TOC Understanding VA Loans
Understanding VA Loans
This is the primary text for Capstone's, "Understanding VA Loans". A complete , current and detailed manual covering the origination and processing of VA Loans. Understanding VA Loans will soon be offered as an online self paced course.
Table of Contents
Origination & Processing VA Loans
VA PURCHASE TRANSACTIONS - SECTION 2
PAGE / TOPIC
2-1 Service Eligibility
2-3 Active Duty Service Member
2-5 Eligibility of Reservists and National Guard
2-5 Other Eligible Persons
2-6 Quick Reference Table for VA Eligibility
2-7 Maximum Entitlement
2-9 Jumbo Loans
2-12 Restoration of Entitlement
2-13 Example of Computing Loan with Remaining Entitlement
2-14 Release from Liability
2-14 Misuse of Veteran’s Entitlement
2-15 Occupancy Requirements
2-17 VA Funding Fee
2-18 VA Funding Fee Table
2-19 VA Loan Programs - Home Loans
2-21 Adjustable Rate Mortgages
2-21 Hybrid Adjustable Rate Mortgages
2-23 Buydowns
2-24 Construction-Permanent Home Loans
2-25 Energy-Efficient Mortgages
2-28 Cooperative Home Loans
2-28 Joint Home Loans
2-30 Purchase of Unimproved Land
2-30 Combination Residential and Business Property
2-30 Land Sale Contracts
2-30 Alteration and Repair
2-31 Manufactured Housing
2-33 Loan Originator’s Responsibilities on a VA Purchase Transaction
2-35 Reviewing the Sales Contract
2-36 VA Exhibit to Loan Agreement
2-37 Good Faith Estimate of Allowable VA Fees
2-39 Preparing the Good Faith Estimate for a VA Loan
2-40 Adequacy of Effective Income and Ratios
2-42 Sample VA Pre-Qualification Worksheet
2-44 Completing the VA Loan Application
2-45 Sources of Down Payment and Settlement Charges
2-53 Sources of Monthly Income
2-64 Relationship to Proposed Vs. Current Housing Expense
2-65 Verification of Assets
2-66 Liabilities
2-67 VA Guidelines for Rental Properties
2-69 VA Guidelines for Bankruptcies, Foreclosures, Judgments, Liens, Etc.
2-72 Alternative Documentation Processing
2-73 VA Compensating Factors
2-74 VA Loan Application Checklist
2-75 HUD/VA Addendum
2-77 Interest Rate and Discount Disclosure Statement
2-78 Federal Collection Policy Notice
2-79 Selling Your GI Home?
2-80 Counseling Checklist for Military Homebuyers
2-81 Request for a Certificate of Eligibility - VA Form 26-1880
2-82 Sample of the Request for a Certificate of Eligibility - VA Form 26-1880
2-84 Certificate of Eligibility - VA form 26-8320
2-85 Sample Certificate of Eligibility - VA Form 26-8320
2-87 Sample DD-214
2-88 Request Pertaining to Military Records
2-89 Verification of VA Benefits - VA Form 26-8937
2-91 Child Care Certification for VA Loans
2-92 Loan Processor’s Responsibilities on a VA Purchase Transaction
2-96 Documentation Requirements
2-98 Screening Borrowers Through CAIVRS
2-101 Requesting the Certificate of Eligibility
2-107 Requesting a VA Case Number
2-108 VA Appraisals
2-109 Underwriting the VA Appraisal
2-109 Conversion of FHA Appraisals to VA
2-111 Sample LAPP Request for Determination of Reasonable Value
2-112 Sample LAPP Case Number Assignment Sheet
2-113 Lender’s Notice of Value (NOV)
2-118 Appraisal Checklist
2-120 “Local” Requirements for VA Notice of Value (NOV)
2-128 Credit Report Requirements
2-131 Preparing the Loan Analysis Worksheet - VA Form 26-6393
2-132 Sample Loan Analysis Worksheet
2-133 Preparing the HUD/VA Addendum
2-134 Sample HUD/VA Addendum to Uniform Residential Loan Application - VA Form 26-1802a
2-136 Underwriting Submission - Stacking Order
2-137 How to Request Loan Guaranty
VA REFINANCE TRANSACTIONS - SECTION 3
3-1 Cash-Out Refinance
3-2 Regular No Cash-Out Refinances
3-3 Interest Rate Reduction Refinancing Loan (IRRRL)
3-6 Amount of Guaranty and Entitlement Use
3-7 Energy Efficient Mortgages (EEMs)
3-7 Delinquent Loans
3-8 Lender Certification
3-9 Required Documentation
3-9 Discounts Charged to Veterans
3-9 Quick Reference Table for IRRRLs Versus Cash-Out Refinances
3-12 VA Refinance Transactions - Loan Originator’s Responsibilities
3-14 Sample VA Refinance Worksheet
3-15 Completed Good Faith Estimate
3-16 Checklist for VA Refinance Transactions
3-17 VA Refinance Transactions - Loan Processor’s Responsibilities
3-18 Sample Interest Rate Reduction Refinancing Loan Worksheet - VA Form 26-8923
3-19 VA Rate Reduction Certification
VA REQUIREMENTS FOR NEW CONSTRUCTION PROPERTIES - SECTION 4
4-1 VA Requirements for New Construction Properties
4-2 Acceptable PUDs and Condominiums
4-3 Checklist of Documents Needed for PUD & Condominium Project Approval
4-4 Acceptable Builders
4-5 Equal Employment Opportunity Certification - VA Form 26-421
4-6 VA Affirmative Marketing Certification - VA Form 26-8791
4-7 Builder Information and Certifications
4-8 Acceptable VA New Construction Properties
4-12 Approved Ten-Year Warranty Plans
4-13 List of VA-Accepted Insured Ten-Year Protection Plans
4-14 Reviewing Plans & Specs Provided by the Builder
4-15 Builder’s Certification of Plans, Specifications & Site
4-16 New Construction Review Sheet
4-18 Compliance Inspection Reports
4-20 Request for Acceptances of Changes in Approved Drawings and Specifications - VA Form 26-1844
4-21 Warranty of Completion of Construction - VA Form 26-1859
4-22 Subterranean Termite Treatment Builder’s Certification and Guarantee
4-23 New Construction Subterranean Termite Soil Treatment Record
4-24 Using a Master Appraisal Report
4-26 Checklist of Documents Needed for a Master CRV Request
4-27 Sample Master Certificate of Reasonable Value
4-29 Summary Sheet for Master Certificate of Reasonable Value
