va home loans for veterans

Transcription

VA HOME LOANS
FOR VETERANS
Lender Package
St. Petersburg Regional Loan Center
1-888-611-5916
1
Table Of Contents
Table of Contents……………………………………………………………………
Notario Publico Fees ………………………………………………………………
2
3-4
Contact Information………………………………………………………………..
5
Important Websites ………………………………………………………………..
6
Acronyms Definitions ……………………………………………………………
7-8
Process for VA Guaranteed Diagram ……………………………………………
9
Information For Veterans About VA Guaranteed Home Loans ………………
10-12
How to Register in the Portal ………………………………………………………
13-14
WEBLGY Certificate of Eligibility Electronic Application Process……………..
15
Request for Certificate of Eligibility –Surviving Spouse Forms………………….
16-17
Request Pertaining Military Records Forms and Contacts………………………
18-20
New Verification of Benefits-COE Exempt Status and Codes…………………….
21
Coe Codes …………………………………………………………………………….
22
VA Funding Fee Exempt Status and Verification Of income On COE ………….
23-25
The Appraisal Systems Weblgy …………………………………………………….
26-27
New Funding Fee Changes and Circulars …………………………………………
28-31
How to access the Funding Fee System –Electronic Payment ……………………
32
How to obtain a Loan Guaranty Certificate ………………………………………
33
How to determine additional Entitlement - Formula …………………………….
34
Residual Income Tables…………………………………………………………….
35
Allowable closing Cost Chart………………………………………………………
36
How to become an Automatic Approval lender ……………………………………
37-44
Homeowners Alternatives to Foreclosure…………………………………………
45-49
Audit Full Review Package …………………………………………………………
50-81
Interest Rate Reduction Refinance ……………………………………………….
82-100
2
3
4
DEPARTMENT OF VETERANS AFFAIRS
REGIONAL LOAN CENTER
ST. PETERSBURG FLORIDA
CONTACT INFORMATION
Loan Production 262
9500 Bay Pine Blvd
St Petersburg Fl 33708
Mailing Address
PO BOX 1437
St. Petersburg FL 33731-1437
Toll Free 888-611-5916
Local 727-319-7500
Fax 727-319-7763
Email: fl/[email protected]
Loan Production Officer
Sharon Glanton Davis
Assistant Loan Production Officer
Monica Collins
Steve Roberts
Senior Lead Loan Specialist
Lauren Diette Underwriting
Mary Yale Lender training
WWW.BENEFITS.VA.GOV/HOMELOANS/
5
IMPORTANT VA WEBSITES
•
•
•
•
•
•
•
•
•
•
•
National Homepage
HTTP://WWW.HOMELOANS.VA.GOV
HTTP://WWW.BENEFITS.VA.GOV/HOMELOANS/
St Pete Homepage
HTTP://WWW.VBA.VA.GOV/RO/SOUTH/SPETE/RLC/INDEX.HTM
Funding Fee
HTTPS://VA.PAY.GOV
Funding Fee Help Line 1-800-624-1373
EMAIL [email protected]
VA Portal
HTTPS://VIP.VBA.VA.GOV/PORTAL/USERPROFILING/LOGIN.JSP
CAIVRS HTTP://WWW.HUD.GOV
Warms WWW.WARMS.VBA.VA.GOV ( Manual 26-7-Lenders
handbook)
VIP Help Desk [email protected] (to access all new web based
programs)
VA website WWW.VA.GOV
Military Records (DD 214) ( NBG 22) and more…
New address National personnel Records Center:
1 Archives Drive , St Louis , MO 63138-1002
HTTP://WWW.ARCHIVES.GOV/VETERANS/MILITARY-SERVICERECORDS/
[email protected]
Phone-314-801-0800 Fax-314- 801-9195
Construction and Valuation Manual Call 1- 888-611-5916
Termite Form 99A
HTTP://WWW.HUDCLIPS.ORG/SUB_NONHUD/HTML/PDFFORMS/99A.
PDF
STATEMENT OF SERVICE WEBSITES (ACTIVE DUTY MILITARY MEMBERS)
Air Force - Virtual MPF Website
HTTPS://WWA.AFPC.RANDOLPH.AF.MIL/AFPCSECURE
Army- My Record portal Website WWW.HRC.ARMY.MIL
Marines - Marine Online Website WWW.MARINES.USMC.MIL
Navy - Bupers Online Website WWW.BOL.NAVY.MIL
FOR ASSISTANCE CALL 1-888-611-5916 OR 727-319-7500
6
Acronym
26-0285
26-0286
26-0592
26-1802a
26-1820
26-1880
26-6393
26-8497 (VOD)
26-8736
26-8736a
26-8812
26-8937(Exempt)
A&W
Agent
ARM
AUS
BAH
BAQ or BAH
BAS
C&V
CAIVRS
CERT
COC
COE
CRV
CVS
DD-214
ETS
FFPS
HARM
HUDI
ILA
IRDD
Definition
Transmittal Sheet
Summary Sheet
Counseling Checklist for Military home
buyers
Addendum to application
Report of Loan Disbursement
Request for Determination of Eligibility
Loan Analysis
Verification of Deposit or Bank
Statements
Application to close loans on Automatic
Basis - Non supervised Lenders only
Application for Underwriter
Equal Opportunity Lender Certification
Proof of exemption from Funding Fee
Alive and Well
Mortgage Brokers that - originate loans
and send to a sponsor to close - They act
as an agent for another
Adjustable Rate Mortgage
Automated Underwriting System (DU,
LP, etc)
Basic Allowance for Housing
Basic Allowance for Quarters
Basic Allowance for Subsistence
Construction and Valuation
Credit Alert Interactive Voice Response
System
Certification(s)
Certificate of Commitment
Certificate of Eligibility (26-8320)
Certificate of Reasonable Value
Certificate of Veteran Status
Certificate of Release from Active Duty
Expiration of Term of Service
Funding Fee Payment System
Hybrid Arm
Settlement Statement
Phone Unit (Industrial Liaison Unit)
Interest Rate Discount Disclosure
7
IRRRL (rollover)
LAPP
LES
LGC
LIN
LPO/ALPO
LPS
LQC
LS&C
MCRV
NOV
PITI
POA
Prior Approval
Prior Approval Loan
RLC
RMCR
RV
SAR
Supervised
URAR
URLA
VA
VHA
VIP-Portal
VOE
Interest Rate Reduction Refinance
Lender Appraisal Processing Program
Leave and Earnings Statement
Loan Guaranty Certificate
Lender ID Number & Loan Identification
Number
Loan Production Officer/Assistant LPO
Loan Production Services
Loan Quality Certification
Loan Service and Claims
Master Certificate of Reasonable Value
Notice of Value
Principal Interest Taxes Insurance
Power of Attorney
Lenders who fund their own loans-Not
Automatic
Loan that must come into VA for
approval Prior to closing
Regional Loan Center
Residential Mortgage Credit Reports
Reasonable Value
Staff Appraisal Reviewer
Lenders such as banks and credit unions
Uniform Residential Appraisal Report
Uniform Residential Loan Application
Department of Veterans Affairs
Variable Housing Allowance
Veterans Information Portal
Verification of Employment
8
PROCESS FOR A VA GUARANTEED
HOME LOAN
Request for COE
VA- Form 1880
Pay Funding Fee
within
15 days of
Loan Closing
Request Appraisal
(TAS)
VA Home Loan
Guaranty
Appraisal Ordered
VA Loan Number
Issued
Underwriting/Lender
Closes Loan
Request Verification of
Benefits
To Determine
Funding Fee
9
Information for Veterans about
VA-Guaranteed Home Loans
The VA Regional Loan Center in St. Petersburg, Florida serves veterans in Alabama, Florida,
Mississippi, Puerto Rico and the U. S. Virgin Islands who are purchasing or refinancing a home.
This information sheet lists some advantages of VA-guaranteed loans, explains the steps to
obtaining a VA-guaranteed loan and provides contact information for the VA Regional Loan
Center.
Advantages of a VA-Guaranteed Home Loan
•
•
•
•
•
•
•
•
No down payment home loans are available to eligible veterans up to $417,000
($625,000 in Alaska, Hawaii, Guam and the U. S. Virgin Islands)
Interest rates are negotiable
Appraisals are processed electronically to serve veterans faster
Closing costs paid by the veteran are limited
No mortgage insurance premium
No prepayment penalty
Mortgages are assumable
VA assists veteran borrowers in default on a VA-guaranteed loan who are experiencing a
temporary financial hardship
Steps to Obtaining a VA-Guaranteed Home Loan
• Have a VA-approved mortgage lender obtain a Certificate of Eligibility (COE) for you (in
•
•
•
•
•
most cases a COE is obtained by the lender online in seconds)
Sign a purchase agreement for a home contingent on obtaining approval for a VA loan
Complete a loan application with the lender of your choice
Your lender will request an appraisal online and the appraisal will be processed
electronically
After reviewing the appraisal and your income and credit information, the lender will
promptly advise you of the decision on the loan
After your transaction closes, the lender will request a loan guaranty certificate online.
For more information, please contact the VA Regional Loan Center
• Telephone, toll-free, 1-888-611-5916, 8:30 AM – 4:20 PM
• E-mail: fl/[email protected]
• Mail: VA Regional Loan Center, P. O. Box 1437, St. Petersburg, FL 33731
•
Please visit our website at http://www.vba.va.gov/ro/south/spete/rlc/
10
DEPARTAMENTO DE VETERANOS
ST. PETERSBURG , FLORIDA
Guarantia de Prestamos Residenciales
¿Qué es una Garantía de Préstamo Para el Hogar de VA?
Un préstamo garantizado de VA ofrece un número de salvaguardias y ventajas. Por
ejemplo, la tasa de interés es competitivo con las tasas convencionales y no se
requiere o solamente se requiere un poco de pago inicial. El préstamo puede usarse
para:
• Comprar una casa, una casa prefabricada, o un piso
• Comprar un terreno para la casa prefabricada
• Comprar, reparar o mejorar una casa (incluyendo mejoras de energía eficientes)
• Refinanciar un préstamo existente
Los préstamos garantizados de VA ofrecen un número de salvaguardias y ventajas
sobre los préstamos no garantizados por VA. Por ejemplo:
• La tasa de interés es competitiva con las tasas convencionales y no se
requiere pago inicial o si se requiere es muy pequeño.
•
Los préstamos garantizados de VA los hacen prestamistas privados, tales
como bancos, asociaciones de ahorro y préstamo, y compañías de hipotecas.
Como con cualquier préstamo, usted debe solicitarlo directamente del
prestamista. Su agente inmobiliario puede ayudarle a encontrar un
prestamista.
• Cuando se apruebe el préstamo, VA garantizará una parte del mismo. La
cantidad garantizada por VA depende normalmente de la cantidad del
préstamo. Esta garantía protege al prestamista contra la pérdida en la
cantidad garantizada por VA.
• La garantía más grande que VA puede dar es una cantidad igual al 25% del
límite del préstamo ajustado Freddie Mac para residencias de una sola familia.
Estos límites están sujetos a cambios anuales.
¿Quién Es Elegible?
Generalmente, las siguientes personas son elegibles:
• Veteranos que fueron dados de baja desde 9/16/40, bajo condiciones honorables
• Personal militar en deber activo que han servido un período mínimo
• Ciertos reservistas y miembros de la Guardia Nacional
•
Cónyuges sobrevivientes de ciertos veteranos fallecidos
¿Qué Documentos Necesito Proporcionar al Prestamista Para Recibir un
Préstamo Garantizado de VA?
El prestamista necesitará un Certificado de Elegibilidad para demostrar que usted es
elegible para un préstamo garantizado de VA. Los certificados se emiten por el
Centro de Elegibilidad de Préstamos de VA en Winston-Salem, Carolina del Norte a
personas elegibles que lo solicitan. Puede ponerse en contacto con el centro
11
llamando gratis al teléfono indicado a continuación. Frecuentemente, su prestamista
puede ganar acceso al sitio web seguro de VA y obtener un certificado para usted.
¿Cómo Puede Presentar su Solicitud?
Usted puede presentar su solicitud a su prestamista para que obtenga un certificado
para usted a través del sitio web seguro de VA llenando uno de los siguientes
formularios y enviándolo al Centro de Elegibilidad de Préstamos en Winston-Salem,
Carolina del Norte.
•
•
Veterano/Miembro de servicio: Formulario 26-1880 de VA, Solicitud para el
Certificado de Elegibilidad para los Beneficios de Préstamos del Hogar de VA
Cónyuge sobreviviente: Formulario 26-1817 de VA, Solicitud para la
Determinación de la Elegibilidad a la Garantía del Préstamo – Cónyuge
sobreviviente soltero
Beneficios Relacionados
Restauración de Garantia , Liberación de responsabilidad / Substitución de
Guarantia ,Compra de casas reposeídas, Préstamos directos a veteranos
americanos nativos, Casas especialmente adaptadas
Para más información, llame gratis al 1-888-611-5916 o email
fl/[email protected]
Visite nuestro sitio web en WWW.BENEFITS.VA.GOV/HOMELOANS/
12
Información sobre como Registrarse al
Portal de Información De Veteranos
El centro regional de préstamos de Veteranos en St. Petersburg, Florida ofrece servicios a
Veteranos en Florida, Mississippi, Alabama, Puerto Rico y las Islas Vírgenes de los Estados
Unidos, que deseen comprar o refinanciar su propiedad. Esta hoja ofrece información a
prestamistas de como utilizar el Portal de Información y a quién deben contactar en caso de
tener alguna pregunta. Gracias por su interés en el Portal de Información de Veteranos. Será
un placer trabajar con ustedes para servirles a nuestros veteranos.
Registración para Utilizar el Portal de Información
•
•
•
•
•
•
•
•
•
La registración se hace a través del internet.
Va a necesitar el número de identificación asignado por VA, (10 dígitos).
Accese nuestra página de internet: www.vip.vba.va.gov o
www.benefits.va.gov/homeloans/
Entre al Veterans Registration Portal, oprima “User Registration”.
Dele al cursor hacia abajo y oprima “Click Here to Register”
Provea la información solicitada.
El número PIN que le piden son los últimos cuatro dígitos de su número de identificación
de VA.
Tome nota de su identificación usuario y contraseña que le asignen.
Después de escribir su identificación de usario y contraseña, cierre la página de
registración. Vuelva accesar la página de internet www.vip.vba.va.gov
y a registrese con su identificación de usuario y contraseña.
Información que Debe Saber
•
•
•
•
•
•
No comparta su contraseña con nadie.
No utilize un “pop-up blocker”.
Después de accesar la página dele al cursor hacia abajo y vaya a “Applications” que se
encuentra en el lado izquierdo de su pantalla.
En “Application” verá Weblgy donde se bajan copias de la tasación.
Bajo El Portal de VA WWW.VIP.VBA.VA.GOV encontrará informacion para condominios y
constructoras aprovados por VA.
En la aplicacion de Weblgy tambien se solicitan los números de casos, las tasaciones y
podra obtener certificados de elegibilidad y cerificados de garantía.
Información de Contactos
• Si tiene alguna pregunta favor de comunicarse libre de costo con la Oficina Regional de
Préstamos de VA al 1-888-611-5916 entre 8:30am – 4:20pm.
• Puede comunicarse también a través de correo electrónico: fl/[email protected]
• Después de registrarse si necesita ayuda con su contraseña o tiene algun problema
técnico, favor de contactar al “Help Desk” del Portal vía correo electrónico:
[email protected].
13
Information for Lenders
about Registration for the
Veterans Information Portal
The VA Regional Loan Center in St. Petersburg, Florida serves veterans in Alabama, Florida,
Mississippi, Puerto Rico and the U. S. Virgin Islands who are purchasing or refinancing a home.
This information sheet provides information for lenders on registering to use the Veterans
Information Portal, helpful information about the Veterans Information Portal, and contact
information for assistance with any questions. Thank you for your interest in the Veterans
Information Portal. We look forward to working with you to serve our veterans.
Registering to use the Veterans Information Portal
•
•
•
•
•
•
•
•
•
Registration is completed online
Lenders will need their VA assigned, ten digit VA Lender ID number
Please go to our website: WWW.BENEFITS.VA.GOV/HOMELOANS/
Please click on “User Registration”
Please scroll down and click on “Click Here to Register”
Please provide the requested information
The PIN number that is requested is the last four digits of your VA Lender ID number
Please make a note of the User ID and Password you are given
After writing down your User ID and Password, please close the registration screen and
login with your User ID and Password at our website: WWW.VIP.VBA.VA.GOV
Helpful Information about the Veterans Information Portal
•
•
•
•
•
•
Please do not share your password with anyone
Please do not use a “pop-up” blocker
After logging in, please scroll down and look for the “Applications” heading on the left side
of the screen
Under “Applications” you will find Weblgy where you may request VA case numbers and
retrieve copies of completed real estate appraisal reports
In the VA Portal WWW.VIP.VBA.VA.GOV you may see information under features about
VA approved Condo, and Builder websites related to appraisals
Weblgy, will enable you to obtain Certificates of Eligibility and Loan Guaranty Certificates
online
Contact Information
•
•
•
If you have questions about registration, please call the VA Regional Loan Center tollfree at 1-888-611-5916 between 8:30 AM – 4:20 PM
You may also reach the Regional Loan Center by e-mail: fl/[email protected]
After you have registered, if you need assistance with your password or technical
assistance, please e-mail the Portal Help Desk at [email protected]
14
WEBLGY CERTIFICATE OF ELIGIBILITY ELECTRONIC APPLICATION
•
•
•
•
•
Access the VIP website (Veteran’s Information Portal) and
proceed to login WWW.BENEFITS.VA.GOV/HOMELOANS/
Under Applications access WEBLGY, select Eligibility, and proceed
to Create a Record. Complete all required fields in the
application. Information should be input according to military
service records data, i.e. Form DD214 and other supporting
documents needed to issue the COE.
To expedite the process Lenders and Veteran’s can request
an automated COE on line in the VA Portal ( above)
In circumstances where an automated COE is not generated, an
Electronic Application for a COE should be created. All
supporting documents MUST be scanned and uploaded under EDocs of the Electronic Applications for processing by the
eligibility center. Documents required ARE: Forms 26-1880,
DD214 and Statement of Service. To support restorations of
entitlement, Recorded Deeds and HUD 1. For a Paid in Full status
a Satisfaction of mortgage is sufficient.
The Eligibility Center will respond within 7-10 business days via
email or regular mail.
To Mail a Request for a COE
Atlanta Regional Loan Center
Attn: COE (262)
PO BOX 100034
Decatur, GA 30031
Toll Free 888-768-2132
EMAIL:HTTPS//IRIS.VA.GOV
15
OMB Control No. 2900-0086
Respondent Burden: 15 minutes
REQUEST FOR CERTIFICATE OF ELIGIBILITY
FOR VA USE ONLY MAIL COMPLETED APPLICATION TO:
COE REF. NO.
Eligibility Center
P. O. Box 20729
Winston-Salem, NC 27120
NOTE: Please read information on reverse before completing this form. If additional space is required, attach a separate sheet.
1. NAME OF VETERAN (First, Middle, Last)
2. DATE OF BIRTH
4A. DID YOU SERVE UNDER ANOTHER NAME?
YES
NO
4B. NAME(S) USED DURING MILITARY SERVICE (IF DIFFERENT FROM NAME IN ITEM 1)
(If "Yes," complete Item 4B)
5. DAYTIME TELEPHONE NUMBER
(
3. SOCIAL SECURITY NUMBER
6. E-MAIL ADDRESS (If applicable)
)
7A. ADDRESS (Number and street or rural route, city or P.O., State and ZIP Code)
7B. MAIL CERTIFICATE OF ELIGIBILITY TO: (Complete ONLY if the Certificate is
to be mailed to an address different from the one listed in Item 7A)
8A. WERE YOU DISCHARGED, RETIRED, OR SEPARATED FROM SERVICE BECAUSE OF DISABILITY?
YES
8B. VA CLAIM NUMBER (If known)
NO
MILITARY SERVICE (SEE INSTRUCTIONS FOR PROOF OF SERVICE ON THE NEXT PAGE)
9A. ARE YOU CURRENTLY ON ACTIVE DUTY? (If you are currently serving on active duty, leave the "Date Separated" field blank)
YES
NO
IMPORTANT: Please provide your dates of service.
In many cases eligibility can be established based on
data in VA systems. However, it is recommended that
proof of service be provided, if readily available. Proof
of service is required for persons who entered service
after September 7, 1980 and were discharged after
serving less than 2 years.
BRANCH OF
SERVICE
DATE ENTERED
DATE
SEPARATED
NUMBER
OFFICER OR SERVICE
(If different from
ENLISTED Social
Security Number)
9B. ACTIVE SERVICE - Do not include any periods
of Active Duty for Training or Active Guard Reserve
service. Do include any activation for duty under Title
10 U.S.C (e.g. Reserve or Guard unit mobilized)
9C. RESERVE OR NATIONAL GUARD SERVICE
Include any periods of Active Duty for Training
(ADT) or Active Guard Reserve service. Do not
include any activation for duty under Title 10
U.S.C. (e.g. Reserve or Guard unit mobilized)
PREVIOUS VA LOANS (SEE INSTRUCTIONS ON THE NEXT PAGE - Attach a separate sheet if information for all homes will not fit in Item 10)
10A. DO YOU NOW OWN ANY HOMES(S) PURCHASED OR
REFINANCED WITH A VA-GUARANTEED LOAN?
