Origination guide 13 - Veterans Benefits Administration

Loan Origination

Reference Guide

Denver Regional Loan Center

155 Van Gordon Street

Lakewood, Colorado 80228

April 2013

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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

6

7

8

9

10

11

12

13

14

Lender Information

Types of Lenders

Lender Participation Fees

15

17

Veteran Eligibility

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

20

21

22

23

24

25

28

29

30

31

Property Eligibility

Property Eligibility

Properties Not Eligible for VA Loans

Appraisal Overview

Appraisals

36

37

38

42

General Loan Information

VA Loan Approval Requirements

Prior Approval Loans

Occupancy

Energy Efficient Mortgages

Refinance Comparison

46

47

48

49

50

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Fees and Charges

VA Funding Fee

Allowable Fees and Charges

Unallowable Fees, Charges and Penalties

52

52

56

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

58

59

71

61

63

64

65

66

67

68

Quality Underwriting

Quality Underwriting

Underwriting Concerns

70

72

Loan Closing

Modified Submission Procedure

IRRRL Submission

Common Errors

The VA Loan Summary Sheet

Full Reviews

76

77

78

79

81

Directory

Regional Loan Center Map

Regional Loan Center Directory

Denver Regional Loan Center Directory

Web Site Directory

Housing Assistance Programs

85

86

88

90

91

Appendix

Forms for VA Loan Processing

Acronyms and Abbreviations

Pre-Qualification Worksheet

Table of Residual Incomes by Region

FAQs

96

98

101

102

103

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The VA Home

Loan Program

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