VA Lenders Handbook Chapter 3

Share List In the next five articles, we’ll be going over the VA lenders handbook chapter 3. This article will focus on explaining the basic elements of a VA-guaranteed loan. In the Handbook, a large and long table is presented that explains VA loans subject-by-subject. The first subject it covers is “Maximum Loan Amount”. The […]

VA Lenders Handbook Chapter 1: The VA Loan

Share List In this series, we will be comprehensively covering everything that is discussed in the VA lender’s handbook, but we’ll be doing it in plain-speak so anyone can understand it. For anyone looking for an in-depth understanding of the VA loan program, this series is for you. Be prepared; this is going to be […]

VA Lender’s Handbook Chapter 8 Summary

Share List   Borrower Fees and Charges In this article, we’ll summarize the information presented in Chapter 8 of the VA lender’s Handbook so you can decide whether you want to read all of our articles on Chapter 8 or the chapter itself. Chapter 8 talks about the fees and charges that borrowers are allowed […]

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 lenders, there is good information here for potential borrowers to be aware of. Previous chapters have already covered a great […]

What Are Non-Allowable and Allowable VA Fees in 2019?

Share List The VA loan is a great opportunity for veterans, offering benefits like low interest rates, no required private mortgage insurance (PMI), and no down payment. Another lesser-known benefit of VA loans is that there are certain fees a veteran is not permitted to pay at closing. This helps keep closing costs reasonable for […]

9 Questions You Should Ask Before Choosing a VA Lender

Share List Did You Know? While lenders do have to meet certain VA requirements to offer VA loans, they still have plenty of wiggle room in many areas of the loan—like rates, minimum credit scores, and down payment requirements. Whether you’re using your VA loan benefit for the first time or you’ve bought a home […]

Mortgage Churn: Why Vilifying the VA Streamline Loan Is Not the Answer

Share List Recently there has been a lot of discussion within the mortgage industry about “VA mortgage churn,” a current hot topic that is also called “VA serial refinancing.” In these discussions, I have seen a lot of bias, as well as the spreading of misinformation. Two instances in particular stick out to me: an […]

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, […]

VA Construction Inspections

Share List VA Lender’s Handbook Chapter 14 Summary If you’re lucky enough to find a lender that is willing to finance a VA construction loan, or if you are using a cash-out refinance to make a major addition or improvement to your home, you will come face-to-face with the VA construction inspections, and it will […]

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 […]

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