10B. DATE OF LOAN
(Month and Year)
10C. STREET ADDRESS
10D. CITY AND STATE
11A. ARE YOU APPLYING FOR THE ONE-TIME ONLY
RESTORATION OF ENTITLEMENT TO PURCHASE
ANOTHER HOME?
YES
NO (If "Yes," complete Items 11B thru 11D)
11B. DATE OF LOAN
(Month and Year)
11C. STREET ADDRESS
11D. CITY AND STATE
12A. ARE YOU APPLYING FOR A RESTORATION OF
ENTITLEMENT TO OBTAIN A REGULAR (CASH-OUT)
REFINANCE ON YOUR CURRENT HOME?
YES
12B. DATE OF LOAN
(Month and Year)
12C. STREET ADDRESS
12D. CITY AND STATE
13A. ARE YOU REFINANCING AN EXISTING VA LOAN TO
OBTAIN A LOWER INTEREST RATE WITHOUT
RECEIVING ANY CASH PROCEEDS (IRRRL)?
YES
13B. DATE OF LOAN
(Month and Year)
13C. STREET ADDRESS
13D. CITY AND STATE
YES (If "Yes," complete Items 10B thru 10D)
NO (If "No," skip to Item 14)
NOT APPLICABLE (NA) - I HAVE NEVER OBTAINED A
VA-GUARANTEED HOME LOAN (If "NA," skip to Item 14)
I CERTIFY THAT the statements in this document are true and complete to the best of my knowledge.
14A. SIGNATURE OF VETERAN (Do NOT print)
14B. DATE SIGNED
FEDERAL STATUTES PROVIDE SEVERE PENALTIES FOR FRAUD, INTENTIONAL MISREPRESENTATION, CRIMINAL CONNIVANCE OR
CONSPIRACY PURPOSED TO INFLUENCE THE ISSUANCE OF ANY GUARANTY OR INSURANCE BY THE SECRETARY OF VETERANS
DATE RETURNED
FOR VA USE ONLY (Please do not write below this line)
REASON(S) FOR RETURN
VA FORM
MAR 2011
26-1880
SUPERSEDES VA FORM 26-1880, APR 2008,
WHICH WILL NOT BE USED.
16
OMB Approved No. 2900-0055
REQUEST FOR DETERMINATION OF LOAN GUARANTY
ELIGIBILITY - UNMARRIED SURVIVING SPOUSES
PRIVACY ACT INFORMATION: These agencies will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of
1974 or Title 38, CFR 1.526 for regular uses (for example: authorized release of information to Congress when requested for statistical purposes) identified in the VA system of
records, 55VA26, Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records, and Vendee Loan
Applicant Records - VA, published in the Federal Register. Your obligation to respond is required in order to determine the surviving spouse’s qualifications for a loan.
RESPONDENT BURDEN: This information is needed to help determine a surviving spouse’s qualifications for a VA guaranteed home loan.. Title 38, USC, section 3702
authorizes collection of this information. We estimate that you will need an average of 15 minutes to review the instructions, find the information, and complete this form. VA
cannot conduct or sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information if this
number is not displayed. Valid OMB control numbers can be located on the OMB Internet Page at: www.whitehouse.gov/library/omb/OMBINVC.html#VA. If desired, you can
call 1-800-827-1000 to get information on where to send comments or suggestions about this form.
IMPORTANT: Do not complete this form if you are requesting
restoration of previously used entitlement. Instead, complete VA
Form 26-1880, Request for a Certificate of Eligibility for VA
Home Loan Benefits.
Attn: Loan Guaranty Officer
TO
PART I - (To be completed in triplicate by the applicant)
1A. NAME AND ADDRESS OF APPLICANT (Unmarried surviving spouse)
4. FIRST, MIDDLE, LAST NAME OF VETERAN
5. VA FILE NO.
6. LOCATION OF VA CLAIMS FILE (If known)
xc1B. APPLICANT’S DAYTIME TELEPHONE NO. (Including Area Code)
(
7. VETERAN’S SERVICE NO.
8. VETERAN’S BRANCH OF SERVICE
)
2. APPLICANT’S BIRTH DATE
9. DATE OF VETERAN’S DEATH
10. PERIODS OF DECEASED VETERAN’S MILITARY DUTY
NOTE: If you have had active military duty complete Items 3A, 3B and 3C below.
3A. BRANCH OF SERVICE
3B. SERVICE NUMBER
A. FROM
B. TO
3C. PERIODS OF SERVICE
11A. HAVE YOU PREVIOUSLY APPLIED FOR DETERMINATION OF YOUR ELIGIBILITY FOR
LOAN GUARANTY BENEFITS?
YES
NO
LOCATION OF VA OFFICE
11B.
12A. HAVE YOU PREVIOUSLY RECEIVED A CERTIFICATE OF ELIGIBILITY FOR SUCH BENEFITS?
YES
NO
13A. HAVE YOU PREVIOUSLY SECURED A VA DIRECT, GUARANTEED OR INSURED LOAN?
YES
NO
12B.
13B.
CERTIFICATION: I CERTIFY THAT the above information is true and accurate to the best of my knowledge and belief.
14. SIGNATURE OF APPLICANT (Unmarried surviving spouse)
15. DATE
Federal statutes provide severe penalties for fraud, intentional misrepresentation or criminal connivance or conspiracy to influence the issuance of my guaranty or
insurance or the granting of any loan by the Department of Veterans Affairs.
PART II - FOR VA USE ONLY
SECTION A
TO
Adjudication Officer
Department of Veteran Affairs
Regional Office/Center
Loan Guaranty Officer
RETURN Department of Veterans Affairs
Regional Office/Center
TO
(Complete
address)
(After
completion of
Section B)
The foregoing request for determination of eligibility
is forwarded to you for appropriate action and
completion of Section B.
16. SIGNATURE OF LOAN GUARANTY OFFICER OR DESIGNEE
17.DATE
SECTION B
18B. REASON APPLICANT NOT ELIGIBLE
18A. CHECK APPROPRIATE BOX(ES)
THE ABOVE NAMED DECEASED VETERAN SERVED ON ACTIVE DUTY
AS DEFINED IN 38 U.S.C. 101(21) AND SERVED DURING A PERIOD OF
SERVICE SPECIFIED IN 38 U.S.C. 3702 AND IT HAS BEEN DETERMINED
THAT DEATH WAS FROM A SERVICE-CONNECTED DISABILITY. THE
ABOVE NAMED APPLICANT IS RECOGNIZED AS THE UNMARRIED
SURVIVING SPOUSE
APPLICANT IS NOT ELIGIBLE (If checked, complete Item 18B)
19. SIGNATURE
VA FORM
NOV 2004
26-1817
20. TITLE
EXISTING STOCK OF VA FORM 26-1817, FEB 2000,
WHICH WILL BE USED.
21. DATE
17
Standard Form 180 (Rev. 10-05) (Page 1)
Prescribed by NARA (36 CFR 1228.168(b))
Authorized for local reproduction
Previous edition unusable
REQUEST PERTAINING TO MILITARY RECORDS
OMB No. 3095-0029 Expires 9/30/2008
To ensure the best possible service, please thoroughly review the
accompanying instructions before filling out this form. Please print
clearly or type. If you need more space, use plain paper.
SECTION I - INFORMATION NEEDED TO LOCATE RECORDS (Furnish as much as possible.)
2. SOCIAL SECURITY NO.
1. NAME USED DURING SERVICE (last, first, and middle)
5. SERVICE , PAST AND PRESENT
BRANCH OF SERVICE
3. DATE OF BIRTH
4. PLACE OF BIRTH
(For an effective records search, it is important that all service be shown below.) SERVICE NUMBER
CHECK ONE
DATES OF SERVICE
DURING THIS PERIOD
DATE ENTERED
DATE RELEASED
OFFICER
ENLISTED
(If unknown, write “unknown”)
a. ACTIVE
SERVICE
b. RESERVE
SERVICE
c. NATIONAL
GUARD
6. IS THIS PERSON DECEASED? If “YES” enter the date of death.
NO
YES
7. IS (WAS) THIS PERSON RETIRED FROM MILITARY SERVICE?
NO
YES
SECTION II – INFORMATION AND/OR DOCUMENTS REQUESTED
1. REPORT OF SEPARATION (DD Form 214 or equivalent). This contains information normally needed to verify military service. A copy may be
sent to the veteran, the deceased veteran's next of kin, or other persons or organizations if authorized in Section III, below. NOTE: If more than one
period of service was performed, even in the same branch, there may be more than one Report of Separation. Be sure to show EACH year that a Report of
Separation was issued, for which you need a copy.
An UNDELETED Report of Separation is requested for the year(s)
This normally will be a copy of the full separation document including such sensitive items as the character of separation, authority for separation, reason
for separation, reenlistment eligibility code, separation (SPD/SPN) code, and dates of time lost. An undeleted version is ordinarily required to determine
eligibility for benefits.
A DELETED Report of Separation is requested for the year(s)
The following information will be deleted from the copy sent: authority for separation, reason for separation, reenlistment eligibility code,
separation(SPD/SPN) code, and for separations after June 30, 1979, character of separation and dates of time lost.
2. OTHER INFORMATION AND/OR DOCUMENTS REQUESTED
3. PURPOSE (Optional – An explanation of the purpose of the request is strictly voluntary. Such information may help the agency answering this
request to provide the best possible response and will in no way be used to make a decision to deny the request.)
SECTION III - RETURN ADDRESS AND SIGNATURE
1. REQUESTER IS:
Military service member or veteran identified in Section I, above
Legal guardian (must submit copy of court appointment)
Next of kin of deceased veteran
Other (specify)
(relation)
2. SEND INFORMATION/DOCUMENTS TO:
(Please print or type. See item 3 on accompanying instructions.)
3.
AUTHORIZATION SIGNATURE REQUIRED (See item 2 on
accompanying instructions.) I declare (or certify, verify, or state) under penalty
of perjury under the laws of the United States of America that the information
in this Section III is true and correct.
Name
Signature
Street
City
Apt.
State
Zip Code
(Please do not print.)
Date of this request
Email address
(
)
Daytime phone
18
** This form is available at http://www.archives.gov/research/order/standard-form-180.pdf on the National Archives and Records Administration (NARA) web site.**
RESET
Standard Form 180 (Rev. 10-05) (Page 2)
Prescribed by NARA (36 CFR 1228.168(b))
Authorized for local reproduction
Previous edition unusable
OMB No. 3095-0029 Expires 9/30/2008
LOCATION OF MILITARY RECORDS
The various categories of military service records are described in the chart below. For each category there is a code number which indicates the address
at the bottom of the page to which this request should be sent. Please refer to the Instruction and Information Sheet accompanying this form as needed.
BRANCH
AIR
FORCE
COAST
GUARD
MARINE
CORPS
ARMY
NAVY
PHS
ADDRESS CODE
Personnel
Health
Record
Record
CURRENT STATUS OF SERVICE MEMBER
Discharged, deceased, or retired before 5/1/1994
Discharged, deceased, or retired 5/1/1994 – 9/30/2004
Discharged, deceased, or retired on or after 10/1/2004
Active (including National Guard on active duty in the Air Force), TDRL, or general officers retired with pay
Reserve, retired reserve in nonpay status, current National Guard officers not on active duty in the Air Force, or
National Guard released from active duty in the Air Force
Current National Guard enlisted not on active duty in the Air Force
Discharge , deceased, or retired before 1/1/1898
Active, reserve, or TDRL
Discharged, deceased, or retired before 1/1/1905
Individual Ready Reserve or Fleet Marine Corps Reserve
Active, Selected Marine Corps Reserve, TDRL
Discharged, deceased, or retired before 11/1/1912 (enlisted) or before 7/1/1917 (officer)
Discharged, deceased, or retired 11/1/1912 – 10/15/1992 (enlisted) or 7/1/1917 – 10/15/1992 (officer)
Reserve; or active duty records of current National Guard members who performed service in the U.S. Army
before 7/1/1972
Active enlisted (including National Guard on active duty in the U.S. Army) or TDRL enlisted
Active officers (including National Guard on active duty in the U.S. Army) or TDRL officers
Current National Guard enlisted not on active duty in Army (including records of Army active duty performed
after 6/30/1972)
Current National Guard officers not on active duty in Army (including records of Army active duty performed
after 6/30/1972)
Discharged, deceased, or retired before 1/1/1886 (enlisted) or before 1/1/1903 (officer)
Discharged, deceased, or retired 1/1/1886 – 1/30/1994 (enlisted) or 1/1/1903 – 1/30/1994 (officer)
Active, reserve, or TDRL
Public Health Service - Commissioned Corps officers only
14
14
1
1
14
11
11
2
13
6
14
14
3
6
14
14
4
5
4
6
14
14
7
14
11
14
11
11
14
11
11
7
9
8
13
12
6
14
14
10
10
14
11
11
15
ADDRESS LIST OF CUSTODIANS (BY CODE NUMBERS SHOWN ABOVE) – Where to write/send this form
6
National Archives & Records Administration
Old Military and Civil Records (NWCTB-Military)
Textual Services Division
700 Pennsylvania Ave., N.W.
Washington, DC 20408-0001
2
Air Reserve Personnel Center /DSMR
HQ ARPC/DPSSA/B
6760 E. Irvington Place, Suite 4600
Denver, CO 80280-4600
3
Commander, CGPC-adm-3
USCG Personnel Command
4200 Wilson Blvd., Suite 1100
Arlington, VA 22203-1804
1
Air Force Personnel Center
HQ AFPC/DPSRP
550 C Street West, Suite 19
Randolph AFB, TX 78150-4721
4
5
Headquarters U.S. Marine Corps
Personnel Management Support Branch
(MMSB-10)
2008 Elliot Road
Quantico, VA 22134-5030
Marine Corps Reserve Support Command
(Code MMI)
15303 Andrews Road
Kansas City, MO 64147-1207
11
Records Management Center
P.O. Box 5020
St. Louis, MO 63115-5020
7
U.S. Army Human Resources Command
ATTN: AHRC-PAV-V
1 Reserve Way
St. Louis, MO 63132-5200
12
Army National Guard Readiness Center
NGB-ARP
111 S. George Mason Dr.
Arlington, VA 22204-1382
8
U.S. Army Human Resources Command
ATTN: AHRC-MSR
200 Stovall Street
Alexandria, VA 22332-0444
13
The Adjutant General
(of the appropriate state, DC, or Puerto Rico)
9
Commander USAEREC
ATTN: PCRE-F
8899 E. 56th St.
Indianapolis, IN 46249-5301
14
National Personnel Records Center
(Military Personnel Records)
9700 Page Ave.
St. Louis, MO 63132-5100
10
Navy Personnel Command (PERS-313C1)
5720 Integrity Drive
Millington, TN 38055-3130
15
Division of Commissioned Corps Officer Support
ATTN: Records Officer
1101 Wooton Parkway, Plaza Level, Suite 100
Rockville, MD 20852
19
Request Military Service Records Online
Start your Military Service Record Request
(DD FORM 214 & SF 180)
HTTPS:// WWW.ARCHIVES.GOV/VETERANS/MILITARYSERVICE-RECORDS/INDEX.HTML
Call the US National Archives and Records Administration
1-86-NARA-NARA OR 1-866-272-6272
OR SEND YOUR REQUEST (FORM SF-180) BY FAX OR
MAIL TO
NPRC Fax Number
314-801-9195
NPRC Mailing Address
National Personnel Records Center
Military Personnel Records
1 Archives Dr.
St Louis, MO 63138
Or call 314-801-0800
20
21
Certificates of Eligibility Codes
01 9/16/40 – 7/25/47 WW II
02 6/27/50 – 1/31/55 Korean War
03 2/1/55 – 8/4/64 Post Korean War
04 8/5/64 – 5/7/75 Vietnam War (Era
begins 2/28/61 for those who served in
Vietnam)
05 Previous Use of Entitlement
06 Widow (Un-remarried Surviving
Spouse)
07 Un-remarried Spouse of POW/MIA
08 7/26/47 – 6/26/50 Post WW II
09 5/8/75 – 8/1/90 Post Vietnam
10 8/2/90 – Present Persian Gulf
Wars
11 Selected Reserves (NOT called to
Active Duty)
Toll Free 1-888-611-5916
Debt Management 1-800-827-0648
22
Veterans Benefits Administration
Washington, D.C. 20420
Circular 26-11-11
September 8, 2011
FUNDING FEE (FF) EXEMPTION STATUS AND VERIFICATION OF INCOME ON
CERTIFICATE OF ELIGIBILITY (COE)
1. Purpose. This circular announces the first release of COEs incorporating the FF
exemption status and Income Verification. By having the FF status shown on the COE,
lenders in most cases will no longer be required to fax the Department of Veterans
Affairs (VA) Form 26-8937, Verification of VA Benefits, to a VA office for processing.
There will still be instances where faxing VA Form 26-8937 is necessary, but the
majority of FF exemption determinations will be processed internally and displayed on
the COE.
2. Discussion. Effective September 11, 2011, the first release of the COE includes a
new field entitled “FUNDING FEE” near the top of the COE. The exemption status,
either “EXEMPT,” “NON EXEMPT,” or “CONTACT RLC,” will appear to the right of
the new field title.
a. EXEMPT status indicates the Veteran is exempt from paying the FF.
b. NON EXEMPT status indicates the Veteran is not exempt from paying the FF.
c. CONTACT RLC indicates a system-generated determination is not available.
3. Important. Regardless of the new FF status shown on the COE, lenders must still be
sure to read any and all statements appearing in the “CONDITIONS” field, which
appears near the middle portion of the COE.
a. For COEs with “EXEMPT” status, the following “CONDITIONS” may appear:
(1) “Funding Fee – Veteran is exempt from Funding Fee due to receipt of serviceconnected disability compensation of $___ monthly.”
(2) “Funding Fee – Veteran is exempt from Funding Fee due to receipt of serviceconnected disability compensation. Monthly compensation rate has not been determined
to date.”
(3) “Funding Fee – Please fax a copy of VA Form 26-8937 to the VA Regional Loan
Center of jurisdiction.”
(4) “Funding Fee – Please have the lender contact VA Regional Loan Center for loan
processing. Please fax a copy of VA Form 26-8937 to the RLC of jurisdiction.”
(LOCAL REPRODUCTION AUTHORIZED)
23
Circular 26-11-11
September 8, 2011
b. For COEs with a “NON EXEMPT” status, the following “CONDITIONS” may
appear:
(1) “Funding Fee – Veteran is not exempt from Funding Fee.”
(2) “Funding Fee – Veteran is not exempt from Funding Fee due to receipt of nonservice-connected pension. LOAN APPLICATION WILL REQUIRE PRIOR
APPROVAL PROCESSING BY VA.”
c. For COEs with “CONTACT RLC” status, the following “CONDITION” will
appear: “Funding Fee – Please fax a copy of the 26-8937 to the RLC of jurisdiction.”
4. Interest Rate Reduction Refinance Loans (IRRRLS). To determine the exemption
status on IRRRLs, lenders may obtain a COE with the FF exemption status as discussed
in the preceding paragraphs. Alternatively, lenders may continue to fax a copy of VA
Form 26-8937 to the VA Regional Loan Center of jurisdiction.
5. Exempt Status and Verified Income. Lenders may rely on the “EXEMPT” status
appearing next to the “FUNDING FEE” field for verification of FF exemption.
Additionally, on COEs with an “EXEMPT” status, lenders may treat any serviceconnected disability income amount appearing in the “CONDITION” section of the COE
as verified income. There is no need to fax in VA Form 26-8937 to confirm the status or
amount showing on the COE.
6. Rescission: This circular is rescinded October 1, 2014.
By Direction of the Under Secretary for Benefits
Michael J. Frueh
Acting Director, Loan Guaranty Service
Distribution: CO: RPC 2021
SS (26A1) FLD: VBAFS, 1 each (Reproduce and distribute based on RPC 2021)
2.
24
VERIFICATION OF VA BENEFITS
PRIVACY ACT NOTICE: The VA will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or Title 5, Code of
Federal Regulations 1.526 for routine uses (i.e., information concerning a veteran’s indebtedness to the United States by virtue of a person’s participation in a benefits program administered by
VA may be disclosed to any third party, except consumer reporting agencies) as identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured
Home Loan Applicant Records, Specially Adapted Housing Applicant Records and Vendee Loan Applicant Records - VA, and published in the Federal Register. Your obligation to respond is
required to obtain or retain benefits. Giving us your SSN account information is voluntary. Refusal to provide your SSN by itself will not result in the denial of benefits. The VA will not deny
an individual benefits for refusing to provide his or her SSN unless the disclosure of the SSN is required by a Federal Statute of law in effect prior to January 1, 1975, and still in effect.
