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 […]

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 […]

Handbook Sparknotes Chapter 9

Share List Legal Instruments & Escrows – VA Lender’s Handbook Chapter 9 Summary   Chapter 9 of the Handbook covers a lot of important information. It’s all about legal instruments that are acceptable to use on the loan, limitations on the title, land sale contracts, encumbrances, liens, escrows, insurance, and taxes. There’s a lot of […]

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 […]

Handbook Sparknotes Chapter 7

Share List Special VA Loans – VA Lender’s Handbook Chapter 7 Summary   This article is intended to give you a brief summary of the information contained in Chapter 7 of the VA Lender’s Handbook. After reading this article, you should have a good idea whether it’s worth your time to read all of our […]

Handbook Sparknotes Chapter 6

Share List   VA Loan Refinancing Options – VA Lender’s Handbook Chapter 6 This article is a summary of Chapter 6 of the VA Lender’s Handbook. We’ll try to hit on the important things that the chapter covers here, but Chapter 6 is a particularly valuable piece of the Handbook and has a lot of […]

Interest Rate Reduction Refinancing Loans (IRRRLs) Part 5

Share List Deciphering the VA Lender’s Handbook Chapter 6 Part 5 In the previous article, we talked about the rules surrounding the title/liens on the property being refinanced with an IRRRL. We also hit on the maximum loan terms on IRRRLs and went into good depth explaining how a veteran’s entitlement is affected by using […]

How VA Loan Assumptions Are Processed Part 5

Share List   Deciphering the VA Lender’s Handbook Chapter 5 Part 9   In the last article, we talked mostly about loan assumptions that take place without approval from the loan servicer or the VA. These situations can be complicated at best and devastating at worst. However, VA loans dated prior to March 1, 1988, […]

Veterans Chaptered Out of Benefits

Share List Jerrald Jensen joined the Army when he was 34, and called to duty, his wife says, by the terrorist attacks on September 11, 2001.  In 2006, he deployed to Iran, where he was the driver for a commander in his unit. By all accounts, he was an exemplary soldier. In the fall of […]

How VA Loan Assumptions Are Processed Part 6

Share List Deciphering the VA Lender’s Handbook Chapter 5 Part 10   In the previous article, we discussed applying for a release of liability in the event of a divorce or a loan that was transferred without prior approval from the VA or the loan servicer. In both cases, the servicer or holder of the […]

How VA Loan Assumptions Are Processed Part 4

Share List   Deciphering the VA Lender’s Handbook Chapter 5 Part 8   In the last article, we talked about the steps that must be taken after approval for an assumption has been received from the VA. The process essentially involves correctly documenting the assumption, paying the VA funding fee, and notifying the VA that […]

How VA Loan Assumptions Are Processed Part 3

Share List Deciphering the VA Lender’s Handbook Chapter 5 Part 7   The last article focused on the requirements for a VA loan assumption to be approved, the expectations for processing times, and that the decision from either the loan servicer/holder or the VA will come as either an approval or disapproval. In this article […]

How VA Loan Assumptions Are Processed Part 2

Share List Deciphering the VA Lender’s Handbook Chapter 5 Part 6   In the last article, we began talking about processing a VA loan assumption. The ability to be assumed is one of the greatest advantages of a VA loan, but a VA loan cannot be assumed without going through your loan servicer, who may […]

© 2019 Low VA Rates, LLC™. All Rights Reserved. Low VA Rates, LLC™ is not affiliated with any U.S. Government Agency nor do we represent any of them. Corporate Address: 384 South 400 West Suite 100, Lindon, UT 84042, 801-341-7000. Alaska Mortgage Broker/Lender License No. AK-1109426; Arizona Mortgage Banker License #0926340; Licensed by the Delaware State Banking Commission License #018115; Georgia Residential Mortgage Licensee License #40217; Illinois Residential Mortgage License #MB.6761021; Licensed by the New Jersey Department of Banking and Insurance, Ohio Mortgage Loan Act Certificate of Registration #SM.501937.000; Oregon Mortgage Lending License # ML-5266; Rhode Island Licensed Mortgage Lender License #20143026LL; Texas License LOCATED at 201 S Lakeline Blvd., Ste 901, Cedar Park, TX 78613; EAH041719. Click on these links to access our Privacy Policy and our Licensing Information. Consumer NMLS Access - NMLS #1109426