Origination guide 13 - Veterans Benefits Administration Home

Loan Origination Reference Guide

April 2013

Denver Regional Loan Center 155 Van Gordon Street

Lakewood, Colorado 80228

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Table of Contents

The VA Home Loan Program Introduction Eligible Loan Purposes and Loan Types Advantages of VA Guaranteed Home Loans Nature of the VA Home Loan Program Loan Processing Steps VA Home Loan Guaranty Program Advantages of the Veterans Information Portal VA Guaranty Maximum Loan Amount

Types of Lenders Lender Participation Fees

Maximum Entitlement History Who is Eligible? Other Types of Eligible Service Electronic Certificate of Eligibility VA Eligibility Center Proof of Service Obtaining Proof of Service Unmarried Surviving Spouse Restoration of Entitlement Assumption/Release of Liability

Lender Information Veteran Eligibility

Property Eligibility Property Eligibility Properties Not Eligible for VA Loans Appraisal Overview Appraisals

General Loan Information VA Loan Approval Requirements Prior Approval Loans Occupancy Energy Efficient Mortgages Refinance Comparison

6 7 8 9 10 11 12 13 14

15 17

20 21 22 23 24 25 28 29 30 31

36 37 38 42

46 47 48 49 50

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Fees and Charges VA Funding Fee Allowable Fees and Charges Unallowable Fees, Charges and Penalties

Credit Requirements Credit Requirements CAIVRS Income Debts and Obligations Ratio and Residual Compensating Factors Internet Training Program on Credit Standards More Training - Satellite Broadcasts & Streaming Video Multi-Unit Purchases and Joint Loans Secondary Borrowing

Quality Underwriting Underwriting Concerns

Quality Underwriting

Modified Submission Procedure IRRRL Submission Common Errors The VA Loan Summary Sheet Full Reviews

Loan Closing

Regional Loan Center Map Regional Loan Center Directory Denver Regional Loan Center Directory Web Site Directory Housing Assistance Programs

Directory

Forms for VA Loan Processing Acronyms and Abbreviations Pre-Qualification Worksheet Table of Residual Incomes by Region FAQs

Appendix

52 52 56

58 59 71 61 63 64 65 66 67 68

70 72

76 77 78 79 81

85 86 88 90 91

96 98 101 102 103

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The VA Home Loan Program

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