INSTRUCTIONS TO LENDER
TO: NAME AND ADDRESS OF LENDER (Complete mailing address including ZIP Code)
Complete this form ONLY if the
veteran/applicant:
..
..
.
is receiving VA disability payments; or
has received VA disability payments; or
would receive VA disability payments but
for receipt of retired pay; or
is surviving spouse of a veteran who died on
active duty or as a result of a
service-connected disability
has filed a claim for VA disability benefits prior
to discharge from active duty service
Complete Items 1 through 10. Send the completed form to
the appropriate VA Regional Loan Center where it will be
processed and returned to the Lender. The completed form
must be retained as part of the lender’s loan origination
package.
2. CURRENT ADDRESS OF VETERAN
1. NAME OF VETERAN (First, middle, last)
3. DATE OF BIRTH
4. VA CLAIM FOLDER NUMBER (C-File No., if known)
7. I HEREBY CERTIFY THAT I
the information listed below.
DO
HAVE
(I am presently still on active duty.)
6. SERVICE NUMBER (If different from Social Security Number)
DO NOT have a VA benefit-related indebtedness to my knowledge. I authorize VA to furnish
HAVE NOT filed a claim for VA disability benefits prior to discharge from active duty service
9. SIGNATURE OF VETERAN
10. DATE SIGNED
FOR VA USE ONLY
The above named veteran does not have a VA benefit-related indebtedness
The veteran has the following VA benefit-related indebtedness
VA BENEFIT-RELATED INDEBTEDNESS (If any)
TYPE OF DEBT(S)
AMOUNT OF DEBT(S)
TERM OF REPAYMENT PLAN (If any)
Veteran is exempt from funding fee due to receipt of service-connected disability compensation of $
monthly. (Unless checked,
the funding fee receipt must be remitted to VA with VA Form 26-1820, Report and Certification of Loan Disbursement)
Veteran is exempt from funding fee due to entitlement to VA compensation benefits upon discharge from service.
Veteran is not exempt from funding fee due to receipt of nonservice-connected pension of $
REQUIRE PRIOR APPROVAL PROCESSING BY VA.
monthly. LOAN APPLICATION WILL
Veteran has been rated incompetent by VA. LOAN APPLICATION WILL REQUIRE PRIOR APPROVAL PROCESSING BY VA.
Insufficient information. VA cannot identify the veteran with the information given. Please furnish more complete information, or a copy of a DD
Form 214 or discharge papers. If on active duty, furnish a statement of service written on official government letterhead, signed by the adjutant,
personnel officer, or commanding officer. The statement should include name, birth date, service number, entry date and time lost.
SIGNATURE OF AUTHORIZED AGENT
DATE SIGNED
Respondent Burden: We need this information to determine, establish, or verify your eligibility for VA Loan Guaranty Benefits and to determine if you are exempt from paying
the VA Funding Fee. Title 38, United States Code, allows us to ask for this information. We estimate that you will need an average of 5 minutes to review the instructions, find
the information, and complete this form. VA cannot conduct or sponsor a collection of information unless a valid OMB control number is displayed. You are not required to
respond to a collection of information if this number is not displayed. Valid OMB control numbers can be located on the OMB Internet Page at
www.whitehouse.gov/library/omb/OMBINVC.html#VA. If desired, you can call 1-800-827-1000 to get information on where to send comments or suggestions about this form.
VA FORM
NOV 2005
26-8937
SUPERSEDES VA FORM 26-8937, AUG 2004,
25
The Appraisal Systems
1. Register into the VA Information Portal
WWW.VIP.VBA.VA.GOV. Locate Weblgy under applications in
the VA Information Portal https://weblgy.vba.va.gov/weblgy
2. To order an Appraisal. Select Loan- Request appraisal.
Select Lapp for Automatic Lenders or IND if Prior approval.
Select LGI for liquidation appraisals and Submit. Fill out the
application with all correct information and submit. The system
will generate a VA request for determination of reasonable
value (form 26-1805). This form provides the information for
the appraisal assignment and is emailed to the designated
appraiser.
3. To order a Loan number only (often used with
IRRRL) Go into the Weblgy System under Loans,
search
for order an IRRRL, enter either a previous VA Loan or Social
Security and Veteran’s date of birth and submit. Complete
information requested and submit. The system will assign a
new loan number for the IRRRL. No appraisal will be
assigned.
There are several functions that can be performed through the
WEBLGY system. Among these functions are to locate a loan
record, to verify a single case status and appraiser information.
The Condo/PUD Builder Website can now be viewed under
featured items in the VA Portal .
The WEBLGY system can be access through the VA
Portal at www.benefits.va.gov/homeloans/ , select the
VA Information Portal. This system is used to order,
upload and retrieve an appraisal by Lenders, SAR’S and
Appraisers.
For assistance call 1-888-611-5916 or email
fl/[email protected]
26
Appraisal Requirements
Sales Contract
Construction and Valuation Manual PG 10
The requester of a VA appraisal must provide a copy of the agreement of sale and all
addenda to the appraiser immediately upon assignment, but not later than 1 business
day after the date of assignment. Should the requester fail to provide the agreement
of sale to the appraiser, the appraiser will, upon notice to the requester, hold the
assignment and notify VA of the delay.
Title Study and Legal Descriptions
The appraiser must include the complete legal description on the URAR or on
an addendum. The requester must provide a complete legal description on the
1805 when the appraisal is ordered. The appraiser should document any delays
in obtaining a legal description in accordance with the timeliness instructions on
page 5 of this training guide.
Timely service to veterans is a high priority.
This should not exceed ten business days for origination appraisals and five
business days for liquidation appraisals, unless there are extenuating
circumstances which must be documented.
New Construction Properties
A new construction property is classified as new construction when it is less than
one year old and has not been previously occupied. Do not describe
properties as existing when requesting an appraisal if the property meets this
criteria.
Burglar Bars
Are acceptable on existing and proposed cases if there is a release on at least
one window per room or another means of rapid egress (exterior door) from
each room. When an appraiser has any concerns about burglar bars on a
property, he/she should require the removal of the burglar bars.
In Puerto Rico and the U. S. Virgin Islands, Item #2 (Wood Destroying Insect
Information) is not required unless part of the property (including carport,
terraces, etc.) is (or will be) constructed of wood not pressure treated in
conformance with American Wood Preservers Institute (A.W.P.I) standards.
Repair waivers
Must be approved by VA. Requests for repair waivers should be e-mailed or
faxed to our office. The Veteran and lender must request the waiver in writing.
27
THE VA FUNDING FEE
VA Funding Fee Requirement
The law requires that VA be paid a funding fee with guaranteed loans. This fee helps
to defray the cost of the home loan program. The only exceptions to this fee are for
loans made to veterans receiving VA compensation for service-connected disabilities,
or who, but for receipt of retirement pay, would be entitled to receive compensation,
and loans made to surviving spouses of veterans who died in service or from serviceconnected disabilities. Refer to new circular 26-11-15 issued October 6th, 2011.
Purchase and Construction Loans
FIRST TIME USE
VETERAN
RESERVIST/NATIONAL
GUARD
Down Payment
Less than 5%*
On or after Nov 18th, 2011
1.40%
1.65%
At least 5% Percent
But less than 10%
.75%
1.00%
.50%
.75%
2.80%
2.80%
2.15%
2.15%
1.25%
1.25%
At least 5% Percent
But less than 10%
.75%
1.00%
10% percent or more
.50%
.75%
.50%
.50%
.50%
.00%
.50%
.00
10% Percent or More :
On Or After Nov 18th, 2011
SECOND AND
SUBSEQUENT USE
Down Payment
Less than 5%*
Nov 18th, 2011 to October 1,
2012
October 1, 2012 until October
1, 2013
On or after October 1, 2013
Refinancing Loans
Interest Rate Reduction
IRRRL
Other
Assumptions
Service Connected Veterans
* Includes CASH OUT Refinancing Loans
28
Washington, DC 20420
Circular 26-11-15
October 6, 2011
UPDATED FUNDING FEE CHANGES
1. Purpose. The President signed H.R. 2646, Veterans Health Facilities Act Capital
Improvement Act of 2011 on October 5, 2011. The bill includes a provision resulting in
funding fees reverting to the same rates that existed prior to October 1, 2011 for loans
closed October 6, 2011 through and including November 17, 2011. Rates for loans
closed prior to enactment of H.R. 2646 and for loans closed on or after November 18,
2011 are discussed below.
2. Fee Changes
a. Loans closed October 1 through October 5, 2011: Funding fees for loans closed on
these dates will be those cited in the Department of Veterans Affairs (VA) Circular 2611-12, dated September 8, 2011.
b. Loans closed October 6 through and including November 17, 2011: Funding fees
for loans closed during this period, will be the same rates in effect prior to October 1,
2011. The fees can be found in the VA Lender’s Handbook, Chapter 8, Topic 8.
c. Loans closed on or after November 18, 2011: Funding fees for loans closed on or
after November 18, 2011 will be reduced as shown on the attached Exhibit A.
d. Funding fees for other loans: Funding fees for Interest Rate Reduction Refinancing
Loans (IRRRLs) and Assumptions will not change. They will remain at .50 percent.
3. Possibility of Future Funding Fee Changes. VA believes it likely that Congress will
pass other legislation in the coming weeks that will make additional changes to the
funding fee structure. Should this occur, VA will immediately publish a notice on
www.benefits.va.gov/homeloans and the VA Funding Fee Payment System (FFPS), and
release another Circular once any such bill becomes law. Lenders should closely
monitor VA FFPS for information on funding fee changes.
4. Waiver of the Difference in Funding Fees. For cases in which lenders have closed
loans based on lower funding fees cited in the Good Faith Estimate (GFE) rather than the
higher fees provided in HR 2646, the Secretary, under existing authority, will waive the
difference in the fees. Specifically, VA will waive the right to collect the difference in
fees (between the lower October 1 rates and the higher H.R. 2646 rates) for loans for
which a GFE was prepared prior to October 6 based on the lower fees, and that was
closed after the enactment of H.R. 2646. Instructions on how to process and obtain that
waiver are forthcoming, via a Circular.
29
Circular 26-11-15
October 6, 2011
5. Rescission: This circular is rescinded on October 1, 2012.
Michael J. Frueh
Acting Director, Loan Guaranty Service
SS (26A1) FLD: VBAFS, 1 each (Reproduce and distribute based on RPC 2021)
2
30
Circular 26-11-15
Exhibit A
October 6, 2011
Loan Fee Structure for VA-Guaranteed Loans
First Time Use
Downpayment
Less than 5 percent1
* October 1, 2011 until October 5, 2011
* October 6, 2011 until November 17, 2011
* On or after November 18, 2011
At least 5 percent but less than 10 percent
10 percent or more
Second and Subsequent Use
Downpayment
Less than 5 percent1
* November 18, 2011 until October 1, 2012
* On or after October 1, 2013
At least 5 percent but less than 10 percent
10 percent or more
Refinancing Loans
Interest Rate Reduction
Other
Assumptions
Service-connected Veterans
1
Veteran
Reservist/National
Guard
1.40%
2.15%
1.40%
1.65%
2.40%
1.65%
0.75%
1.50%
0.75%
1.00%
1.75%
1.00%
0.50%
1.25%
0.50%
0.75%
1.50%
0.75%
3.30%
2.80%
3.30%
2.80%
2.15%
1.25%
3.30%
2.80%
3.30%
2.80%
2.15%
1.25%
0.75%
1.50%
0.75%
1.00%
1.75%
1.00%
0.50%
1.25%
0.50%
0.75%
1.50%
0.75%
0.50%
0.50%
0.50%
0.00%
0.50%
0.00%
includes 'Cash-Out' Refinancing loans
3
31
The Funding Fee System
All program participants of the VA program are required to
collect and pay a funding fee from a non exempt Veteran at
closing.
• The funding fee is paid electronically by the lender. Must
be paid within 15 days of closing a VA Home loan.
• To access the funding fee system a password is required.
• The lender must obtain a Vendor ID number, prior to
access the funding fee system
• The Password and Vendor ID can be obtained by calling
The Funding Fee Helpline at 1-877-807-4135 or 1-800-6241373
• Once a password and VA lender id are obtain; the lender
access the funding fee into https://va.pay.gov and pays
the Funding fee automatically.
• A funding fee payment must be generated for all VA
Loans, including the exempt cases. The lender must
indicate to the system that the Veteran is exempt, this is
required in order to obtain a loan Guaranty Certificate
Please call 1-888-611-5916 with questions.
32
How to obtain a Loan Guaranty Certificate
A Loan Guaranty Certificate is obtained electronically by Automatic
Lenders thru the WEBLGY System.
• Lenders are to log into the Portal www.benefits.va.gov and
access the Weblgy system.
• Go into Loan, proceed to enter loan inquiry , enter Lin and submit.
Proceed to Guaranty option and enter information required.
• All information required for the original obligor must be verified and
coincide with the Certificate of eligibility of the Borrower (Veteran).
Entitlement must be available.
• Proceed to complete all of the loan, and property information
required as per loan closing documents and submit.
Note: A funding Fee payment must be processed before obtaining a
guaranty. Including loans that are exempt.
All data must coincide with loan and Property information. The system will
generate a Guaranty Certificate.
For assistance call The Regional Loan Center to 1-888-611-5916
33
Two “formulas” for determining “bonus” entitlement
Please remember that the LOAN AMOUNT on a purchase must exceed $144,000 to use the bonus entitlement.
Also, check with your investor before closing the loan! Base entitlement $36,000 and bonus entitlement $68,250.*
Please refer to Circular 26-08-11 dated July 30, 2008 for exception based on county.
Full entitlement
Subtract amount used
Remaining entitlement
Multiply by 4
Amount of base entitlement remaining
Only if used $36,000 or less
Add “bonus” amount
Amount of entitlement available
Multiply by 4
=
X4
$104,250*
$_______
$_______
$_______
$_______
+
X4
$68,250*
$_______
$_______
34
RESIDUAL INCOME TABLES
FOR THE SOUTH
MINIMUM RESIDUAL INCOME GUIDELINES
Family Size
1
2
3
4
5
6
7
8
9
10
Loan under $80,000
South Over 120%
$ 382 $ 458
641 769
772 926
868 1,041
902 1,082
977 1,172
1,052 1,262
1,127 1,352
1,202 1,442
1,277 1,532
Loans over $80,000
South Over 120%
$ 441 $ 529
738 886
889 1,067
1,003 1,204
1,039 1,247
1,119 1,343
1,199 1,439
1,279 1,535
1,359 1,631
1,439 1,727
Residual income tables are to be based on all members of the veterans
household (regardless of relationship). All members of the household are to be
counted in the determination of the residual income figure. Lenders Handbook
Chap.4, Sec 9e.
FOR ACTIVE DUTY SERVICE MEMBERS RESIDUAL GUIDE IS REDUCED BY 5%. ENTITLEMENTS
REGULAR REFINANCE (Chap 6)
BASIC $36000
100% LTV
BONUS $68,250
MAX LOAN $417,000 *
MAX GTY $104,250*
MAX LOAN AMT $417,000*
* May be higher depending on county
35
Allowable Closing Cost Chart
Closing Costs that CAN be Paid by the Veteran:
Appraisal Fee
Buydown Fee
Compliance Inspection
Credit Report
Deed Stamps
Discount Points
Documentary Mortgage Stamps
Flood Certification
Hazard Insurance
Intangible Tax
Origination Fee – 1% MAX *
Pest Inspection – Refinances only
Recertification of Value Fee
Recording of Deed
Recording of Mortgage
Release Fee - Refinances only
Repair Inspection (purchase & refi)
Septic Inspection Fee
Survey
Title Insurance including:
Abstract, Binder and Exam
VA Funding Fee
Water Test Fee
Closing Costs that CANNOT be Paid by the Veteran:
Attorney Services (other than title work)
Broker Fees
Pest Inspection on Purchase
Postage, Fax, Phone, Copy or Courier Fees**
Sales Commissions
Realtor/Lender Transaction Fee
If the Lender DOES NOT charge any Origination Fee, the following costs that the
veteran normally cannot pay, can be paid but limited to a
collective max amount of 1%:
Amortization Schedule and Photos
Application Fee
Attorney Fee
Closing or Settlement Fees
Doc Prep Fee
Lender’s Inspection Fee
Notary Fee
Recording Fee for Satisfaction – Purchase
Recording of Assignment of Mortgage
Tax Service Fee - (TRETS)
Transaction Fee (Non Realtor/Non Lender cost)
Transfer Fee
Underwriting Fee
* The Lender’s Flat charge is intended to cover all of the Lender’s costs and services
which are not reimbursable as “Itemized fee and charges.”
** The veteran may pay up to 3 days’ interest in special mailing fees on refinance
loans only. Otherwise special mailing fees are subject to the 1% rule.
36
Department of Veterans AFFAIRS
Regional Office
P.O. Box 1437
St. Petersburg, FL 33731-1437
Regional Loan Center Authorized VA Lender Application
The Department of Veterans Affairs (VA) appreciates your interest in the VA
home loan program. The information page and application can be accessed
below.
In order to receive a Lender Identification Number (LIN), you MUST provide the
information per VA Pamphlet M 26-7 (lender handbook), Chapter 1 section 2.
1. Please complete the application and include printed name, title and
signature on the Lender Application. Provide the printed name and a copy of
signature for all personnel who are authorized to sign documents
related to VA loan activities.
2. Complete and sign VA Form 26-8812, VA Equal Opportunity Lender
Certification. Click on form number to access and download.
3. Provide a copy of your applicable State issued Mortgage Broker License or
Correspondent Lender License as issued in AL, FL, MS, PR and VI.
4. Agents must submit a copy of this application along with $100 fee to your
Sponsor, not VA. Check must be a company, not personal check, and must be
made payable to Department of Veterans Affairs (not VA).
For Additional information, please contact VA at 1-888-611-5916, or email
fl/[email protected].
37
Regional Office
P.O. Box 1437
St. Petersburg, FL 33731-1437
Application for VA Lender ID Number (LIN)
l. Is this a request to reinstate or reactivate a previously assigned VA Lender ID
number (LIN) ?
Yes/No
2. Are you a:____Lender_______Broker/Agent______Branch ?(Circle one)
3. Will you fund your own loans?
Yes/No . If NO, complete item 4 below
4. If an agent, sponsor's(company) name:______________________________
5. If a branch, give your corporate VA ID Number (Lin) :_________________
6. Business Name:_____________________________________________________
(Exactly as you want to appear on all VA correspondence and loan paperwork.)
7. Mailing Address_____________________________________________________
8. Phone:____________________________ 9. Fax:___________________________
10. Tax ID # :______________________11. Fiscal Year Ending date :_________
(Do not leave blank)
POINT OF CONTACT INFORMATION
12. Name _______________________13.Title:______________________________
14. E-mail Address:______________________________________________________
15. ADVERSE ACTION STATEMENT: Neither I, or any other employee in this
company/corporation, have ever had any adverse action taken against them
by VA/HUD.
________________________________________________________________________
Company Officer Signature/Date
16. AUTHORIZED SIGNATURES:
________________________________________________________________________
Signatures
(Title)
________________________________________________________________________
Signatures
(Title)
38
Non Supervised Automatic Authority Procedures
Non supervised automatic lender is a lender who has been granted authority by VA to
close loans on an automatic basis. They are not supervised by another entity but by
Department of Veterans Affairs.
Required Documentation: Refer to Chapter 1.2 & 1.4
1.
Completed VA Form 26-8736 to include:
a-Current VA ID number
b- specimen signatures of all officers, underwriters or other personnel authorized
to sign documents related to VA guaranteed loan activities
2. VA Form 26-8812 VA Equal Opportunity Lender Certification
3. Cover letter identifying lender’s corporate address, owners, any lending
personnel or officers ever debarred or who had adverse action taken against
them by VA or HUD
4. Resume for each principal officer to include experience
5. Company experience or a copy of VA letter(s) from sponsor(s) if applicant is an
agent. Letter should include a list of loans that have been completed and
submitted in compliance with VA requirements and procedures
6. VA Form 26-8736a, Qualified Underwriter Application(s), one for each U/W , to
include resume and Certification
7. Audited Financial Statements(most recent)
8. Quality Control Plan
9. Corporate Resolution
10. List of branches
11. One time processing fee of $500.00 which is non refundable (Chapter 1.10b)
Fee includes requests submitted simultaneously for underwriter nominees
12. Review MP26-7, chapter 1, section 16a for a complete checklist
Once all requirements are met, all documentation received and correct fee
submitted, if applicant meets all requirements, proceed with approval.
If not, issue denial letter and maintain record as prior approval lender.
39
APPLICATION FOR AUTHORITY TO CLOSE LOANS ON AN AUTOMATIC
BASIS-NONSUPERVISED LENDERS
INFORMATION
No approval for nonsupervised lenders to close loans automatically may be made unless a completed
application form has been received (38 U.S.C. 1802 and 1810).
