Government Seasoning and Net Tangible Benefit Requirements

Carrington Mortgage Services, LLC (CMS) complies with the Government Refinance Seasoning and Net Tangible Benefit requirements as described below.

Please note: FHA/USDA seasoning days calculation has been revised based on updated guidance from GNMA.  Encompass has been updated to enforce these requirements.

Seasoning Requirements

Net Tangible Benefit Requirements


Footnotes for Seasoning and Net Tangible Benefit tables:

(1)    GNMA requires Seasoning regardless of the type of loan that is being refinanced (FHA/VA/USDA/Conventional), but seasoning is not applicable if property owned free and clear of mortgage lien

(2)    VA IRRRL LTV: Drive-By or Interior Inspection Appraisal required if discount points are charged; Points > 1% Max 90% LTV; Points <= 1% Max 100% LTV; No Points: No appraisal required

(3)    FHA Refinance:  Credit Qualifying Streamlines are not exempt from Seasoning/NTB requirements; FHA Simple Refinance and Rate/Term Full Doc Refinance are exempt from requirements

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