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VA Update

New Penn Financial is pleased to announce the following changes to our VA underwriting guidelines effective immediately.

New Penn Financial is pleased to announce the following changes to our VA underwriting guidelines effective immediately.

Refer to the updated product profile posted to the Loan Programs page for specific details.

2.7 VA IRRRLs – Primary Residence

Updated to clarify Cash back may not exceed $500. If estimated costs are used in calculating the maximum mortgage amount resulting in greater than $500 cash back at mortgage disbursement, the outstanding principal balance may be reduced to satisfy the $500 cash back requirement.

2.8 VA IRRRLs – Investment Property

Updated to clarify Cash back may not exceed $500. If estimated costs are used in calculating the maximum mortgage amount resulting in greater than $500 cash back at mortgage disbursement, the outstanding principal balance may be reduced to satisfy the $500 cash back requirement.

5.1 Income

Updated to waive W2 transcript requirement when borrower is wage earner and receives direct deposit. Paystub, W2’s and bank statement(s) verifying direct deposit from paystub may be used in lieu of W2 transcripts.