In every case the lender-applicant must submit VA Form 26-8736a, Nonsupervised Lender’s Nomination and
Recommendation of Credit Underwriter, in addition to the following supporting exhibits to the application:
(1) Exhibit A: A resume of each principal officer’s
experience in the mortgage lending field which
details all experience in VA lending in a managerial
capacity. Principal officers are defined as
presidents or vice presidents. Should the secretary
and/or treasurer participate in the management of
the mortgage operation or credit underwriting they
too must submit a resume.
Working capital is defined to mean the excess of
current assets over current liabilities. Current
assets are defined as cash or other assets that
could readily be converted into cash within 1 year
on the normal accounting or business cycle.
Current liabilities are defined as obligations that
would be paid within a year on a normal
accounting or business cycle).
(2) Exhibits B and C: Latest financial statements
(profit and loss statements and balance sheets)
audited and certified by a CPA. If the date of the
financial statement precedes that of the application
by more than 6 months, a copy of the latest internal
quarterly report must also be attached. (A
minimum of $50,000 or working capital must be
maintained.
(3) Exhibit D: A list of all permanent investors,
including government agencies, to which the firm
sells or for which the firm services mortgages.
Show effective dates of servicing contracts and
provide addresses, telephone numbers, and names
of persons to contact. (If the lender-applicant
customarily sells loans it originates, it must have a
minimum of 2 permanent investors.)
INSTRUCTIONS
Item 1. Enter legal name of lender-applicant
Item 9. List only those states in which loans are
including street address and telephone number of
currently being originated.
main office.
Item 10. List all lines of credit and the amount of
Item 2A and 2B. Self-explanatory.
each. Lender-applicant must have one or more
lines of credit aggregating at least $1 million.
Item 3. Give date fiscal year begins for accounting
purposes.
Items 11A, B, C & D. Self-explanatory. If
additional space is required, use separate sheet.
Item 4. Applicants must have been actively engaged
Refer to Item number for each statement.
in originating VA mortgages for at least 3 recent
years. Alternatively, the resume of each principal
Item 12. Self-explanatory.
officer of the firm who is actively involved in
managing origination and/or servicing functions must
Item 13. The lender-applicant must designate at
show a minimum of 3 recent years total managerial
least one qualified employee and an alternate to
experience in the field of VA mortgages in the
act as liaison on its behalf with the VA Regional
present company or in previous employment. There
Offices or Centers with which it does business.
must be no factors present which indicate that the
company would not exercise the care and diligence
Items 14, 15, 16 & 17. Self-explanatory.
required of a lender processing automatically.
Item 7. If the owners of the company are not
involved in the daily operation, the business
affiliation or employer of the owner will be indicated.
VA FORM
JAN 2005
26-8736
40
Respondent Burden: 25 Minutes
APPLICATION FOR AUTHORITY TO CLOSE LOANS ON AN AUTOMATIC
BASIS NONSUPERVISED LENDERS
IMPORTANT - READ THE INFORMATION AND INSTRUCTIONS CAREFULLY BEFORE COMPLETING THIS FORM.
PRIVACY ACT INFORMATION: Non-supervised lenders cannot be approved to process loans on the automatic basis unless a completed application
form has been received (38 U.S.C. 3702 and 3710). VA will not disclose information collected on this form to any source other than what has been
authorized under the Privacy Act of 1974 or Title 5, Code of Federal Regulations 1.526 for routine uses as (i.e. authorize release of information to
Congress when requested on behalf of a lender) identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and
Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records, and Vendee Loan Applicant Records - VA, published in
the Federal Register.
RESPONDENT BURDEN: This information is needed to help determine the qualifications of the lender to process loans on the automatic basis. Title
38, U.S.C., section 3702 and 3710 authorizes collection of this information. We estimate that you will need an average of 25 minutes to review the
instructions, find the information, and complete this form. VA cannot conduct or sponsor a collection of information unless a valid OMB control number is
displayed. You are not required to respond to a collection of information if this number is not displayed. Valid OMB control numbers can be located on
the OMB Internet Page at www.whitehouse.gov/library/omb/OMBINVC.html#VA. If desired, you can call 1-800-827-1000 to obtain information on where
to send comments or suggestions about this form.
1. NAME AND ADDRESS OF LENDER-APPLICANT (Include telephone number of main office)
2A. APPLICANT WAS FOUNDED AS (Check one)
A CORPORATION, UNDER THE
LAWS OF: (specify)
2B. DATE FOUNDED
A PARTNERSHIP
REGISTERED: (specify)
INDIVIDUAL
PROPRIETORSHIP
3. DATE FISCAL YEAR
BEGINS
4. DATE APPLICANT WAS:
A. ACCEPTED AS VA LENDER
B. APPROVED AS FHA MORTGAGEE
(Furnish FHA number)
C. APPROVED AS FNMA/GNMA SELLER/SERVICER
5A. NAMES OF ALL PRINCIPAL OWNERS
6A. NAMES OF ALL DIRECTORS AND OFFICERS
5B. PERCENTAGE OF OWNERSHIP
6B. TITLE
6C. AREAS OF RESPONSIBILITY
7. NAMES AND FUNCTIONS OF ANY OTHER BUSINESS(ES) CONDUCTED BY OR AFFILIATED WITH THE FIRM OR ANY EXECUTIVE PERSONNEL
8. A DESCRIPTION OF THE FIRM’S OPERATION, INCLUDING, WHEN APPLICABLE, THE SERVICING OPERATION AND CAPABILITY TO MAKE PERSONAL CONTACTS
WITH BORROWERS IN DEFAULT
VA FORM
JAN 2005
26-8736
EXISTING STOCKS OF VA FORM 26-8736, APR 2001, WILL
BE USED.
41
9. LIST STATES WHERE VA LOANS ARE ORIGINATED
10. LIST WAREHOUSE LINES OF CREDIT, INDICATING AMOUNT OF EACH LINE
11A. WAS THE FIRM OR ANY OF ITS DIRECTORS
OR OFFICERS EVER SUSPENDED BY HUD OR VA?
YES
NO
(If "YES," complete Item 11D)
11B. WERE ANY OF ITS DIRECTORS OR
OFFICERS A DIRECTOR OR OFFICER OF ANY
OTHER FIRM THAT WAS SO SUSPENDED?
YES
11C. DID THE LENDER-APPLICANT EVER
HAVE A SERVICING CONTRACT WITH
AN INVESTOR TERMINATED FOR
CAUSE?
NO (If "YES," complete Item 11D)
YES
NO (If "YES," complete Item 11D)
11D. COMPLETE STATEMENT OF FACTS
CLOSED IN PAST CALENDAR YEAR
CLOSED IN PAST 5 CALENDAR YEARS
12. NUMBER OF VA LOANS
13. NUMBER OF OTHER LOANS
(FHA or conventional)
14. NAME OF LIAISON OFFICER AND ALTERNATE TO ACT AS LIAISON ON THE
FIRM’S BEHALF WITH VA REGIONAL OFFICES AND CENTERS
15. NAME OF DESIGNATED UNDERWRITER(S)
CERTIFICATIONS
If this application is approved, the undersigned agrees and certifies that:
(1) It will comply with the provisions of title 38 USC, VA regulations and other directives issued by VA;
(2) It will notify the Secretary of Veterans Affairs and the Director of the Regional Office or Center in the area in which its main or branch office(s) is
(or are) located of any change in its corporate structure, operations, or financial condition which may have a bearing on its continued qualifications for
authority to close loans automatically;
(3) It will submit at any time to such examination of its records and accounts as the Secretary of Veterans Affairs may require;
(4) Its principal activity will be the originating, purchasing and servicing of real estate mortgages;
(5) It will promptly furnish VA any requested information;
(6) It will submit annual financial statements audited and certified by a CPA within 120 days following the end of its fiscal year;
(7) It will maintain a minimum of $50,000 of working capital or a minimum of $250,000 in adjusted net worth;
(8) It will not close loans on an automatic basis as a courtesy or accommodation for other mortgage lenders regardless of whether or not such lenders
are approved themselves to close on an automatic basis, nor will it close loans on the automatic basis for any builder, real estate brokerage firm or other
entity which it owns, is owned by, is affiliated with or has a financial interest in, without the express approval of the Department of Veterans Affairs;
(9) It will not process loans it does not itself intend to make;
(10) All prospective VA loans to be closed on an automatic basis will be reviewed and either approved or rejected by an approved underwriter;
(11) It will take responsibility for all credit information; i.e., credit report, verifications of employment and deposit, and disclose the sources of such
information;
(12) It will furnish upon request of the appropriate VA field station, a copy of its monthly delinquency reports pertaining to VA guaranteed loans
being serviced;
(13) It will use its automatic lending authority to the maximum extent possible; if not used, it will submit an explanation as to why a loan was
processed prior-approval;
(14) The foregoing is true to the best of my knowledge and belief and verification may be obtained from any source named herein.
16. SIGNATURE OF PRESIDENT OR PRINCIPAL OFFICER
17. DATE SIGNED
42
NONSUPERVISED LENDER’S NOMINATION AND
RECOMMENDATION OF CREDIT UNDERWRITER
IMPORTANT: This form is only to be used by nonsupervised lenders when requesting approval of nominations for credit underwriters.
Privacy Act Information: No approval as credit underwriter may be made unless a completed application form has been received (38 U.S.C. 3702 and 3710). VA
will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or Title 5, Code of Federal
Regulations 1.526 for routine uses identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant
Records, Specially Adapted Housing Applicant Records and Vendee Loan Applicant Records - VA, published in the Federal Register.
Respondent Burden: This information is needed to help determine the qualifications of the underwriter nominee. Title 38, U.S.C., section 3702 and 3710 authorizes
collection of this information. We estimate that you will need an average of 20 minutes to review the instructions, find the information, and complete this form. VA
cannot conduct or sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information
if this number is not displayed. Valid OMB control numbers can be located on the OMB Internet Page at: www.whitehouse.gov/library/omb/OMBINVC.html#VA. If
desired, you can call 1-800-827-1000 to get information on where to send comments or suggestions about this form.
QUALIFICATIONS: At least 3 years’ experience in processing, pre-underwriting, or underwriting mortgage loans with at least 1
year of the most recent 3 years making underwriting decisions on VA loans or a current ARU designation from the Mortgage
Bankers Association.
I. APPLICANT’S PERSONAL DATA
1. NAME OF UNDERWRITER-APPLICANT
(First-Middle-Last)
2. SOCIAL SECURITY NUMBER 3. BUSINESS ADDRESS
4. TELEPHONE NUMBER
II. EMPLOYMENT HISTORY
5. BEGINNING WITH PRESENT EMPLOYMENT, LIST CHRONOLOGICALLY ALL EMPLOYMENT RELATED TO CREDIT UNDERWRITING.
(Employment history may be limited to period sufficient to satisfy minimum experience requirements. See "QUALIFICATIONS")
Add continuation sheet if necessary.
DATES OF
EMPLOYMENT
FROM
TO
POSITION TITLE AND
PRINCIPAL DUTIES
NAME AND ADDRESS
OF EMPLOYER
% OF TIME DEVOTED TO
UNDERWRITING BY TYPE
VA
FHA
CON
CONTACT PERSON
AT EMPLOYER
(Give name, title, and
phone number)
III. UNDERWRITER-APPLICANT’S STATEMENT AND CERTIFICATION
6. I AM CURRENTLY DESIGNATED AS AN ACCREDITED RESIDENTIAL UNDERWRITER BY THE MBA
YES
NO
(If "Yes," provide evidence of current ARU designation)
I CERTIFY THAT the foregoing is true to the best of my knowledge. I agree that I will not use any publicity, advertising plaques,
certificates, or other devices which imply a special relationship with the Department of Veterans Affairs.
7A. SIGNATURE OF UNDERWRITER-APPLICANT
7B. DATE
IV. LENDER’S STATEMENT AND CERTIFICATION
WE HEREBY NOMINATE the above named employee to act as our VA underwriter. The nominee has demonstrated a high level of
integrity, trust, professional ethics and technical ability as an underwriter. Based on the qualifications established by VA, we find the
nominee to be qualified. We certify the nominee is not supervised by an individual who is a branch manager or other person with
production responsibilities. We, the undersigned, agree to promptly notify the VA regional office having jurisdiction to any change in
the status of the nominee.
8A. SIGNATURE OF PRINCIPAL OFFICER OF LENDER
8B. TITLE
8C. DATE
FOR VA USE ONLY
APPROVAL
REASON FOR DECLINATION
ACCEPTED
DECLINED
UNDERWRITER NO.
VA FORM
JUL 2004
SIGNATURE OF REVIEWER
26-8736a
DATE
EXISTING STOCKS OF VA FORM 26-8736a, DEC 2001,
WILL BE USED.
43
VA EQUAL OPPORTUNITY LENDER CERTIFICATION
To induce the Department of Veterans Affairs to act on any veteran’s application submitted by or on behalf of
the undersigned lender, the undersigned hereby agrees:
1. That neither the lender nor anyone authorized to act for it will deny a VA loan to a veteran or discriminate in
the fixing of the terms or conditions of such loan because of his or her race, color, religion, sex, handicap,
familial status, or national origin;
2. To apprise minority and female veterans of the availability of VA financing offered by the lender by
conforming all advertising to the VA Advertising Guidelines for Fair Housing;
3. To prominently display the Equal Opportunity Lender poster in each place of business where VA loans are
offered by the lender;
4. To incorporate the equal housing opportunity logo, slogan or statement as outlined in the VA Advertising
Guidelines for Fair Housing in all advertising, including outdoor signs, radio, television, newspapers and other
printed materials;
5. That noncompliance with the foregoing requirements may constitute a basis for the Secretary to refuse to
accept applications from the lender. The Secretary may also refuse to accept applications where the lender
has been denied participation in HUD Programs.
SIGNATURE
DATE
NAME (Type or Print)
TITLE
FINANCIAL INSTITUTION
ADDRESS OF FINANCIAL INSTITUTION
NOTE: Compliance with requirements of a Federal regulatory agency in respect to advertising guidelines and
poster requirements shall be deemed to comply with Paragraphs 2, 3, and 4 above.
SEE REVERSE FOR VA ADVERTISING GUIDELINES FOR FAIR HOUSING
VA FORM 26-8812, APR 1990
44
HOMEOWNER ALTERNATIVES TO FORECLOSURE
REPAYMENT PLAN:
Repayment plans are agreements between a borrower and a lender in which the borrower
agrees to make regular monthly payments, plus submit an additional amount that be applied
towards the delinquency. Candidates for repayment plans must demonstrate the ability to
maintain mortgage payments and household expenses prior to qualifying for a repayment plan.
Example: A Repayment Plan is considered for homeowners who experience unexpected
expenses such as car repairs, temporary job loss or short term illness that lead to a temporary
reduction in income that prevents the homeowner from maintaining mortgage payments for a
short period of time.
PROS
• Repayment plans offer the opportunity to avoid foreclosure by bringing the loan current
within a specific period of time.
CONS
• During a repayment plan late fees and charges will accrue each month that the plan is in
place.
• Late reporting to the credit bureau will continue to take place for the duration of the
repayment plan.
• Payment due dates are normally not flexible and there is no grace period while on a
repayment plan.
SPECIAL FORBEARANCE:
Special Forbearances are agreements between a borrower and a mortgage company to
suspend or reduce payments for one or more months. The lender may accept regular mortgage
payments or reduced payments during the special forbearance time frame in order to keep the
amount of the delinquency from increasing. The loan must be reinstated at the end of the
forbearance period or an alternative workout such as a repayment plan or modification must be
agreed upon by both a borrower and a lender.
Example: A Special Forbearance is considered for homeowners who experience a temporary
financial set back for a specific period of time such as temporary job loss or waiting for approved
Social Security Disability to begin that will allow the homeowner to reinstate the mortgage.
PROS
• Special Forbearances provide short-term protection from foreclosure action.
CONS
• Late fees and charges continue to accrue during the special forbearance.
• Late reporting to the credit bureau will continue during the duration of the special
forbearance.
• Loans must be reinstated by the end of the forbearance or alternate arrangements
made.
45
SHORT/COMPROMISE SALE:
A Short Sale/Compromise Sale is an option for homeowners who find the market value of their
home is less than the amount owed. The mortgage company will review compromise sale
offers and if the sale is approved by the lender and the VA will pay the difference between the
net proceeds of the sale and the amount owed to the mortgage company if the loan is
guaranteed by the VA. Homeowners considering the short/compromise sale option should
contact their mortgage company before attempting to sell the home to discuss the criteria
necessary to use this option.
Example: A Short Sale can be considered for homeowners who have lost the ability to maintain
mortgage payments and attempted, unsuccessfully, to sell the house at full price. Homeowners
with VA guaranteed loans can visit www.vba.va.gov/ro/south/spete/rlc/ and enter Compromise
Sale in the search field for more information on this option.
PROS
• A Short/Compromise Sale can be beneficial for situations in which the homeowner is
facing foreclosure and needs to sell a home that is undervalued.
• In most cases the homeowner is released from liability through the Short/Comprise Sale
process if the loan is guaranteed by the VA. If the loan is conventional a lender must agree
in writing to waive the collection of any deficiency. Homeowners with conventional
mortgages should request the waiver prior to completion of the short /compromise sale.
CONS
• On VA guaranteed loans, this option can affect the homeowner’s ability to use the VA
entitlement for future home purchases.
• On Non-VA guaranteed loans, the lender has the option of establishing a debt for the
amount of the deficiency against a homeowner.
DEED IN LIEU OF FORECLOSURE:
This option addresses borrowers who have lost the ability to maintain their mortgage and have
attempted to resolve the delinquency and found that the other foreclosure avoidance options are
not feasible. Deed in lieu of foreclosure involves the voluntary transfer of the property from the
borrower to the mortgage company in an effort to avoid foreclosure.
Example: When a borrower is forced to leave the area due to unforeseen circumstances and
can not maintain two households. The first option would be to attempt a full-priced sale. If a
full-price is not possible the homeowner should attempt a short/compromise sale. If a
short/compromise sale is not an option then the homeowner can request that the mortgage
company consider a Deed-in-Lieu of Foreclosure.
PROS
• In most cases the lenders acceptance of the deed in lieu of foreclosure releases the
homeowner of liability.
CONS
• This option can effect the homeowners ability to use the VA entitlement for future home
purchases.
• The property cannot have any active liens.
For more information on homeowner assistance programs for non VA guaranteed loans contact the
Hope Now Alliance at 888-995-4673 or visit www.financialstability.gov and
www.makinghomeaffordable.gov .
46
COMPROMISE
SALE
AGREEMENTS
REGIONAL LOAN CENTER
LOAN ADMINISTRATION
PO BOX 1437
ST PETERSBURG FL 33731
47
RULES FOR A SHORT SALE
YOU must have either defaulted on the loan or have been placed in a
circumstance where default is imminent. NOTE: You do not have to be in default to
request a short sale, however, upon completion of the short sale review you will be at
least 61 days delinquent because the lender will cease to accept payments from you
once the review process begins.
YOU do not have the assets to make up the shortage needed to close the sale.
There must be a cost savings to the VA by allowing the short sale over a
foreclosure.
The lender must net at least 88.13% of the market value.
STEPS TO A SHORT SALE
CONTACT YOUR LENDER, advise them of your situation, and ask them to send
you a short sale package to complete.
o This package requires a hardship letter (statement explaining why you
can no longer afford the property and request for a short sale
consideration), a list of expenses, & proof of income.
o Remember that you, the homeowner, cannot receive any cash from this
sale.
CONTACT A REALTOR and ask them to list your home at the current market
value. NOTE: Your home’s current market value is obtained through a VA
appraisal, which your lender will order once they receive your completed short
sale package and signed sales contract.
OBTAIN ESTIMATED COSTS. Once an offer is received your realtor will need to
submit a signed sales contract (between you and the buyer) along with an
estimated HUD 1 to the lender for their review.
o It is advisable that any offer you receive is at the market value.
o A HUD 1 is a closing statement showing all charges and the net proceeds
to be applied to the mortgage.
48
OBSTACLES TO A SHORT SALE
Missing, illegible, or un-signed documents.
The short sale is not cost effective or offer is too low.
Issues with closing costs or realtor commissions.
SHORT SALE EXAMPLES
EXAMPLE 1
$154,822.66 > unpaid principle balance
$110,000 > market value
$103,412.00 > net proceeds to lender
The above short sale was approved. Remember that the lender must net at least
88.13% of the market value – in this case 88.13% of $110,000 would equal to
$96,943.00 but the lender received $103,412.00. The VA paid a claim in the amount of
$39,987.59 because this was the maximum guaranteed amount (25% of unpaid principle
balance) plus incentive for completing the sale over a foreclosure.
EXAMPLE 2
$123,382.56 > market value
This short sale was also approved because the lender netted more than the required
88.13% of the market value. The minimum the lender could have netted would have
been $108,737.05 ($123,382.56 x 88.13% = $108,737.05).
