VA Lender’s Handbook Ch7 P20 (Manufactured homes)

Share List Loans for Manufactured Homes Classified as Real Estate   Many may already be familiar with the fact that the VA will not approve the purchase of a manufactured home unless it is permanently fixed on a foundation and is part of a lot. To further clarify, the manufactured home must be affixed to […]

VA Lender’s Handbook Ch7 P17 (GEMs)

Share List Growing Equity Mortgages (GEMs) Deciphering the VA Lender’s Handbook Chapter 7 Part 17   The last three articles have covered Graduated-Payment Mortgages, which are similar in some respects to Growing Equity Mortgages, but different in other, very important respects. The main difference between a graduated payment mortgage and a growing equity mortgage (GPM […]

Automatically Closed VA Loan Procedures, Deciphering the VA Lender’s Handbook Chapter 5 Part 4

Share List The first part of Chapter 5 is dedicated to summarizing the basic process that a VA loan must go through from beginning to end in order to be closed. The second and third articles are written on Chapter 5 to cover in depth the Certificate of Commitment that is issued in the case […]

Conditions Placed on the Certificate of Commitment, Deciphering the VA Lender’s Handbook Chapter 5 Part 3

Share List In the last article, we talked about the Certificate of Commitment that the VA provides lenders who submit VA loans for prior approval. We went into depth about what the VA requires in order honor the COC and how lenders can handle different changes to the loan after the COC is issued but […]

Certificate of Commitment From Prior Approval, Deciphering the VA Lender’s Handbook Chapter 5 Part 2

Share List In the previous article, we talked about the basic process that a lender must take a borrower through to get their loan approved. Part of that process is contingent on whether the loan must get prior approval from the VA or the lender can automatically approve it. For loans that require the VA […]

VA Loan Processing Procedures, Deciphering the VA Lender’s Handbook Chapter 5 Part 1

Share List Chapter 5 of the VA Lender’s Handbook is primarily dedicated to explaining to lenders how to process and submit VA loans. While much of this chapter in the Handbook is only relevant to Lender’s, there is good information here for potential borrowers to be aware of. Previous chapters have already covered a great […]

VA Loan Benefits Facts and Information for Military Spouse Benefits

Share List The VA partially guarantees VA loans, and they are designed to be simple and flexible for veteran and military families. Many veterans who would otherwise be unable to finance a home are given the opportunity thanks to VA entitlement. So just what are the benefits of VA loans and who can take advantage […]

How VA Responds to Fraudulent Lenders

Share List   VA Lender’s Handbook Chapter 17 Summary Chapter 17 covers all “program participants”, and also covers actions that are not considered fraudulent but are still “detrimental to the VA loan guaranty program”. We’ll be giving you a summary of the information provided in Chapter 17 so you can decide if you want to […]

VA vs. Conventional Loan Down Payments

Share List VA vs. Conventional: Down Payments   Saving up the money for a down payment is one of the largest (if not the largest) obstacle that first-time home buyers face. Once you’ve bought a house and begun to build up equity, a down payment isn’t as much of an obstacle, but is still present, […]

The VA Minimum Property Requirements

Share List VA Lender’s Handbook Chapter 12 Summary The VA’s Minimum Property Requirements (MPRs) are what set the VA’s appraisal apart from the appraisal process on a conventional loan. The VA’s MPRs are fairly similar to the FHA’s Minimum Property Standards, but have a few differences. If you’ve gotten an FHA loan before, you’ll be […]

VA vs. Conventional: Loan Qualifying

Share List The VA loan program is pretty awesome, but many VA-eligible borrowers don’t understand what makes it so great and underestimate its value. We are going to do a head-to-head comparison in this article to compare the VA loan program and the conventional loan program and their relative qualification requirements. There are three aspects […]

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