GNMA Seasoning Requirements for VA Refinances

PLEASE NOTE:  As previously announced, Gateway Mortgage Group, LLC has aligned with the policy guidance update: VA Refinance Loans under the Economic Growth, Regulatory Relief and Consumer Protection Act, S.2155 including the clerical amendment relating to section “3709. Refinancing of housing loans.”

As a clarification, the Government National Mortgage Association (GNMA) requires the following seasoning requirements for all VA refinance transactions pursuant to the (GNMA) APM 18-04 announcement:

The note date of the refinance loan must be on or after the later of:

1. the date that is 210 days after the date on which the first monthly payment was made on the mortgage being refinanced, and

2. the date on which 6 full monthly payments have been made on the mortgage being refinanced.

In addition, per GNMA, all loans paid off through a VA refinance must have a payment history which is tied to the first and sixth monthly payment dates.

Please direct any questions to your Regional Sales Manager