EXAMPLE 3
$123,382.56 > market value
This short sale was denied because the lender would receive less than the 88.13% of
the market value (the minimum the lender should net is $108,737.05). In this instance
there are several options available:
1. Ask the buyer to raise the offer
2. Negotiate the realtor’s commission
3. Negotiate the closing costs with the buyer
4. Ask the lender to accept less than 88.13%.
5.
NOTE: a lender may accept less than the required 88.13% net proceeds, however, this
poses an increased loss to the lender as the VA will not pay a claim for more than the
max guaranty.
49
AUDIT FULL
REVIEW
PACKAGE
50
Audit (Full Review) Required Documents
Lenders will be notified, either immediately by the web-based system or in writing by VA offices, when a
loan has been selected for full review. Lenders must forward the complete loan file to the appropriate VA
office within 15 days of receiving notification from VA.
Note: If VA finds significant deficiencies in a loan submission, the lender will be notified.
The following documents should be submitted when a full review notification has been received:
Order
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Document
Lender’s cover or transmittal letter (if used).
VA Form 26-0286, VA Loan Summary Sheet.
Certificate of Eligibility.
VA Form 26-6393, Loan Analysis.
For Automated Underwriting cases: Feedback Certificate and underwriter’s
certification (acceptable variations on the documentation required in items 17, 18,
and 19 below, and the underwriter’s certification, are explained in section 8 of
chapter 4).
VA Form 26-1820, Report and Certification of Loan Disbursement.
Lender’s quality certification per 38 CFR part 36 and 38 U.S.C. Chapter 37 (See
step 7 of the Lender Procedures in section 1 of chapter 4.).
VA Form 26-8937, Verification of VA Benefits (if applicable).
HUD-1, Settlement Statement.
Evidence of compliance with MCRV or NOV requirements; such as, final
compliance inspection, termite certification, and/or warranty.
If a loan is submitted more than 60 days after loan closing, a statement signed by a
corporate officer of the lender which identifies the loan, provides the specific
reasons for late reporting and certifies that the loan is current. This statement must
be submitted with any late request for issuance of a Loan Guaranty Certificate.
Interest Rate and Discount Disclosure Statement.
VA Form 26-0592, Counseling Checklist for Military Homebuyers, if applicant is
on active duty.
Uniform Residential Loan Application (URLA) with revised VA Form 26-1802a,
HUD/VA Addendum to URLA.
• These forms may be signed and dated anytime from the date of initial application
to the date of loan closing.
• These forms must be properly completed and legible, but do not have to be typed.
15
16
All original credit reports obtained in connection with the loan and any related
documentation.
VA Form 26-8497, Request for Verification of Employment, and other
verifications of income such as pay stubs and tax returns.
Reference: See section 2 of chapter 4.
51
Order
17
18
19
20
21
Document
VA Form 26-8497a, Request for Verification of Deposit, and other related
documents (Alternative documentation: Original or certified true copies of last 2
bank statements).
Purchase/earnest money contracts.
• LAPP NOV and any special requirements or conditions applicable to the
property.
• VA Form 26-1843a, Master Certificate of Reasonable Value (MCRV), with any
applicable endorsements and/or change orders.
Highlight to show lot and block identification, house type valuation, and optional
equipment applicable to veteran’s purchase.
The original Freddie Mac Form 70/Fannie Mae Form 1004, Uniform Residential
Appraisal Report (URAR), including all addendums, photographs and any
document(s) revising or correcting the fee appraiser’s original URAR.
Note: The URAR and attending information is not required when VA Form 261843a, MCRV, is submitted.
Any other necessary documents.
Reference: See section 6 of this chapter.
ANY OTHER NECESSARY DOCUMENTATION
Circumstances
Loan includes funds for energy efficiency
improvements.
Required Documentation
Improvements of $3,000 to $6,000:
Documentation of the lender’s determination that
the increase in monthly mortgage payments does not
exceed the likely reduction in monthly utility costs.
Improvements up to $6,000:
Evidence of the cost of improvements such as a
copy of the bid(s) or contract itemizing the
improvements and their cost.
Improvements over $6,000:
Documentation of VA’s valuation of the energy
efficiency improvements.
Postponed completion of exterior improvements.
Reference: See section 3 of chapter 7 for details,
including special provisions for Interest Rate
Reduction Loans (IRRRLs).
VA Form 26-1849, Escrow Agreement for
Postponed Exterior Onsite Improvements.
52
Circumstances
Loan involves use of an attorney in fact.
Veteran intended to sell property on which he/she
has an existing VA loan prior to closing on the
new VA loan, in order to have entitlement
restored.
Power of attorney requirements as described in
section 7 of chapter 9, including written evidence of
the veteran’s consent to the specific transaction,
plus the lender certification found under the
“Requirements” heading.
• A completed VA Form 26-1880, Request for a
Certificate of Eligibility, and
• Evidence that the veteran has sold the property
and either
− evidence that the veteran has fully repaid the
prior loan, or
Note: A HUD-1, Settlement Statement,
clearly showing sale of the property by the
veteran and pay-off of the prior VA loan,
satisfies this requirement.
− documentation that the veteran can be released
Veteran intended to sell property in order to have
sufficient income and/or assets to qualify for the
loan.
from liability and the assumer meets the
requirements for substitution of entitlement.
Lender’s certification that the sale of the veteran’s
property has been completed and the proceeds
disbursed.
Loan is to the unmarried surviving spouse of an
eligible, deceased veteran.
• Note: The lender’s certification must be based on
examination of a HUD-1, Settlement Statement,
or other appropriate documentation of the
transaction.
The following affidavit obtained from the surviving
spouse at the time of loan closing:
“I, ________, being first duly sworn, on oath, say,
that, on the __ day of ______, 2___ (insert date loan
was closed), I am (was) the unmarried surviving
spouse of _________ and that I make this affidavit
for the express purpose of inducing _______ to
make a loan to me and/or for inducing the
Department of Veterans Affairs to guarantee or
insure such loan, knowing that it is a criminal
offense to make a false statement for this purpose;
and that the above and foregoing is true and
correct.”
_____________ _______________________
Notary’s jurat
Signature of surviving spouse
53
Circumstances
Loan is to the spouse of a serviceperson missing
in action or prisoner of war (MIA/POW).
Documentation that, at the time of loan closing, the
lender asked the applicant and the applicant
provided verbal assurance that:
• No official notice of any change in the service
Supplemental loan for home improvements.
Graduated Payment Mortgage (GPM).
Restrictions exist on the purchase or resale of the
property the veteran is purchasing.
member’s status had been received, and
• Applicant was still the spouse of the service
member.
See “Procedures” in section 5 of chapter 7.
Veteran’s statement acknowledging payment
increases.
Veteran’s written consent to the restrictions
(obtained at the time of loan application).
54
VA TRANSMITTAL LIST
VA CASE NUMBER_______________________________________________________________________________________
IMPORTANT: The following required documents must be submitted in the order listed below.
ITEM NO.
DOCUMENT
**SEE CODE BELOW
1
A
I
2
A
I
3
A
I
4
A
P
P
VA Loan Summary Sheet (VA Form 26-0286)
Certificate of Eligibility (VA Form 26-8320 or 26-8320a) or
Request for Determination of Eligibility (VA Form 26-1880)
Acknowledgment of Receipt of Funding Fee from Mortgagee
(VA Form 26-8998) or Notification to Mortgagee of Funding Fee
Shortage (VA Form 26-0500) or Acknowledgment of Receipt of
Funding Fee Shortage to Mortgagee (VA Form 26-8999) or
evidence that borrower is exempt
Loan Analysis (VA Form 26-6393)
5
I
6
A
I
7
A
8
A
I
9
A
I
P
P
Lender’s Loan Quality Certification
Verification of Benefit-Related Indebtedness (VA Form
26-8937)
HUD-1 or other settlement statement "Any escrowed items"
P
10
A
P
11
A
12
A
13
A
14
A
15
A
16
A
17
A
18
A
19
A
I
P
20
A
I
P
I
"Old vs New Loan" statement and IRRRL Worksheet (a
statement signed by the veteran acknowledging the effect of the
refinancing loan on the veteran’s loan payments and interest
rate - must show the interest rate and monthly payment of the
old and new loan)
Report and Certification of Loan Disbursement (VA Form
26-1820)
P
YES
NO (Check appropriate box)
Compliance with CRV or LAPP/NOV Conditions (e.g., final
compliance inspection, approval of water supply, termite
certification)
If Loan reported more than 60 days after closing
Lender’s request for waiver of 60 day reporting requirement
and, if automatic loan, Lender’s certification that loan is
current
Interest Rate & Discount Disclosure Statement (fixed rate) or
Adjustable Rate Mortgage Disclosure Statement (ARM)
Counseling Checklist for Military Homebuyers(VA Form 26-0592)
if applicant is on active duty
Uniform Residential Loan Application and HUD/VA
Addendum to URLA (VA Form 26-1802a)
Original credit report and any related documents (e.g., proof of debt
payment, explanations, etc.)
Verification of Employment and current check stubs for veteran and
spouse, if applicable
Request for Verification of Deposit or bank statements, or other
related documents
Purchase/earnest money contract
If applicable, valid POA and Lender’s "Alive and Well"
statement
Miscellaneous documents pertinent to loan transaction
If applicable, copy of Master Certificate of Reasonable Value
(VA Form 26-1843a) (Front page and option pages highlighted to
pertain to the specific property only). For LAPP cases, copy of
21
A
value notice to veteran, original pictures, VA Request for
Determination of Reasonable Value (VA Form 26-1805), and
URAR with all addendums.
THE UNDERSIGNED CERTIFIES THAT ALL APPLICABLE ITEMS LISTED ABOVE ARE COMPLETE
AND ENCLOSED IN THIS GUARANTY APPLICATION.
NAME AND TITLE OF LENDER’S REPRESENTATIVE
DATE SIGNED
** A=AUTO
VA FORM
NOV 1994
DIRECT TELEPHONE NO. FOR REPRESENTATIVE
(Include Area Code)
COMPANY NAME
I=IRRRL
26-0285
P=PRIOR
55
•
Department
of Veterans Affairs
VA LOAN SUMMARY SHEET
1. VA'S 12-DIGIT LOAN NUMBER
2. VETERAN'S NAME (First, middle, lasO
3. VETERAN'S SOCIAL SECURITY
NUMBER
[]
[]
NOT HISPANIC OR LATINO
HISPANIC OR LATINO
Certificate of Eligibility)
9. BRANCH OF SERVICE
ARMY
I-]
10. MILITARY STATUS
[]
Check
more
(mm/dd/yyyy)
FEMALE
than one)
NATIVE HAWAIIAN OR PACIFIC ISLANDER
[]
[]
[]
[]
ASIAN
WHITE
BLACK OR AFRICAN AMERICAN
UNKNOWN
8. AMOUNT OF ENTITLEMENT AVAILABLE
VA
(From
(Check one)
2. NAVY
[]
MALE
AMERICAN INDIAN OR ALASKAN NATIVE
(01 to//,from
7. ENTITLEMENT CODE
[•]1.
[]
(Check one)
6B. RACE (May select
6A. ETHNICITY
[]
[]
5. VETERAN'S DATE OF BIRTH
4. GENDER OF VETERAN
[]
3. AIR FORCE
VA
[]
4. MARINE CORPS
5. COAST GUARD
[]&OTHER
One)
[] SEPARATED FROM ;ERVICE
12.1NSERVICE
11. FIRST TIME HOME BUYER Check one
This means a veteran who has not previously purchased
[]YES [] NO
a home, either by cash, assumption, or new financing.
12. LOAN PROCEDURE (Check one)
[]
[]
AUTOMATIC
[]
AUTO-IRRRL
13. PURPOSE OF LOAN (Check one)
[] 1.
[]4.
(Check one)
14. LOAN CODE
[] 1. PURCHASE
[]
[]
[]
(INCLUDES MH ON
PERMANENT FOUNDATION)
ALTERATIONS/IMPROVEMENTS
HOME
[]
4. MANUFACTURED
2. IRRRL
[]
HOME
REFINANCE
[]
1. FHA-FIXED
2. MANUFACTURED
[]
HOME
3. CONDOMINIUM
5. REFINANCE
(STREAMLINE REFINANCE)
[]
3. REGULAR
("Cash-out")
REFINANCE
5. REFINANCING OF CONSTRUCTION LOAN, LAND SALE CONTRACT OR
LOAN ASSUMED AT HIGHER RATE OF INTEREST (*Muximum Euaramy
these loans is $36,000)
15. PRIOR LOAN TYPE (Note: Must be
[]
[]
VA PRIOR APPROVAL
completed if Regular ("Cash-out") Refinance
2. FHA-ARM/HARM
5. CONVENTIONAL-INTEREST ONLY
[]
[]
3. CONVENTIONAL-FIXED
6. VA-FIXED
•
[]
is selected in Item
14)
4. CONVENTIONAL-ARM/HARM
7, VA-ARM/HARM
[]
8. OTHER
16. TYPE OF MORTGAGE (Check one)
[]
[]
[]
0. REGULAR FIXED PAYMENT
[]
3. GEM
17. TYPE OF HYBRID-ARM (NOTE: Must be
[]
[]
3/1
[]
5/1
[]
I. GPM-NEVER TO EXCEED NOV
[]
4. TEMPORARY BUYDOWN
7/1
completed
[]
1. SOLE OWNERSHIP (VETERAN &
SPOUSE OR VETEPMN ONL
Y)
[]
[]
16)
10/1
19. CLOSING DATE
18. TYPE OF OWNERSHIP (Check one)
[]
2. OTHER GPMs
[] 6. ARM
5. HYBRID ARM
if Hybrid Arm is selected in Item
(mm/dd/yyyy)
2. JOINT
3. JOINT
2 OR MORE VETERANS
VETERAN/NON-VETERAN
for Refinance Loan•)
21. REASONABLE VALUE (For IRRRLs If appraisal has not
loan amount of prior VA loan)
22. ENERGY IMPROVEMENTS (Check all applicable boxes)
[--I INSTALLATION OF
[] NONE
20. PURCHASE PRICE (N/A
[]
been done,
SOLAR
HEATING/COOLING
REPLACEMENT OF A MAJOR
SYSTEM
[]
INSULATION, CAULKING,
WEATHER-STRIPPING, ETC.
23. LOAN AMOUNT
(Purchase
[]
[]
ADDITION OF A NEW FEATURE
OTHER IMPROVEMENTS
Purchase Price or RV (lesser)
Funding Fee)
(Refi Max 90% LTV Funding Fee)
(IRRRL Old Loan Payoff All Closing Costs)
24. PROPERTY TYPE (Check one)
[]
[]
NEITHER
E•IND-SINGLE
PUD
PROPERTY-tND
APPRAISAL
I--IMBL-MANUFACTUREDHOME
.OW006VA
FORM
[]
CONDOMINIUM
TYPE(CheckonO
25. APPRAISAL
26-0286
[]ONE-MASTER CRV
(MCRV)
[]HUD-CONVERSION
WHtcHSUPERSEDESwILLNoTVA BEFORMusED26"0286'
CASE
AUG 2006,
[•]LAPP-LENDER APPRAISAL
[] PMC-PROP. MGMT. CASE
56
26. TYPE OF STRUCTURE
[] 1.
[]4.
(Check one)
[]
[]
CONVENTIONAL
CONSTRUCTION
M/H LOT ONLY
2. SINGLEWIDE M/H
5. PREFABRICATED
27. PROPERTY DESIGNATION (Check one)
[] 1. EXISTING OR USED HOME, CONDO, M/H
[]
[]
[]
NEVER OCCUPIED
3. NEW EXISTING
[]
3. DOUBLEWIDE M/H
[]
6. CONDOMINIUM
HOME
[]
[]
SINGLE
I--]
[]
CONSTRUCTION
2. APPRAISED AS PROPOSED
4. ENERGY IMPROVEMENTS
29. MCRV NO.
28. NO. OF UNITS (Check one)
[]THREE
TWO UNITS
30. MANUFACTURED HOME
CONVERSION
[]
UNITS
FOUR OR MORE
CATEGORY(Check one)
NOT M/H
0. OTHER
2. M/H ONLY (VETERAN-OWNED
[]
[]
LOT)
1. M/H ONLY (RENTED
7. M/H ON PERMANENT
SPACE)
FOUNDATION
31. PROPERTY ADDRESS
35. COUNTY
34. ZIP CODE
32. CITY
33. STATE
36. LENDER VA ID NUMBER
37. AGENT VA ID
NUMBER(If applicable)
I-UR LAHI
38. LENDER LOAN NUMBER
L;A•I":5 ONLY
39. LENDER SAR ID NUMBER
40. GROSS LIVING AREA
41. AGE OF PROPERTY (Yrs.)
42. DATE SAR ISSUED NOTIFICATION
OF VALUE (mtn/dd/yyyy)
43. TOTAL ROOM COUNT
44. BATHS (No.)
45. BEDROOMS
(Square Feet)
(No.)
46. IF PROCESSED UNDER LAPP, WAS THE FEE APPRAISER'S ORIGINAL VALUE ESTIMATE
CHANGED OR REPAIR RECOMMENDATIONS REVISED, OR DID THE SAR OTHERWISE MAKE
SIGNIFICANT ADJUSTMENTS?
[] NO
[] YES (If "Yes, there must be written.justification by fi, appraiser and SAR)
II•II-OI•MA
IN•UMI-
IO1•1
(/VO[/applicable
for
testator.s)
47A. LOAN PROCESSED UNDER VA RECOGNIZED AUTOMATED UNDERWRITING SYSTEM
[]
[]
YES
NO
(If"Yes, Complete
hem 47B and 47C)
[]
47B. WHICH SYSTEM WAS USED?
[]02,
[]03.
DU
48. CREDIT SCORE
[]04.
PMIAURA
(Enter
[]05.
CLUES
the median credit
47C. RISK CLASSIFICATION
01. LP
score
[]1,APPROVE
veteran only)
ZIPPY
for the
2, REFER
$
49. LIQUID ASSETS
$
+ hem 38j•'om
VA Form 26-6393)
(item 31
50. TOTAL MONTHLY GROSS INCOME
51. RESIDUAL INCOME
$
52. RESIDUAL INCOME GUIDELINE
$
(lf lncome Ratio is over 41% and
of/ustification s•gned by underwriter's supervisor
53. DEBT- INCOME RATIO
statement
[]
Residual Income is"
be included on
must
not
120% of guideline,
with VA Form 26-6393)
%
55. SPOUSE'S INCOME AMOUNT
54. SPOUSE INCOME CONSIDERED
[]
YES
[]
NO
$
(If "Yes." Complete he,n S.,{)
INFORMATION
(Applicable for All
DISCOUNT
56. DISCOUNTPOINTSCHARGED
%
58. TERM
Loans)
OR
$
$
% OR
60. FUNDING FEE EXEMPT
57. DISCOUNT POINTS PAID BY VETERAN
(Months)
(If considered)
59. INTEREST RATE
%
FOR IRRRLS ONLY
[]
Y- EXEMPT
[]
N- NOT EXEMPT
61. PAID IN FULL VA LOAN NUMBER
62. ORIGINAL LOAN AMOUNT
$
63. ORIGINAL INTEREST RATE
%
64. REMARKS
VA FORM 26-0286, NOV 2008
57
LOAN NUMBER
LOAN ANALYSIS
PRIVACY ACT INFORMATION: The VA will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974
or Title 5, Code of Federal Regulations 1.526 for routine uses as (i.e., the record of an individual who is covered by this system may be disclosed to a member of Congress or staff
person acting for the member when the request is made on behalf of the individual) identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and
Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records, and Vendee Loan Applicant Records - VA, published in the Federal Register. Your
obligation to respond is required in order to determine the veteran’s qualifications for the loan.
RESPONDENT BURDEN: This information is needed to help determine a veteran’s qualifications for a VA guaranteed loan. Title 38, USC, section 3710 authorizes collection of
this information. We estimate that you will need an average of 30 minutes to review the instructions, find the information, and complete this form. VA cannot conduct or sponsor a
collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information if this number is not displayed. Valid
OMB control numbers can be located on the OMB Internet Page at: www.whitehouse.gov/omb/library/OMBINV.VA.EPA.html#VA. If desired, you can call 1-800-827-1000 to
get information on where to send comments or suggestions about this form.
SECTION A - LOAN DATA
1. NAME OF BORROWER
2. AMOUNT OF LOAN
3. CASH DOWN PAYMENT ON PURCHASE
PRICE
$
$
SECTION B - BORROWER’S PERSONAL AND FINANCIAL STATUS
4. APPLICANT’S AGE
5. OCCUPATION OF APPLICANT
9. UTILITIES INCLUDED
10. SPOUSE’S AGE
YES
6. NUMBER OF YEARS AT
PRESENT EMPLOYMENT
11. OCCUPATION OF SPOUSE
7. LIQUID ASSETS (Cash,
savings, bonds, etc.)
