Here are the VAIRRRL guidlines with regard to CAIVRS:
The CAIVRS clearance must be obtained for all borrowers on the loan. The CAIVRS message should indicate "No Claims or Defaults" and a CAIVRS Code will be issued. If the borrower is delinquent on any federal debt, including student loans, tax liens, etc., the borrower is not eligible until the account is brought current, paid in full or resolved with a satisfactory repayment plan made between the federal agency and the borrower. Written verification of the repayment plan is required.
If there is a chance that your short sale was not documented properly on your credit report then there may be hope!
I will be happy to look into this scenario further for you.
No appraisal or credit underwriting package is required when applying for an IRRRL.
An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
No lender is required to give you an IRRRL, however, any VA lender of your choosing may process your application for an IRRRL.
Veterans are strongly urged to contact several lenders because terms may vary.
You may NOT receive any cash from the loan proceeds.
Joel Lobb (NMLS#57916)
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
Thank you for serving our country and for helping to keep us safe and secure here in the U.S! I appreciate your service!
CAIVRS is a Federal government database of delinquent Federal debtors that allows federal agencies to reduce the risk to federal loan and loan guarantee programs. CAIVRS alerts participating Federal lending agencies when an applicant for credit benefits, or for a position of trust in support of the administration of a Federal credit program, has a Federal lien, judgment or a Federal loan that is currently in default or foreclosure, or has had a claim paid by a reporting agency.
My question would be: What was the date of your short sale? Is this the only thing that is not showing as clear on your CAIVRS report?
I can be reached at 202 573-6035.
Senior Mortgage Loan Officer