $1M.
- Primary leverage
- Up to 110% LTV / CLTVSubject to valuation, discount-point and other applicable program requirements.
- Minimum loan
- $75KInvestment transactions follow separate county-limit and leverage rules.
- Seasoning
- Six payments & 210 daysThe new note date must be at least 210 days after the existing first-payment due date.
- Payment history
- 0 × 30 in 12 monthsReview the full mortgage history and remaining program conditions.
- Benefit & cost
- NTB and recoupment testsThe proposed refinance must satisfy both applicable tests.
Documents.
Other programs.
Compare with
- GovernmentVAFinancing for eligible veterans and service members
- Score
- 580+
- LTV
- 100%
- Loan
- $2M
- GovernmentFHA StreamlineRefinance options for existing FHA borrowers
- Score
- 580+
- LTV
- Per FHA calculation
- Loan
- Per FHA calculation
- Conventional programsStart with the right agency and borrower path. Explore standard conventional financing alongside dedicated affordable-lending options.
Questions brokers ask.
Can an investment property use the primary limits?
No. The investment tier is limited to county loan limits and 90% LTV / CLTV, with fixed-rate-only treatment and additional requirements.
What if another lien already exists?
Existing subordinate financing may remain with the required subordination documentation and within applicable limits. New subordinate financing is not permitted.
Your next borrower. Our next conversation.
Bring us your next VA IRRRL loan.
Send the scenario, ask JMAC a question, or get set up with your lending team.