8. CURRENT MONTHLY
HOUSING EXPENSE
$
12. NUMBER OF YEARS AT
PRESENT EMPLOYMENT
$
13. AGE OF DEPENDENTS
NO
NOTE: ROUND ALL DOLLAR AMOUNTS BELOW TO NEAREST WHOLE DOLLAR
SECTION D - DEBTS AND OBLIGATIONS
(Itemize and indicate by ( ) which debts considered in Section E, Line 40)
(If additional space is needed please use reverse or attach a separate sheet)
ITEMS
( ) MO. PAYMENT
UNPAID BAL.
SECTION C- ESTIMATED MONTHLY SHELTER EXPENSES
(This Property)
ITEMS
14.
15.
AMOUNT
TERM OF LOAN:
22.
YRS.
MORTGAGE PAYMENT
(Principal and Interest) @
%
$
$
$
24.
$
16.
REALTY TAXES
25.
17.
HAZARD INSURANCE
26.
18.
SPECIAL ASSESSMENTS
27.
19.
MAINTENANCE & UTILITIES
28.
20.
OTHER (HOA, Condo fees, etc.)
29.
21.
$
23.
30.
$
TOTAL
JOB RELATED EXPENSE
(e.g., child care)
TOTAL
SECTION E - MONTHLY INCOME AND DEDUCTIONS
ITEMS
31.
SPOUSE
GROSS SALARY OR EARNINGS FROM EMPLOYMENT
32.
FEDERAL INCOME TAX
33.
STATE INCOME TAX
BORROWER
TOTAL
$
$
$
$
$
$
$
$
$
34. DEDUCTIONS RETIREMENT OR SOCIAL SECURITY
35.
OTHER (Specify)
36.
TOTAL DEDUCTIONS
37.
NET TAKE-HOME PAY
38.
PENSION, COMPENSATION OR OTHER NET INCOME (Specify)
39.
TOTAL (Sum of lines 37 and 38)
40.
LESS THOSE OBLIGATIONS LISTED IN SECTION D WHICH SHOULD BE DEDUCTED FROM INCOME
41.
TOTAL NET EFFECTIVE INCOME
42.
LESS ESTIMATED MONTHLY SHELTER EXPENSE (Line 21)
43.
BALANCE AVAILABLE FOR FAMILY SUPPORT
44.
$
.
.
RATIO (Sum of Items 15, 16, 17, 18, 20 and 40
45. PAST CREDIT RECORD
GUIDELINE
$
$
sum of Items 31 and 38)
%
46. DOES LOAN MEET VA CREDIT STANDARDS? (Give reasons for decision under "Remarks,"if necessary, e.g.,
borderline case)
YES
NO
SATISFACTORY
UNSATISFACTORY
47. REMARKS (Use reverse or attach a separate sheet, if necessary)
CRV DATA (VA USE)
48A. VALUE
48B. EXPIRATION DATE
48C. ECONOMIC LIFE
YRS.
SECTION F - DISPOSITION OF APPLICATION AND UNDERWRITER CERTIFICATION
Recommend that the application be approved since it meets all requirements of Chapter 37, Title 38, U.S. Code and applicable VA Regulations and directives.
Recommend that the application be disapproved for the reasons stated under "Remarks" above.
The undersigned underwriter certifies that he/she personally reviewed and approved this loan. (Loan was closed on the automatic basis.)
49. DATE
50. SIGNATURE OF EXAMINER/UNDERWRITER
51. FINAL ACTION
APPROVE
APPLICATION
VA FORM
SEP 2006
52. DATE
53. SIGNATURE AND TITLE OF APPROVING OFFICIAL
REJECT
APPLICATION
26-6393
EXISTING STOCKS OF VA FORM 26-6393, OCT 2005,
WILL BE USED.
58
REPORT AND CERTIFICATION OF LOAN DISBURSEMENT
AUTOMATIC PROCEDURE
PRIOR APPROVAL PROCEDURE
INSTRUCTIONS TO LENDERS: For use by lenders closing VA loans under 38 U.S.C. 3710. After closing of the loan and completion of the form, the original is
to be forwarded to the VA; the duplicate is to be retained by the lender; the triplicate is to be provided to the veteran. With this report, unless previously submitted to
VA, please submit the following: (a) copy of the borrower’s loan application to you showing income, assets, and obligations; (b) the ORIGINAL verification(s) of
employment and earnings; (c) ORIGINAL credit report on the borrower and coborrower, if any; (d) ORIGINAL VA Form 26-8937, Verification of VA Benefit Related
Indebtedness; (e) ORIGINAL VA Form 26-0503, Federal Collection Policy Notice; (f) VA Form 26-0551, Debt Questionnaire; (g) Veteran’s Certificate of Eligibility;
(h) a copy of the veteran’s executed sales or construction contract, as appropriate; (i) ORIGINAL verification of bank deposit; (j) a true copy of the HUD Form 1 or, if
a refinancing loan, a statement of the loan disbursement and costs, showing the fees and costs charged to the borrower and seller (HUD Form 1 may be used); (k) if the
home is of new construction, an executed copy of the builder’s warranty, VA Form 26-1859; a copy of the Master Certificate of Reasonable Value, VA Form 26-1843a
and any related endorsements, and a VA or FHA final compliance inspection report. In special cases, such as loans wherein some of the proceeds are to be escrowed to
cover the completion of postponed exterior improvements, etc., other attachments to the report may be necessary. Lenders should consult with the VA regional office
in this regard. For refinancing loans under 38 U.S.C. 3710 (a)(5), provide evidence of the lien of record on the property and of the veteran’s ownership of the property.
For all loans, submit VA Form 26-8998, Acknowledgment of Receipt of Funding Fee From Mortgagee, if required.
RESPONDENT BURDEN: We need this information to confirm that the lender has closed the loan in compliance with all applicable VA laws and regulations and
that the veteran has entered into the loan with an understanding of all relevant requirements and responsibilities. Title 38, United States Code, allows us to ask for this
information. We estimate that you will need an average of 15 minutes to review the instructions, find the information, and complete this form. VA cannot conduct or
sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information if this number is not
displayed. Valid OMB control numbers can be located on the OMB Internet Page at www.whitehouse.gov/omb/library/OMBINV.VA.EPA.html#VA. If desired, you
can call 1-800-827-1000 to get information on where to send comments or suggestions about this form.
1. VA LOAN NUMBER
2A. LENDER’S LOAN NUMBER
2B. LENDER’S VA IDENTIFICATION NUMBER 3. DATE OF REPORT
4A. FIRST NAME - MIDDLE NAME - LAST NAME OF VETERAN
4B. VETERAN’S SOCIAL SECURITY NO.
5. PRESENT ADDRESS OF VETERAN (Include ZIP Code)
6. NAME AND ADDRESS OF RELATIVE NOT LIVING WITH VETERAN (Include ZIP
Code and complete telephone number if available)
This report of the the undersigned lender is made pursuant to Section 3702(c), Title 38, United States Code. The undersigned lender and veteran each agree that the Regulations issued under
Chapter 37, Title 38, United States Code, and in effect on the date of the loan shall govern the rights, duties, and liabilities of the parties and that any provisions of the loan instruments
inconsistent with such Regulations are hereby amended and supplemented to conform thereto and request issuance of evidence of
the loan to the full extent permitted by the veteran’s available entitlement.
GUARANTY
INSURANCE
SECTION I - PURPOSE, AMOUNT, TERMS AND SECURITY FOR LOAN
7. PURPOSE OF LOAN
PURCHASE
EXISTING
HOME
PREVIOUSLY
OCCUPIED
REFINANCE
PURCHASE EXISTING
CONDOMINIUM UNIT
FINANCE
IMPROVEMENTS
TO EXISTING
PROPERTY
PURCHASE NEW
CONDOMINIUM UNIT
PURCHASE EXISTING
HOME NOT PREVIOUSLY
OCCUPIED
PURCHASE PERMANENTLY
SITED MANUFACTURED
HOME
CONSTRUCT HOMEPROCEEDS TO BE PAID OUT
DURING CONSTRUCTION
SITED MANUFACTURED
HOME AND LOT
8. ADDRESS OF PROPERTY SECURING LOAN (Include lot and block numbers, subdivision name and ZIP Code)
REFINANCE PERMANENTLY
SITED MANUFACTURED HOME
TO BUY LOT
SITED MANUFACTURED
HOME/LOT LOAN
9. AMOUNT OF LOAN
$
10. TERMS OF LOAN
A. PRINCIPAL AND INTEREST PAYABLE B. RATE OF INTEREST PER ANNUM
C. DATE OF NOTE
EACH PERIOD
D. DATE OF FIRST PAYMENT
E. DATE LOAN WAS CLOSED
H. DATE OF MATURITY
F. DATE LOAN PROCEEDS FULLY PAID OUT
G. TERM OF LOAN
YEARS
11. TYPE OF LIEN (38 CFR 36.4351)
SECOND REALTY
FIRST REALTY
FIRST CHATTEL
MORTGAGE
MORTGAGE
MORTGAGE
12. TITLE OF PROPERTY IS VESTED IN THE FOLLOWING PERSON(S)
VETERAN
VETERAN AND SPOUSE
13. ESTATE IN PROPERTY IS (38 CFR 36.4350)
OTHER (Specify)
A. HAZARD
FACE AMOUNT OF POLICY
$
ANNUAL PREMIUM
$
18. ANNUAL MAINTENANCE ASSESSMENT
OTHER (Specify)
OTHER (Specify)
LEASEHOLD (Give expiration date)
FEE SIMPLE
14. APPROXIMATE ANNUAL
15. INSURANCE
REAL ESTATE TAXES
$
UNSECURED
MONTHS
B. FLOOD (Where applic.)
16. APPROXIMATE
17. TOTAL UNPAID
ANNUAL ASSESSMENT
SPECIAL
PAYMENT
ASSESSMENTS
$
$
19. DESCRIBE NONREALTY, IF ANY, ACQUIRED WITH PROCEEDS OF LOAN (Attach separate sheet if necessary)
20. DESCRIBE ADDITIONAL SECURITY TAKEN AND LIST OF OTHERS (Including Spouse) LIABLE ON INDEBTEDNESS, IF ANY (Attach separate sheet, if necessary)
IF LAND ACQUIRED BY
SEPARATE TRANSACTION
COMPLETE ITEMS
21 AND 22
21. DATE ACQUIRED
22. PURCHASE PRICE (If acquired
other than by purchase, state "None")
23. AMOUNT WITHHELD FROM LOAN PROCEEDS AND DEPOSITED IN
$
ESCROW
EARMARKED ACCOUNT $
SECTION II - LENDER’S CERTIFICATION
24. I, THE UNDERSIGNED LENDER, CERTIFY THAT:
A. If this loan was closed under the automatic procedure, no default exists which has continued for more than 30 days.
B. The lender has not imposed and will not impose any charges or fees against the veteran borrower in excess of those permissible under the schedule set forth
in paragraph (d) of 38 CFR 36.4312.
C. The information furnished in Section I is true, accurate and complete.
D. The information contained in the loan application was obtained directly from the veteran by an employee of the undersigned lender or the lender’s
duly authorized agent and is true to the best of the lender’s knowledge and belief.
E. The credit report submitted on the subject veteran (and coborrower, if any) was ordered by the undersigned lender or the lender’s duly authorized agent
directly from the credit bureau which prepared the report and was received directly from said credit bureau.
F. The verification(s) of employment and verification(s) of deposits were requested and received by the lender or the lender’s duly authorized agent without
passing through the hands of any third persons and are true to the best of the lender’s knowledge and belief.
G. This report was signed by the veteran after Sections I, II and III were completed.
H. VA Forms 26-0503, Federal Collection Policy Notice, and 26-0551, Debt Questionnaire, were signed by the veteran and a signed copy of each was furnished
to the veteran. (NOTE: These forms are not required for loans in which an URLA and HUD/VA Addendum are used.)
I. This loan to the named veteran meets the income and credit requirements of the governing law in the judgment of the undersigned.
J. The names and functions of any duly authorized agents who developed on behalf of the lender any of the information or supporting credit data submitted
are as follows:
NAME
ADDRESS
FUNCTION (e.g. obtained information for loan application;
ordered credit report, verification of employment, verification
of deposits, etc.)
a.
b.
c.
d.
e.
If no agent is shown above, the undersigned lender affirmatively charges that all information and supporting credit data were obtained directly by the lender.
K. The undersigned lender understands and agrees that the lender is responsible for the acts of agents identified in Item 24J as to the functions with which they are identified.
L. The loan conforms with the applicable provisions of Title 38, U.S. Code and the Regulations concerning guaranty or insurance of loans to veterans.
M. COMPLETE WHERE AUTHORIZED BY CERTIFICATE OF REASONABLE VALUE.
Any construction, repairs, alterations, or improvements upon which the reasonable value of the property is predicated and which were not inspected and approved subsequent
to completion by a compliance inspector designated by the Secretary have been completed properly.
N. If the loan application has been submitted for the prior approval of the VA, the proceeds of the loan were expended for the purposes described in the loan application or refinancing
proposal originally submitted for the prior approval of the VA and in the amounts shown in the statement of loan disbursement and costs or HUD Form 1 that is attached to and
incorporated in this report.
VA FORM
DEC 2007
26-1820
SUPERSEDES VA FORM 26-1820, FEB 2004,
Continued
59on Reverse
24. Continued
O. Any deviations or changes of identity in the security of the property from that set forth in the plans and specifications upon which
the original appraisal was based are itemized in an attachment hereto and have been approved as required in 38 C.F.R. 36.4304
and have been completed properly.
P. If this is a refinancing loan under section 3710a(5) of title 38, U.S.C., the veteran’s secured liens of record identified on the
property and shown on the loan application, and any debts listed on the application which were not secured by liens of record and
which were to have been retired from the proceeds of the loan, have, in fact, been paid in full. The amount of cash, if any, shown
as paid to the veteran on the statement of loan disbursement and costs or HUD Form 1 that is attached to and incorporated in this
report was, in fact, disbursed to him or her personally.
Q. If this loan is required to be personally reviewed and approved by a VA-approved underwriter, the name of that underwriter is as
follows:
25A. NAME AND ADDRESS OF LENDER
26A. DATE SIGNED
25B. TELEPHONE NO. OF LENDER
26B. SIGNATURE AND TITLE OF LENDER REPRESENTATIVE
PRIVACY ACT NOTICE: VA wll not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or Title 38, Code of Federal
Regulations 1.576 for routine uses (i.e., information may be disclosed to Congress when requested on behalf of a veteran for statistical purposes in specific geographic regions) as identified in
the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records and Vendee Loan
Applicant Records - VA, and published in the Federal Register. Your obligation to respond is voluntary, but failure to provide requested information could impede processing. Giving us your
SSN account information is voluntary. Refusal to provide your SSN by itself will not result in the denial of benefits. VA will not deny any individual benefits for refusing to provide his or her
SSN unless the disclosure of the SSN is required by a Federal Statute of law in effect prior to January 1, 1975, and still in effect.
NOTICE TO BORROWERS: This is notice to you as required by the Right to Financial Privacy Act of 1978 that the VA has a right of access to financial records held by financial institutions
in connection with the consideration or administration of assistance to you. Financial records involving your transaction will be available to VA without further notice or authorization but will
not be disclosed or released by this institution to another Government Agency or Department without your consent except as required or permitted by law.
SECTION III - VETERAN’S CERTIFICATIONS (To be executed by the veteran on the date loan is closed)
27. As a GI home loan borrower you will be legally obligated to make the mortgage payments called for by your mortgage loan contract. The fact that you dispose
of your property after the loan has been made WILL NOT RELIEVE YOU OF LIABILITY FOR MAKING THESE PAYMENTS.
Some GI home buyers have the mistaken impression that if they sell their homes when they move to another locality, or dispose of it for any other reason, they are
no longer liable for the mortgage payments and that liability for these payments is solely that of the new owners. Even though the new owner may agree in writing
to assume liability for your mortgage payments, this assumption agreement will not relieve you from liability to the holder of the note which you signed when you
obtained the loan to buy the property. Also, unless you are able to sell the property to a credit-worthy obligor who is acceptable to the VA and who will assume the
payment of your obligation to the lender and the Department of Veterans Affairs, you will not be relieved from liability to repay any guaranty claim which the VA
may be required to pay your lender on account of default in your loan payments.
THE AMOUNT OF ANY SUCH CLAIM PAYMENT WILL BE A DEBT OWED BY YOU TO THE FEDERAL GOVERNMENT. This debt will be the object of
established collection procedures. Payment of the loan in full ordinarily is the way in which continuing liability on a mortgage note is ended. Therefore, if you
expect to move from the area in which you are now considering the purchase of a home and should you be unable to sell such home with the purchaser obtaining new
financing to pay off your loan, you should understand that you may continue to be liable to the holder of your mortgage and to the Department of Veterans Affairs.
I, THE UNDERSIGNED VETERAN, CERTIFY THAT:
a. I have read and understand the foregoing concerning the liability on the loan.
b. Occupancy:
(1)
I now actually occupy the above-described property as my home or intend to move into and occupy said property as my home within a reasonable
period of time or intend to reoccupy it after the completion of major alterations, repairs or improvements.
(2)
My spouse is on active military duty and in his or her absence, I occupy or intend to occupy the property securing this loan as my home.
(3)
I previously occupied the property securing this loan as my home. (For interest rate reduction loans).
(4)
While my spouse was on active military duty and unable to occupy the property securing this loan, I previously occupied the property that
is securing this loan as my home. (For interest rate reduction loans.)
NOTE: If Item b(2) or b(4) is checked the veteran’s spouse must also sign Item 32 below.
c. I have been informed that $
is the reasonable value of the property as determined by VA.
IF THE CONTRACT PRICE OR COST EXCEEDS THE VA REASONABLE VALUE, COMPLETE EITHER ITEM D OR E.
d.
I was aware of this valuation when I signed my contract and I have paid or will pay in cash from my own resources at or prior to loan closing a sum
equal to the difference between the contract purchase price or cost and the VA reasonable value. I do not and will not have outstanding after loan closing any
unpaid contractual obligation on account of such cash payment.
e.
I was not aware of this valuation when I signed my contract but have elected to complete the transaction at the contract purchase price or cost. I have
paid or will pay in cash from my own resources at or prior to loan closing a sum equal to the difference between the contract purchase price or cost and
the VA reasonable value. I do not and will not have outstanding after loan closing any unpaid contractual obligation on account of such cash payment.
f. Neither I, nor anyone authorized to act for me, will refuse to sell or rent, after the making of a bona fide offer, or refuse to negotiate for the sale or
rental of, or otherwise make unavailable or deny the dwelling of property covered by this loan to any person because of race, color, religion, sex or national
origin. I recognize that any restrictive covenant on this property relating to race, color, religion, sex or national origin is illegal and void and civil action for
preventive relief may be brought by the Attorney General of the United States in any appropriate U.S.District Court against any person responsible for the
violation of the applicable law.
g. I AM AWARE THAT VA DOES NOT WARRANT THE CONDITION OR VALUE OF THE PROPERTY.
IF CERTIFICATE OF ELIGIBILITY REQUIRES CERTIFICATION OF ACTIVE
DUTY STATUS, FOLLOWING CERTIFICATION MUST BE CHECKED
28A. VETERAN
INITIALS
28B. ETHNICITY
GOVERNMENT
MONITORING
PURPOSES
30. DATE SIGNED
28C. RACE
28D. SEX
AMERICAN INDIAN
OR ALASKA
NATIVE
NATIVE HAWAIIAN
OR OTHER
PACIFIC ISLANDER
29C. RACE
ASIAN
AMERICAN INDIAN
OR ALASKA
NATIVE
(If you do not wish to
NATIVE HAWAIIAN
NOT
complete Items 29B thru 29D,
OR OTHER
HISPANIC
please initial here)
PACIFIC ISLANDER
OR LATINO
31. SIGNATURE OF VETERAN (Read Certifications Carefully before Signing)
ASIAN
HISPANIC
OR LATINO
VOLUNTARY
INFORMATION FOR
I certify that I have not been discharged or released from active duty
since the date my Certificate of Eligibility was issued.
29A. COBORROWER
INITIALS
NOT
HISPANIC
OR LATINO
29B. ETHNICITY
HISPANIC
OR LATINO
BLACK OR
AFRICAN
AMERICAN
MALE
WHITE
FEMALE
29D. SEX
BLACK OR
AFRICAN
AMERICAN
MALE
WHITE
FEMALE
32. SIGNATURE OF SPOUSE (If applicable)
Federal Statutes provide severe penalties for any fraud, intentional misrepresentation, or Criminal Connivance or conspiracy purposed to influence the issuance of any
guaranty or insurance by the Department of Veterans Affairs.
VA FORM 26-1820, DEC 2007
60
LENDER’S LOAN QUALITY CERTIFICATION
VA Loan Number: __________________________
Veteran’s Name: ___________________________
Property Address: ___________________________
___________________________
The undersigned lender certifies that the loan application, all verifications of
employment, deposit, and other income and credit verification documents have been
processed in compliance with 38 CFR Part 36; that all credit reports obtained in
connection with the processing of this borrower’s loan application have been provided to
VA; that, to the best of the undersigned lender’s knowledge and belief, the loan meets the
underwriting standards recited in Chapter 37 of title 38 United States Code and 38 CFR
Part 36; and that all information provided in support of this loan is true, complete and
accurate to the best of the undersigned lender’s knowledge and belief.
