Pennymac is pleased to announce we have increased the maximum loan limits for VA Full Doc, VA Renovation, and VA IRRRL loans from $2M to $2.5M and have also updated our FICO score requirements. These updates are effective with new loan applications dated on or after 1/17/2025.
Max Loan Amount & FICO Score Updates for VA Full Doc and IRRRLs
The loan limit changes and FICO score updates are as follows:
- $1.5M - minimum FICO of 680 (previously 700 FICO)
- $2M - minimum FICO of 700 (previously 720 FICO)
- NEW! $2.5M - minimum FICO of 720
Refer to the applicable product profile for additional requirements for loan amounts greater than $1.5M.
VA IRRRL Guideline Updates
Valuation Requirement Updates
Pennymac has updated the VA IRRRL product profile: Valuation requirements are now organized by base loan amount and we have streamlined the AVM options offered. Please review the product profile for complete valuation requirements.
Manufactured Home FICO Score Update
- VA IRRRL loan amounts </=$1M for manufactured homes, the minimum FICO score requirement is now 640 (previously 620)
The applicable product profiles will be updated with the above guidance on 1/17/2025.
Please contact your Sales Representative with any questions.