| VA Reporting of Paid-in-Full Loan Speeds UP COEs - (Effective May 1, 2009) — May 2009
Here’s hoping that this change makes the process of getting the Veteran’s eligibility restored faster and easier. More often than not, when a Veteran has a previous VA loan it is still showing on his Certificate of Eligibility (COE) even after it has been paid.
(VA Circular 26-09-7, May 1, 2009)
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| VA Relaxes Rules - Sale of New Construction Properties Owned by Lenders - (Effective March 31, 2009) — April 2009
Great way to help clear out some of the new construction inventory on the market right now. VA has taken a more cautious approach by requiring the appraisal be reviewed by one of their own appraisers…but hey…who can blame them. This is 100% financing we are talking about.
(Circular 26-09-6, March 31, 2009)
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| VA Change to the Certificate of Eligibility - Eliminating Birth Date on COE — April 2009
No big dealio here - but it\'s a privacy issue that VA wants to eliminate from the COE!
(VA Circular 26-09-2, March 12, 2009)
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| VA Requires Sales Contract to be provided to Appraisers — April 2009
Geez, folks. it’s an embarrassment that VA had to even issue this letter. So apparently some lunkheads out there thought that the details contained in a sales contract were not important to an appraiser.
(VA Circular 26-09-3, March 27, 2009)
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| VA Market Conditions Addendum to Appraisal - 1004MC (Effective April 1, 2009) — April 2009
No longer can the appraiser simply check the Neighborhood Market Condition box as Stable, Declining, etc. It’s like your math teacher asking you to “show your work” for your homework answers.
(VA Circular 26-09-4, March 27, 2009)
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| VA New Appraisal Requirements on Foreclosed Properties (Effective March 31, 2009) — April 2009
Biggest thing to remember here is that if you are the lender/owner on a foreclosed property your SAR (Staff Appraisal Reviewer) can’t issue the Notice of Value (NOV). This will slow down your processing time. Plan for it.
(Circular 26-09-5, March 31, 2009)
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| VA Clarifies Entitlement Calculations and Updates Loan Limit List - VA Guaranty Calculation Examples Included (Effective 2-18-09) — March 2009
Entitlement calculations can be tricky when a veteran has used a portion of his entitlement but would like to purchase another home using his remaining entitlement. The “examples” form that is included (and can also be found in Charts & Checklists) will really help you get a grasp on the concept.
(Circular 26-08-19, Change 1, February 18, 2009)
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| Everything You Ever Wanted to Know About VA Underwriting - At a Glance (VA Underwriting Matrix, Tables, Tip Sheets and VA County Loan Limits 2009) — February 2009
Originators who have previously avoided VA loans because of fee limitations, extra paperwork, or fear of the unknown are reconsidering the product. Whether you are new or just want a refresher course on basic underwriting guidelines, I’ve put together some great resources; including a handy VA Matrix with 3 different programs—Purchase-Interest-Rate Reduction-Cash Out Refis!
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| Changes to VA Loan Summary Sheet (Form 26-0286) - More Info Required if Cash Out Refinance! — February 2009
Looks like VA is keeping “track”! With the announcement VA made last year increasing the LTV from 90% to 100% on cash-out refinance loans, it must be dawning on them that tracking the types of loans being refinanced, could be helpful if they start experiencing higher claims.
(Changes to VA Loan Summary Sheet Form 26-0286; Circular 16-09-01, dated 2-2-09; VA Loan Summary Sheet; Form 26-0286)
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| VA Interest Rate Reduction Refinance Loans (IRRRLs) - Refinance Worksheets (Rate Reduction & Streamline) and Helpful Hints Included — January 2009
VA Interest Rate Reduction Refinance Loans (IRRRLs) or VA Streamlined Refinances, are a gift from the loan gods. They are the ultimate reward for those of us who originate VA loans. With home values falling right along with interest rates, it’s their time to shine! Download the handy worksheets and VA IRRRL Fact Sheet.