______________________________
Authorized Officer of the Lender
_________________________
Date
61
veteran/applicant:
..
..
.
package.
3. DATE OF BIRTH
DO
HAVE
10. DATE SIGNED
FOR VA USE ONLY
TYPE OF DEBT(S)
AMOUNT OF DEBT(S)
DATE SIGNED
VA FORM
NOV 2005
26-8937
62
A.
OMB Approval No. 2502-0265
(expires 11/30/2009)
U.S. Department of Housing
and Urban Development
B. Type of Loan
6. File Number:
1.
4.
FHA
VA
2.
5.
FmHA 3.
Conv. Ins.
7. Loan Number:
8. Mortgage Insurance Case Number:
Conv. Unins.
C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked
“(p.o.c.)” were paid outside the closing; they are shown here for informational purposes and are not included in the totals.
D. Name & Address of Borrower:
E. Name & Address of Seller:
G. Property Location:
F. Name & Address of Lender:
H. Settlement Agent:
Place of Settlement:
I. Settlement Date:
J. Summary of Borrower's Transaction
100. Gross Amount Due From Borrower
101. Contract sales price
102. Personal property
103. Settlement charges to borrower (line 1400)
104.
105.
Adjustments for items paid by seller in advance
106. City/town taxes
to
107. County taxes
to
108. Assessments
to
109.
110.
111.
112.
K. Summary of Seller's Transaction
400. Gross Amount Due To Seller
403.
404.
405.
to
407. County taxes
to
408. Assessments
to
409.
410.
411.
412.
200. Amounts Paid By Or In Behalf Of Borrower
201. Deposit or earnest money
202. Principal amount of new loan(s)
203. Existing loan(s) taken subject to
204.
205.
206.
207.
208.
209.
Adjustments for items unpaid by seller
to
211. County taxes
to
212. Assessments
to
213.
214.
215.
216.
217.
218.
219.
500. Reductions In Amount Due To Seller
501. Excess deposit (see instructions)
502. Settlement charges to seller (line 1400)
504. Payoff of first mortgage loan
505. Payoff of second mortgage loan
506.
507.
508.
509.
to
511. County taxes
to
512. Assessments
to
513.
514.
515.
516.
517.
518.
519.
220.
300.
301.
302.
Total Paid By/For Borrower
Cash At Settlement From/To Borrower
Gross Amount due from borrower (line 120)
Less amounts paid by/for borrower (line 220)
303. Cash
From
520.
600.
601.
) 602.
(
To Borrower
603. Cash
Section 5 of the Real Estate Settlement Procedures Act (RESPA) requires
the following: • HUD must develop a Special Information Booklet to help
persons borrowing money to finance the purchase of residential real estate
to better understand the nature and costs of real estate settlement services;
• Each lender must provide the booklet to all applicants from whom it
receives or for whom it prepares a written application to borrow money to
finance the purchase of residential real estate; • Lenders must prepare and
distribute with the Booklet a Good Faith Estimate of the settlement costs
that the borrower is likely to incur in connection with the settlement. These
disclosures are manadatory.
Previous editions are obsolete
Total Reduction Amount Due Seller
Cash At Settlement To/From Seller
Gross amount due to seller (line 420)
Less reductions in amt. due seller (line 520)
To
(
)
From Seller
Section 4(a) of RESPA mandates that HUD develop and prescribe this
standard form to be used at the time of loan settlement to provide full
disclosure of all charges imposed upon the borrower and seller. These are
third party disclosures that are designed to provide the borrower with
pertinent information during the settlement process in order to be a better
shopper.
The Public Reporting Burden for this collection of information is estimated
to average one hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data
needed, and completing and reviewing the collection of information.
This agency may not collect this information, and you are not required to
complete this form, unless it displays a currently valid OMB control number.
The information requested does not lend itself to confidentiality.
Page 1 of 2
63
form HUD-1 (3/86)
ref Handbook 4305.2
L. Settlement Charges
700. Total Sales/Broker's Commission based on price $
Division of Commission (line 700) as follows:
701. $
to
702. $
to
703. Commission paid at Settlement
704.
800. Items Payable In Connection With Loan
801. Loan Origination Fee
%
802. Loan Discount
%
803. Appraisal Fee
to
804. Credit Report
to
805. Lender's Inspection Fee
806. Mortgage Insurance Application Fee to
807. Assumption Fee
808.
809.
810.
811.
900. Items Required By Lender To Be Paid In Advance
901. Interest from
to
@$
902. Mortgage Insurance Premium for
903. Hazard Insurance Premium for
904.
905.
1000. Reserves Deposited With Lender
1001. Hazard insurance
months@$
1002. Mortgage insurance
months@$
1003. City property taxes
months@$
1004. County property taxes
months@$
1005. Annual assessments
months@$
1006.
months@$
1007.
months@$
1008.
months@$
1100. Title Charges
1101. Settlement or closing fee
to
1102. Abstract or title search
to
1103. Title examination
to
1104. Title insurance binder
to
1105. Document preparation
to
1106. Notary fees
to
1107. Attorney's fees
to
(includes above items numbers:
1108. Title insurance
to
1109. Lender's coverage
$
1110. Owner's coverage
$
1111.
1112.
1113.
1200. Government Recording and Transfer Charges
1201. Recording fees: Deed $
; Mortgage $
1202. City/county tax/stamps: Deed $
; Mortgage $
1203. State tax/stamps: Deed $
; Mortgage $
1204.
1205.
1300. Additional Settlement Charges
1301. Survey
to
1302. Pest inspection to
1303.
1304.
1305.
@
%=
Paid From
Borrowers
Funds at
Settlement
Paid From
Seller's
Funds at
Settlement
/day
months to
years to
years to
per
per
per
per
per
per
per
per
month
month
month
month
month
month
month
month
)
)
; Releases $
1400. Total Settlement Charges (enter on lines 103, Section J and 502, Section K)
Page 2 of 2
64
form HUD-1 (3/86)
ref Handbook 4305.2
INTEREST RATE AND DISCOUNT DISCLOSURE STATEMENT
1. This statement regarding the interest rate and discount points that you may pay on a
mortgage guaranteed by VA (Department of Veterans Affairs) must be delivered to you
prior to execution of the borrower’s certification on the HUD/VA Addendum to the
Uniform Residential Loan Application.
2. VA does not establish the interest rate for mortgage loans to be guaranteed or set
either a maximum or minimum on the interest rate or on discount points that may be paid
by you. This means that you may pay such interest rate and discount points as you and
the lender agree upon. The seller may also pay the discount points, or a portion thereof,
if you and the seller agree to such an arrangement.
3. It is important for you to understand that the interest rate and discount points and the
length of time the lender will honor the loan terms are all freely negotiable with the
lender. Lenders may agree to offer the loan terms for a definite period of time (i.e., 30,
60, or 90 days), or may refuse to do so. This arrangement is commonly referred to as a
lock-in agreement. Keep in mind that your agreement with the seller will also affect the
date you can close you loan.
4. The terms of your agreement with the lender will determine the degree, if any, that the
interest rate and discount points may change before closing. An increase of more than 1
percent in the interest rate requires re-underwriting of the loan approval by VA or by the
lender. It may be necessary for the lender to obtain your signature on a new application.
If, after re-underwriting, it is determined that you remain qualified from a credit risk
standpoint, the conditions of your agreements with the lender and the seller may require
you to complete the transaction or lose your deposit.
IT IS YOUR RESPONSIBILITY TO ASSURE THAT
YOU UNDERSTAND THE TRANSACTION.
Borrower signature: ________________________
Date: __________________
Co-Borrower signature: _____________________
Date: __________________
65
COUNSELING CHECKLIST FOR MILITARY HOMEBUYERS
1. Failure on the part of a borrower on active duty to disclose that he/she expects to leave the area within
12 months due to transfer orders or completion of his/her enlistment period may constitute "bad faith." If your loan is
foreclosed under circumstances which include such bad faith, you may be required to repay VA for any loss suffered by
the Government under the guaranty. (In ANY case in which VA suffers a loss under the guaranty, the loss must be repaid
before your loan benefits can be restored to use in obtaining another VA loan.)
2. Although real estate values have historically risen in most areas, there is no assurance that the property for which you
are seeking financing will increase in value or even retain its present value.
3. It is possible that you may encounter difficulty in selling your house, recovering your investment or making any profit,
particularly if there is an active new home market in the area.
4. Receiving military orders for a permanent change of duty station or an unexpected early discharge due to a reduction in
force will not relieve you of your obligation to make your mortgage payments on the first of each month.
5. "Letting the house go back" is NOT an acceptable option. A decision to do so may be considered "bad faith". A
foreclosure will result in a bad credit record, a possible debt you will owe the government and difficulty in getting more
credit in the future.
6. If unexpected circumstances lead to difficulty in making your payments, contact your mortgage company promptly. It
will be easier to resolve any problems if you act quickly and be open and honest with the mortgage company.
7. YOUR VA LOAN MAY NOT BE ASSUMED WITHOUT THE PRIOR APPROVAL OF VA OR YOUR
LENDER.
8. DO NOT BE MISLED! VA does not guarantee the CONDITION of the house which you are buying, whether it is
new or previously occupied. VA guarantees only the LOAN. You may talk to many people when you are in the process
of buying a house. Particularly with a previously occupied house, you may pick up the impression along the way that you
need not be overly concerned about any needed repairs or hidden defects since VA will be sure to find them and require
them to be repaired. This is NOT TRUE! In every case, ultimately, it is your responsibility to be an informed buyer and
to assure yourself that what you are buying is satisfactory to you in all respects. Remember, VA guarantees only the loan NOT the condition.
9. If you have any doubts about the condition of the house which you are buying, it is in your best interest to seek expert
advice before you legally commit yourself in a purchase agreement. Particularly with a previously occupied house, most
sellers and their real estate agents are willing to permit you, at your expense, to arrange for an inspection by a qualified
residential inspection service. Also, most sellers and agents are willing to negotiate with you concerning what repairs are
to be included in the purchase agreement. Steps of this kind can prevent many later problems, disagreements, and major
disappointments.
10. Proper maintenance is the best way to protect your home and improve the chance that its value will increase.
11. If you are buying a previously owned house, you should look into making energy efficient improvements. You can
add up to $6,000 to your VA loan to have energy efficient improvements installed. Consult your lender or the local VA
office.
I HEREBY CERTIFY THAT the lender has counseled me and I fully understand the counseling items set forth above.
(Borrower’s Signature)
(Date)
I HEREBY CERTIFY THAT the borrower has been counseled regarding the counseling items set forth above.
(Lender’s Signature)
VA Form
JUN 1995
26-0592
EXISTING STOCK OF VA FORM 26-0592, JUL 1990, WILL
BE USED.
(Date)
66
Uniform Residential Loan Application
____________________________________________________________________________________________
This application is designed to be completed by the applicant(s) with the Lender’s assistance. Applicants should
complete this form as “Borrower” or “Co-Borrower,” as applicable. Co-Borrower information must also be provided
(and the appropriate box checked) when the income or assets of a person other than the Borrower (including the
the income or assets of the Borrower’s
Borrower’s spouse) will be used as a basis for loan qualification or
spouse or other person who has community property or similar rights pursuant to applicable state law will not be
used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other
person who has community property or similar rights and the Borrower resides in a community property state, the
security property is located in a community property state, or the Borrower is relying on other property located in a
community property state as a basis for repayment of the loan.
If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit
(sign below):
_____________________________________
Borrower
Mortgage
Applied for:
Amount
$
__________________________________________
Co-Borrower
I. TYPE OF MORTGAGE AND TERMS OF LOAN
Agency Case Number
USDA/Rural Housing Service
Conventional
Other (explain):
VA
FHA
Interest Rate
%
Lender Case Number
Amortization
Fixed Rate
Other (explain):
Type:
GPM
ARM (type):
II. PROPERTY INFORMATION AND PURPOSE OF LOAN
Subject Property Address (street, city, state & ZIP)
No. of Units
Legal Description of Subject Property (attach description if necessary)
Year Built
Purpose of Loan
No. of Months
Purchase
Refinance
Construction-Permanent
Property will be:
Primary Residence
Secondary Residence
Investment
Construction
Other (explain):
Complete this line if construction or construction-permanent loan.
Year Lot
Acquired
Original Cost
Amount Existing
Liens
(a) Present Value of
Lot
(b) Cost of
Improvements
Total (a + b)
$
$
$
$
$
Purpose of
Refinance
Describe
Improvements
Complete this line if this is a refinance loan.
Year
Acquired
Original Cost
Amount Existing
Liens
$
$
Title will be held in what Name(s)
Manner in which Title will be held
made
to be made
Estate will be held in:
Fee Simple
Leasehold
(show expiration date)
Source of Down Payment, Settlement Charges, and/or Subordinate Financing (explain)
Freddie Mac Form 65 7/05
Page 1 of 8
Fannie Mae Form 1003
67
7/05
Borrower
III. BORROWER INFORMATION
Co-Borrower
Borrower’s Name (include Jr. or Sr. if applicable)
Co-Borrower’s Name (include Jr. or Sr. if applicable)
Social Security
Number
Married
Unmarried
Home Phone
(incl. Area code)
Separated
DOB
(mm/dd/yyyy)
Yrs.
School
Dependents
(not listed by Co-Borrower)
no.
ages
(include single, divorced, widowed)
Present Address
Own
Social Security
Number
Married
Unmarried
Home Phone
DOB
(incl. Area code)
(mm/dd/yyyy)
Yrs.
School
Dependents
Separated
(not listed by Borrower)
no.
ages
(include single, divorced, widowed)
Rent
__No. Yrs.
Present Address
Own
Rent
__No. Yrs.
(street, city, state, ZIP)
Mailing Address, if different from Present Address
Mailing Address, if different from Present Address
If residing at present address for less than two years, complete the following:
Former Address
Own
Rent
__No. Yrs.
Former Address
Own
Rent
__No. Yrs.
Borrower
IV. EMPLOYMENT INFORMATION
Self
Employed
Name & Address
Yrs. on this job
Name & Address
of Employer
of Employer
Co-Borrower
Yrs. on this job
Self Employed
Yrs. employed
in this line of
work/profession
Yrs. employed
in this line of
work/profession
Position/Title/Type of Business
Business Phone
Business Phone
(incl. area code)
(incl. area code)
If employed in current position for less than two years or if currently employed in more than one position, complete
the following:
Name & Address
of Employer
Self Employed
Name & Address
of Employer
Dates
(from – to)
Self Employed
Monthly Income
$
Business Phone
Monthly Income
$
Business Phone
(incl. area code)
Name & Address
of Employer
Self Employed
(incl. area code)
Name & Address
of Employer
Dates
(from – to)
Self Employed
Monthly Income
$
Business Phone
Dates
(from – to)
Monthly Income
(incl. area code)
Dates
(from – to)
Page 2 of 8
$
Business Phone
(incl. area code)
68
7/05
Gross
Monthly Income
Base Empl.
Income*
V. MONTHLY INCOME AND COMBINED HOUSING EXPENSE INFORMATION
Borrower
CoTotal
Combined
Present
Borrower
Monthly
Housing Expense
$
$
$
Rent
$
Overtime
Proposed
$
First Mortgage
(P&I)
Bonuses
Other Financing
(P&I)
Commissions
Hazard Insurance
Dividends/
Interest
Net Rental
Income
Real Estate Taxes
Mortgage
Insurance
Homeowner Assn.
Dues
Other
(before completing,
see the notice in
“describe other
income,” below)
Other:
Total
∗
$
$
$
Total
$
$
Self Employed Borrower(s) may be required to provide additional documentation such as tax returns and
financial statements.
Describe Other Income
B/C
Notice: Alimony, child support, or separate maintenance income need not be
revealed if the Borrower (B) or Co-Borrower (C) does not choose to have it
considered for repaying this loan.
Monthly Amount
$
VI. ASSETS AND LIABILITIES
This Statement and any applicable supporting schedules may be completed jointly by both married and unmarried
Co-Borrowers if their assets and liabilities are sufficiently joined so that the Statement can be meaningfully and
fairly presented on a combined basis; otherwise, separate Statements and Schedules are required. If the CoBorrower section was completed about a non-applicant spouse or other person, this Statement and supporting
schedules must be completed about that spouse or other person also.
Completed Jointly Not Jointly
Page 3 of 8
69
7/05
ASSETS
Description
Cash deposit toward
purchase held by:
Cash or
Market Value
$
List checking and savings accounts below
Liabilities and Pledged Assets. List the creditor’s name, address,
and account number for all outstanding debts, including automobile
loans, revolving charge accounts, real estate loans, alimony, child
support, stock pledges, etc. Use continuation sheet, if necessary.
Indicate by (*) those liabilities, which will be satisfied upon sale of
real estate owned or upon refinancing of the subject property.
LIABILITIES
Monthly Payment &
Unpaid
Months Left to Pay
Balance
Name and address of Company
$ Payment/Months
$
$ Payment/Months
$
$ Payment/Months
$
$ Payment/Months
$
$ Payment/Months
$
$ Payment/Months
$
Name and address of Bank, S&L, or Credit Union
Acct. no.
Acct. no.
$
Acct. no.
Acct. no.
$
Acct. no.
Acct. no.
$
Acct. no.
Acct. no.
$
Stocks & Bonds (Company
name/number & description)
$
Life insurance net cash value
$
Acct. no.
Face amount: $
Subtotal Liquid Assets
$
Acct. no.
Real estate owned
(enter market value from
schedule of real estate owned)
Vested interest in retirement fund
$
Alimony/Child Support/Separate
Maintenance Payments Owed to:
$
Job-Related Expense
(child care, union dues, etc.)
$
$
Net worth of business(es) owned
(attach financial statement)
Automobiles owned
(make and year)
$
Other Assets (itemize)
$
Total Assets
a.
$
$
Total Monthly Payments
Net Worth
(a minus b)
Page 4 of 8
$
$
Total Liabilities
b.
$
70
7/05
Schedule of Real Estate Owned (If additional properties are owned, use continuation sheet.)
Property Address
(enter S if sold, PS if
pending sale or R if
rental being held for
income)
Type of
Property
Totals
Present
Market
Value
Amount
of
Mortgages
& Liens
Gross
Rental
Income
Mortgage
Payments
Insurance,
Maintenance,
Taxes &
Misc.
Net
Rental
Income
$
$
$
$
$
$
$
$
$
$
$
$
List any additional names under which credit has previously been received and indicate appropriate creditor
name(s) and account number(s):
Alternate Name
a.
b.
c.
VII. DETAILS OF TRANSACTION
Purchase price
$
Alterations,
improvements, repairs
Land
(if acquired separately)
d.
Refinance
(incl. debts to be paid off)
e.
Estimated prepaid
items
f.
g.
Estimated closing costs
PMI, MIP, Funding Fee
Creditor Name
Account Number
VIII. DECLARATIONS
If you answer “Yes” to any questions a
Borrower
through i, please use continuation sheet
for explanation.
Yes
No
CoBorrower
Yes
No
a. Are there any outstanding judgments
against you?
b. Have you been declared bankrupt
within the past 7 years?
c. Have you had property foreclosed
upon or given title or deed in lieu
thereof in the last 7 years?
d. Are you a party to a lawsuit?
e. Have you directly or indirectly been
obligated on any loan of which
resulted in foreclosure, transfer of title
in lieu of foreclosure, or judgment?
(This would include such loans as home
mortgage loans, SBA loans, home improvement
loans, educational loans, manufactured (mobile)
home loans, any mortgage, financial obligation,
bond, or loan guarantee. If “Yes,” provide
details, including date, name, and address of
Lender, FHA or VA case number, if any, and
reasons for the action.)
h.
Discount
(if Borrower will pay)
f.
Are you presently delinquent or in
default on any Federal debt or any
other loan, mortgage, financial
obligation, bond, or loan guarantee?
If “Yes,” give details as described in the
preceding question.
i.
Total costs
(add items a through h)
j.
Subordinate financing
g. Are you obligated to pay alimony,
child support, or separate
maintenance?
h. Is any part of the down payment
borrowed?
Page 5 of 8
71
7/05
VII. DETAILS OF TRANSACTION (cont’d)
k.
l.
m.
n.
Borrower’s closing
costs paid by Seller
Other Credits (explain)
VIII. DECLARATIONS (cont’d)
i.
Are you a co-maker or endorser on a
note?
-------------------------------------------------------
Loan amount (exclude
financed)
j.
Are you a U.S. citizen?
k.
Are you a permanent resident alien?
l.
Do you intend to occupy the property
as your primary residence?
If “Yes,” complete question m below.
financed
Loan amount
m. Have you had an ownership interest
in a property in the last three years?
o.
(1) What type of property did you ___ ___ ___ ___
(add m & n)
own—principal residence (PR), second
home (SH), or investment property
(IP)?
p. Cash from/to Borrower
(2) How did you hold title to the ___ ___ ___ ___
(subtract j, k, l & o from i)
home— by yourself (S), jointly
with your spouse or jointly with
another person (O)?
