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VA IRRRL Cost Recoupment Worksheet
VA IRRRL Cost Recoupment Worksheet This worksheet is REQUIRED for all VA Interest Rate Reduction Refinance loans. File Name: Loan Number: MONTHS TO RECOUP The following calculates the total number of months to recoup all fees and charges financed as part of the loan or paid at closing.
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[PDF File]Underwriting Guidelines—VA Interest Rate Reduction ...
https://info.5y1.org/va-recoupment-of-costs-worksheet_1_c6dc23.html
The veteran pays $5,000 in closing costs (includes all costs – closing costs, funding fee, discounts, etc.). Recoup closing costs in 36 months (loans closed greater than 6 months) - $5,000 divided by $50. Note: This would not be required in those limited cases where the payment is not decreasing (reduced term of the loan, etc.).
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[PDF File]Underwriting Guidelines— VA Interest Rate Reduction ...
https://info.5y1.org/va-recoupment-of-costs-worksheet_1_a09ac3.html
Name(s). The statement must also show the recoupment period (in months) for all fees, expenses, and closing costs, (including taxes, amounts held in escrow, and the VA funding fee), whether included in the loan or paid outside of closing. To complete the recoupment calculation for the purposes of the Comparison Statements:
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[PDF File]Determining Recoupment Period for IRRRLs - Veterans Affairs
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Determining Recoupment Period for IRRRLs. To determine the recoupment period for IRRRLs, divide the sum of all incurred fees, expenses, and closing costs, whether included in the loan or paid outside of closing, by the reduction of monthly principal and interest (PI) payment. Lender credits may be used to offset allowable fees and charges.
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[PDF File]INTEREST RATE REDUCTION REFINANCING LOAN WORKSHEET
https://info.5y1.org/va-recoupment-of-costs-worksheet_1_5b0103.html
VA cannot conduct or sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of ... ADD OTHER ALLOWABLE CLOSING COSTS AND PREPAIDS. 9. 10. + ... INTEREST RATE REDUCTION REFINANCING LOAN …
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[PDF File]Circular 26-16-03 January 20, 2016
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included in the recoupment period. VA does not believe it is necessary to include in the recoupment period the costs of items the borrower would have paid anyway under the loan being refinanced. The purpose of the recoupment calculation is to demonstrate the difference in out-of-pocket or financed expenses between the original loan and the new ...
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Va recoupment of costs worksheet