Origination guide 13 - Veterans Benefits Administration
Loan Origination
Reference Guide
Denver Regional Loan Center
155 Van Gordon Street
Lakewood, Colorado 80228
April 2013
2
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
3
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
4
The VA Home
Loan Program
5
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