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| Veteran's Benefit Improvement Act - Higher Loan Amounts for 2009 Plus 100% Cash-out Refinances! Too Good to be True? — VA Circular 260819 Implementation of Loan Guaranty Provisions of Public Law 110389 October 16 2008 November 2008
VA has two refinance types. The previous rules limited regular refinance loans to 90% of the appraised value. Now 100% refis have been introduced. Download VA Guaranty Calculation Examples & 2008 VA County Loan Limit Charts for loans closed until December 31, 2008
(VA Circular 26-08-19: Implementation of Loan Guaranty Provisions of Public Law 110-389, October 16, 2008)
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| VA Form Simplifications and Eliminations - Processing Changes — VA Circular 260817 September 5 2008 October 2008
Mostly minor stuff, but you\'ve got to know it. It\'s very nice having them all in one place at the least, as a reminder of when a certification is necessary. I\'d put this form in all VA loan packages, and have the areas signed as needed. I actually like this one.
(VA Circular 26-08-17, September 5, 2008)
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| Will Congress Reinstate the VA ARM or Hybrid Adjustable Rate Mortgage Program? — VA Circular 260815 September 4 2008 October 2008
ARM Loan applications taken before 10-1-08 will be eligible for guarantee if closed within a reasonable amount of time. Extension of the program must be approved by Congress.
(VA Circular 26-08-15, September 4, 2008)
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| VA Accepts Homebuyer Assistance Programs; HAP, DAP, HPA, What's Allowable for Veteran Loans? — Circular 260814 August 19 2008 September 2008
Have you noticed that VA loves to create and use their own acronyms? I swear their HAP is what we have all been calling downpayment assistance programs (DPAs or DAPs) all along. But in all fairness, VA doesn’t require a downpayment – so HAP it is!
If you use any of these HAP-type programs for your FHA homebuyers, why not VA? If you don’t use them, maybe you could start.
(Circular 26-08-14, August 19, 2008)
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| How to Get the Certificate of Eligibility And/Or Find the DD214 Form — Certificate of Eligibility September 2008
VA loans are gaining popularity again with the elimination of most other 100% purchase mortgage products. For those of you who are wading into the waters of VA lending for the first time or haven\'t been doing them lately, here are some great tips to help our veteran get a copy of their Certificate of Eligibility (COE) and/or their DD214 - Report of Separation.
Written By: Tracey Rumsey, CMI, DRIE, SWBC Mortgage Co. & MortgageCurrentcy.com Advisory Board member.
Read more on how easy it is to become a VA-Approved Lender.
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| VA Guaranty Increased; VA Loan Amounts to $729,750; VA Jumbo Loans Should Be More Desirable to Lenders! (VA Jumbo Loan Limits Expire 12-31-08) — HR3221ENR Sec2201 TEMPORARY INCREASE IN MAXIMUM LOAN GUARANTY AMOUNT FOR CERTAIN HOUSING LOANS GUARANTEED BY THE SECRETARY OF VETERANS AFFAIRS VA Circular 260811 July 30 2008 August 2008
If you originate VA loans, stay on top of your lenders. It\'s up to them, but pricing should be reasonable. You may want to call your reps. You need to get this product out to your veterans!
(H.R.3221.ENR Sec.2201. TEMPORARY INCREASE IN MAXIMUM LOAN GUARANTY AMOUNT FOR CERTAIN HOUSING LOANS GUARANTEED BY THE SECRETARY OF VETERANS AFFAIRS; VA Circular 26-08-11, July 30, 2008)
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| Financing for Co-Ops Now Allowed by VA — VA Circular 26086 April 22 2008 May 2008
If you live in a market that has co-ops and veterans, this one is for you! In fact, you may want to talk to your employer or lender about following through with this, because it\'s an entirely new and untapped market.
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| Adapted Housing Loans for Veterans with Service-Connected Disabilities — VA Circular 26085 March 10 2008 May 2008
Those of you who work with veterans should be aware of the Special Adapted Housing and make it known to veteran clients who may qualify. It also affects us as US citizens in this time of war when we have so many veterans who are coming home disabled.
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| Read This Only if You Originate in Minnesota. Stated-income on VA streamlined refi's now allowed! — VA Circular 26082 February 5 2008 March 2008
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| Expiration Dates for VA New Construction Appraisals Change. Covers both NOVs and Master CRVs. — VA Circular 26084 February 14 2008 March 2008
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| Model Home Appraisals - Technical Correction. — Circular 26073 January 15 2008 February 2008
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| Easier Appraisals for New Construction Using Model Homes. — Veteran Benefits Administration Circular 26073 November 30 2007 January 2008
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| VA Allows 100% Loans in Declining Markets, Appraisal Guidelines — Veteran Benefits Administration Circular 26074 November 30 2007 January 2008
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