IX. ACKNOWLEDGMENT AND AGREEMENT
Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers,
processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the
information provided in this application is true and correct as of the date set forth opposite my signature and that any
intentional or negligent misrepresentation of this information contained in this application may result in civil liability,
including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that
I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both
under the provisions of Title 18, United States Code, Sec. 1001, et seq.; (2) the loan requested pursuant to this
application (the "Loan") will be secured by a mortgage or deed of trust on the property described in this application;
(3) the property will not be used for any illegal or prohibited purpose or use; (4) all statements made in this
application are made for the purpose of obtaining a residential mortgage loan; (5) the property will be occupied as
indicated in this application; (6) the Lender, its servicers, successors or assigns may retain the original and/or an
electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers,
insurers, servicers, successors, and assigns may continuously rely on the information contained in the application,
and I am obligated to amend and/or supplement the information provided in this application if any of the material facts
that I have represented herein should change prior to closing of the Loan; (8) in the event that my payments on the
Loan become delinquent, the Lender, its servicers, successors or assigns may, in addition to any other rights and
remedies that it may have relating to such delinquency, report my name and account information to one or more
consumer reporting agencies; (9) ownership of the Loan and/or administration of the Loan account may be
transferred with such notice as may be required by law; (10) neither Lender nor its agents, brokers, insurers,
servicers, successors or assigns has made any representation or warranty, express or implied, to me regarding the
property or the condition or value of the property; and (11) my transmission of this application as an "electronic
record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws
(excluding audio and video recordings), or my facsimile transmission of this application containing a facsimile of my
signature, shall be as effective, enforceable and valid as if a paper version of this application were delivered
containing my original written signature.
Acknowledgement. Each of the undersigned hereby acknowledges that any owner of the Loan, its servicers,
successors and assigns, may verify or reverify any information contained in this application or obtain any information
or data relating to the Loan, for any legitimate business purpose through any source, including a source named in
this application or a consumer reporting agency.
Borrower’s Signature
X
Date
Co-Borrower’s Signature
X
Page 6 of 8
Date
72
7/05
X. INFORMATION FOR GOVERNMENT MONITORING PURPOSES
The following information is requested by the Federal Government for certain types of loans related to a dwelling in
order to monitor the lender's compliance with equal credit opportunity, fair housing and home mortgage disclosure
laws. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender
may not discriminate either on the basis of this information, or on whether you choose to furnish it. If you furnish the
information, please provide both ethnicity and race. For race, you may check more than one designation. If you do
not furnish ethnicity, race, or sex, under Federal regulations, this lender is required to note the information on the
basis of visual observation and surname if you have made this application in person. If you do not wish to furnish the
information, please check the box below. (Lender must review the above material to assure that the disclosures
satisfy all requirements to which the lender is subject under applicable state law for the particular type of loan applied
for.)
CO-BORROWER
BORROWER
I do not wish to furnish this information
I do not wish to furnish this information
Not Hispanic or Latino
Ethnicity: Hispanic or Latino
Not Hispanic or Latino Ethnicity: Hispanic or Latino
Race:
American Indian or Alaska Native
Race:
Asian
Black or African American
Native Hawaiian or Other Pacific Islander
White
Sex:
Female
Male
Sex:
To be Completed by Interviewer Interviewer’s Name (print or type)
This application was taken by:
Face-to-face interview
Mail
Telephone
Internet
Interviewer’s Signature
American Indian or Alaska Native
Asian
Black or African American
Native Hawaiian or Other Pacific Islander
White
Female
Male
Name and Address of Interviewer’s
Employer
Date
Interviewer’s Phone Number
(incl. area code)
Page 7 of 8
73
7/05
CONTINUATION SHEET/RESIDENTIAL LOAN APPLICATION
Use this continuation sheet if
you need more space to
complete the Residential Loan
Application. Mark B for
Borrower or C for Co-Borrower.
Borrower:
Agency Case Number:
Co-Borrower:
Lender Case Number:
____________________________________________________________________________________________
I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any
false statements concerning any of the above facts as applicable under the provisions of Title 18, United States
Code, Section 1001, et seq.
Borrower’s Signature
Date
Date
X
X
Page 8 of 8
74
7/05
HUD/VA Addendum to Uniform Residential Loan Application
Part I - Identifying Information
1.
(mark the type of application)
VA Application for
HUD/FHA Application for Insurance
Home Loan Guaranty
under the National Housing Act
5. Borrower's Name & Present Address (Include zip code)
6. Property Address (including name of subdivision, lot & block no. & zip code)
2. Agency Case No. (include any suffix) 3. Lender’s Case No.
4. Section of the Act
(for HUD cases)
7. Loan Amount (include the UFMIP if 8. Interest Rate
9. Proposed Maturity
for HUD or Funding Fee if for VA)
$
%
yrs.
mos.
10. Discount Amount 11.Amount of Up Front 12a.Amount of Monthly12b.Term of Monthly
(only if borrower is
Premium
Premium
Premium
permitted to pay)
/ mo.
months
$
$
13. Lender's I.D. Code
15. Lender's Name & Address
OMB Approval No. VA: 2900-0144
HUD: 2502-0059 (exp. 9/30/2007)
14.Sponsor / Agent I.D. Code
16. Name & Address of Sponsor / Agent
(include zip code)
17. Lender's Telephone Number
Type or Print all entries clearly
VA: The veteran and the lender hereby apply to the Secretary of Veterans Affairs for Guaranty of the loan described here under Section 3710, Chapter 37, Title
38, United States Code, to the full extent permitted by the veteran’s entitlement and severally agree that the Regulations promulgated pursuant to Chapter
37, and in effect on the date of the loan shall govern the rights, duties, and liabilities of the parties.
18. First Time
19. VA Only
Homebuyer?
20. Purpose of Loan
(blocks 9 - 12 are for VA loans only)
Title will be Vested in:
a.
Yes
Veteran
b.
No
Veteran & Spouse
Other (specify)
1)
2)
3)
4)
5)
6)
7)
Purchase Existing Home Previously Occupied
8)
Finance Improvements to Existing Property
9)
Refinance (Refi.)
10)
Purchase New Condo. Unit
11)
Purchase Existing Condo.Unit
Purchase Existing Home Not Previously Occupied 12)
Construct Home (proceeds to be paid out during construction)
Finance Co-op Purchase
Purchase Permanently Sited Manufactured Home
Purchase Permanently Sited Manufactured Home & Lot
Refi. Permanently Sited Manufactured Home to Buy Lot
Refi. Permanently Sited Manufactured Home/Lot Loan
Part II - Lender’s Certification
21. The undersigned lender makes the following certifications to induce the
E. The Uniform Residential Loan Application and this Addendum were signed
Department of Veterans Affairs to issue a certificate of commitment to
by the borrower after all sections were completed.
guarantee the subject loan or a Loan Guaranty Certificate under Title 38, U.S. F. This proposed loan to the named borrower meets the income and credit
Code, or to induce the Department of Housing and Urban Development requirements of the governing law in the judgment of the undersigned.
Federal Housing Commissioner to issue a firm commitment for mortgage
G. To the best of my knowledge and belief, I and my firm and its principals: (1)
insurance or a Mortgage Insurance Certificate under the National Housing Act.
are not presently debarred, suspended, proposed for debarment, declared
A. The loan terms furnished in the Uniform Residential Loan Application and
ineligible, or voluntarily excluded from covered transactions by any Federal
this Addendum are true, accurate and complete.
department or agency; (2) have not, within a three-year period preceding
B. The information contained in the Uniform Residential Loan Application and
this proposal, been convicted of or had a civil judgment rendered against
them for (a) commission of fraud or a criminal offense in connection with
this Addendum was obtained directly from the borrower by an employee
obtaining, attempting to obtain, or performing a public (Federal, State or
of the undersigned lender or its duly authorized agent and is true to the best
local) transaction or contract under a public transaction; (b) violation of
of the lender’s knowledge and belief.
C. The credit report submitted on the subject borrower (and co-borrower , if
Federal or State antitrust statutes or commission of embezzlement, theft,
any) was ordered by the undersigned lender or its duly authorized agent
forgery, bribery, falsification or destruction of records, making false statedirectly from the credit bureau which prepared the report and was received
ments, or receiving stolen property; (3) are not presently indicted for or
directly from said credit bureau.
otherwise criminally or civilly charged by a governmental entity (Federal,
D. The verification of employment and verification of deposits were requested
State or local) with commission of any of the offenses enumerated in
and received by the lender or its duly authorized agent without passing
paragraph G(2) of this certification; and (4) have not, within a three-year
through the hands of any third persons and are true to the best of the
period preceding this application/proposal, had one or more public translender’s knowledge and belief.
actions (Federal, State or local) terminated for cause or default.
Items "H" through "J" are to be completed as applicable for VA loans only.
H. The names and functions of any duly authorized agents who developed on behalf of the lender any of the information or supporting credit data submitted are as follows:
Name & Address
Function (e.g., obtained information on the Uniform Residential Loan
Application, ordered credit report, verifications of employment, deposits, etc.)
If no agent is shown above, the undersigned lender affirmatively certifies that all information and supporting credit data were obtained directly by the lender.
I. The undersigned lender understands and agrees that it is responsible for the omissions, errors, or acts of agents identified in item H as to the functions
with which they are identified.
J. The proposed loan conforms otherwise with the applicable provisions of Title 38, U.S. Code, and of the regulations concerning guaranty or insurance of loans
to veterans.
Signature of Officer of Lender
Title of Officer of Lender
Date (mm/dd/yyyy)
Part III - Notices to Borrowers. Public reporting burden for this collection of information is estimated to average 6 minutes per response, including the time for
reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This
agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collection displays a valid OMB control number.
Privacy Act Information. The information requested on the Uniform Residential Loan Application and this Addendum is authorized by 38 U.S.C. 3710 (if for DVA)
and 12 U.S.C. 1701 et seq. (if for HUD/FHA). The Debt Collection Act of 1982, Pub. Law 97-365, and HUD's Housing and Community Development Act of 1987, 42
U.S.C. 3543, require persons applying for a federally insured or guaranteed loan to furnish his/her social security number (SSN). You must provide all the requested
information, including your SSN. HUD and/or VA may conduct a computer match to verify the information you provide. HUD and/or VA may disclose certain
information to Federal, State and local agencies when relevant to civil, criminal, or regulatory investigations and prosecutions. It will not otherwise be disclosed or
released outside of HUD or VA, except as required and permitted by law. The information will be used to determine whether you qualify as a mortgagor. Any
disclosure of information outside VA or HUD/FHA will be made only as permitted by law. Failure to provide any of the requested information, including SSN, may
VA Form 26-1802a (3/98)
page 1
75
form HUD-92900-A (06/2005)
result in disapproval of your loan application. This is notice to you as required by the Right to Financial Privacy Act of 1978 that VA or HUD/FHA has a right of access
to financial records held by financial institutions in connection with the consideration or administration of assistance to you. Financial records involving your
transaction will be available to VA and HUD/FHA without further notice or authorization but will not be disclosed or released by this institution to another Government
Agency or Department without your consent except as required or permitted by law.
Caution. Delinquencies, defaults, foreclosures and abuses of mortgage loans involving programs of the Federal Government can be costly and detrimental to your
credit, now and in the future. The lender in this transaction, its agents and assigns as well as the Federal Government, its agencies, agents and assigns, are
authorized to take any and all of the following actions in the event loan payments become delinquent on the mortgage loan described in the attached application: (1)
Report your name and account information to a credit bureau; (2) Assess additional interest and penalty charges for the period of time that payment is not made; (3)
Assess charges to cover additional administrative costs incurred by the Government to service your account; (4) Offset amounts owed to you under other Federal
programs; (5) Refer your account to a private attorney, collection agency or mortgage servicing agency to collect the amount due, foreclose the mortgage, sell the
property and seek judgment against you for any deficiency; (6) Refer your account to the Department of Justice for litigation in the courts; (7) If you are a current or
retired Federal employee, take action to offset your salary, or civil service retirement benefits; (8) Refer your debt to the Internal Revenue Service for offset against
any amount owed to you as an income tax refund; and (9) Report any resulting written-off debt of yours to the Internal Revenue Service as your taxable income. All
of these actions can and will be used to recover any debts owed when it is determined to be in the interest of the lender and/or the Federal Government to do so.
Part IV - Borrower Consent for Social Security Administration to Verify Social Security Number
I authorize the Social Security Administration to verify my Social Security number to the Lender identified in this document and HUD/FHA, through a computer
match conducted by HUD/FHA.
I understand that my consent allows no additional information from my Social Security records to be provided to the Lender, and HUD/FHA and that verification of
my Social Security number does not constitute confirmation of my identity. I also understand that my Social Security number may not be used for any other
purpose than the one stated above, including resale or redisclosure to other parties. The only other redisclosure permitted by this authorization is for review
purposes to ensure that HUD/FHA complies with SSA's consent requirements.
I am the individual to whom the Social Security number was issued or that person's legal guardian. I declare and affirm under the penalty of perjury that the
information contained herein is true and correct. I know that if I make any representation that I know is false to obtain information from Social Security records, I
could be punished by a fine or imprisonment or both.
This consent is valid for 180 days from the date signed, unless indicated otherwise by the individual(s) named in this loan application.
Signature(s) of Borrower(s) - Read consent carefully. Review accuracy of social security number(s) and birth dates provided on this application.
Date signed
Part V - Borrower Certification
22. Complete the following for a HUD/FHA Mortgage .
22a.Do you own or have you sold other real estate within the
Yes
No
Is it to be sold? 22b. Sales Price
Yes
No $
22c. Original Mortgage Amt
$
past 60 months on which there was a HUD/FHA mortgage?
22d. Address
22e. If the dwelling to be covered by this mortgage is to be rented, is it a part of, adjacent or contiguous to any project subdivision or group of concentrated
rental properties involving eight or more dwelling units in which you have any financial interest?
Yes
No
If “Yes” give details.
Yes
No If “Yes” submit form HUD-92561.
23. Complete for VA-Guaranteed Mortgage . Have you ever had a VA home Loan?
Yes
No
24. Applicable for Both VA & HUD. As a home loan borrower, you will be legally obligated to make the mortgage payments called for by your mortgage loan contract.
The fact that you dispose of your property after the loan has been made will not relieve you of liability for making these payments. Payment of the loan in full
is ordinarily the way liability on a mortgage note is ended. Some home buyers have the mistaken impression that if they sell their homes when they move to another
locality, or dispose of it for any other reasons, they are no longer liable for the mortgage payments and that liability for these payments is solely that of the new owners.
Even though the new owners may agree in writing to assume liability for your mortgage payments, this assumption agreement will not relieve you from liability to the
holder of the note which you signed when you obtained the loan to buy the property. Unless you are able to sell the property to a buyer who is acceptable to VA or
to HUD/FHA and who will assume the payment of your obligation to the lender, you will not be relieved from liability to repay any claim which VA or HUD/FHA may be
required to pay your lender on account of default in your loan payments. The amount of any such claim payment will be a debt owed by you to the Federal
Government. This debt will be the object of established collection procedures.
22f. Do you own more than four dwellings ?
25. I, the Undersigned Borrower(s) Certify that:
(1) I have read and understand the foregoing concerning my liability on the loan and Part
III Notices to Borrowers.
(2) Occupancy: ( for VA only -- mark the applicable box)
(a) I now actually occupy the above-described property as my home or intend to
move into and occupy said property as my home within a reasonable period of time
or intend to reoccupy it after the completion of major alterations, repairs or improvements.
(b) My spouse is on active military duty and in his or her absence, I occupy or intend
to occupy the property securing this loan as my home.
(c) I previously occupied the property securing this loan as my home. (for interest
rate reductions)
(d) While my spouse was on active military duty and unable to occupy the property
securing this loan, I previously occupied the property that is securing this loan as my
home. (for interest rate reduction loans)
Note: If box 2b or 2d is checked, the veteran's spouse must also sign below.
(3) Mark the applicable box (not applicable for Home Improvement or Refinancing Loan)
I have been informed that ($
) is :
the reasonable value of the property as determined by VA or;
the statement of appraised value as determined by HUD / FHA.
Note: If the contract price or cost exceeds the VA "Reasonable Value" or HUD/FHA
"Statement of Appraised Value", mark either item (a) or item (b), whichever is applicable.
(a) I was aware of this valuation when I signed my contract and I have paid or will
pay in cash from my own resources at or prior to loan closing a sum equal to the
difference between the contract purchase price or cost and the VA or HUD/FHA
established value. I do not and will not have outstanding after loan closing any unpaid
contractual obligation on account of such cash payment;
(b) I was not aware of this valuation when I signed my contract but have elected
to complete the transaction at the contract purchase price or cost. I have paid
or will pay in cash from my own resources at or prior to loan closing a sum equal
to the difference between contract purchase price or cost and the VA or HUD/
FHA established value. I do not and will not have outstanding after loan closing
any unpaid contractual obligation on account of such cash payment.
(4) Neither I, nor anyone authorized to act for me, will refuse to sell or rent, after
the making of a bona fide offer, or refuse to negotiate for the sale or rental of,
or otherwise make unavailable or deny the dwelling or property covered by his/
her loan to any person because of race, color, religion, sex, handicap, familial status
or national origin. I recognize that any restrictive covenant on this property relating
to race, color, religion, sex, handicap, familial status or national origin is illegal and
void and civil action for preventive relief may be brought by the Attorney General
of the United States in any appropriate U.S. District Court against any person responsible for the violation of the applicable law.
(5) All information in this application is given for the purpose of obtaining a loan to
be insured under the National Housing Act or guaranteed by the Department of Veterans
Affairs and the information in the Uniform Residential Loan Application and this Addendum is true and complete to the best of my knowledge and belief. Verification may be
obtained from any source named herein.
(6) For HUD Only (for properties constructed prior to 1978 ) I have received information
on lead paint poisoning.
Yes
Not Applicable
(7) I am aware that neither HUD / FHA nor VA warrants the condition or value of
the property
Signature(s) of Borrower(s) -- Do not sign unless this application is fully completed. Read the certifications carefully & review accuracy of this application. Date
Federal statutes provide severe penalties for any fraud, intentional misrepresentation, or criminal connivance or conspiracy purposed to influence the
issuance of any guaranty or insurance by the VA Secretary or the HUD/FHA Commissioner.
VA Form 26-1802a (3/98)
page 2
76
form HUD-92900-A (06/2005)
Direct Endorsement Approval for a HUD/FHA-Insured Mortgage
Part I - Identifying Information
(mark the type of application)
2. Agency Case No. (include any suffix) 3. Lender’s Case No.
4. Section of the Act
(for HUD cases)
HUD/FHA Application for Insurance
1.
under the National Housing Act
7. Loan Amount (include the UFMIP)
5. Borrower's Name & Present Address (Include zip code)
8. Interest Rate
$
yrs.
mos.
10. Discount Amount 11. Amount of Up Front 12a.Amount of Monthly 12b. Term of Monthly
(only if borrower is
Premium
Premium
Premium
permitted to pay)
/ mo.
months
$
$
6. Property Address (including name of subdivision, lot & block no. & zip code)
13. Lender's I.D. Code
15. Lender's Name & Address
9. Proposed Maturity
%
14. Sponsor / Agent I.D. Code
16. Name & Address of Sponsor / Agent
(include zip code)
17. Lender's Telephone Number
Type or Print all entries clearly
Approved: Approved subject to the additional conditions stated below, if any.
Date Mortgage Approved
Modified & Loan Amount
Approved $
as follows:
Date Approval Expires
(include UFMIP) Interest Rate Proposed Maturity
%
Yrs.
Monthly Payment
Mos $
Amount of
Up Front Premium
Amount of Monthly
Premium
$
$
Term of Monthly
Premium
months
Additional Conditions:
If this is proposed construction, the builder has certified compliance with HUD requirements on form HUD-92541.
If this is new construction, the lender certifies that the property is 100% complete (both on site and off site improvements) and the
property meets HUD's minimum property standards and local building codes.
Form HUD-92544, Builder's Warranty is required.
The property has a 10-year warranty.
Owner-Occupancy Not required ( item (b) of the Borrower's Certificate does not apply).
The mortgage is a high loan-to-value ratio for non-occupant mortgagor in military.
Other: (specify)
This mortgage was rated as an “accept” or "approve" by FHA's Total Mortgage Scorecard. As such, the undersigned representative of the mortgagee
certifies to the integrity of the data supplied by the lender used to determine the quality of the loan, that a Direct Endorsement Underwriter reviewed
the appraisal (if applicable) and further certifies that this mortgage is eligible for HUD mortgage insurance under the Direct Endorsement program.
I hereby make all certifications required for this mortgage as set forth in HUD Handbook 4000.4
Mortgagee Representative
This mortgage was rated as a “refer” by a FHA's Total Mortgage Scorecard, and/or was manually underwritten by a Direct Endorsement
underwriter. As such, the undersigned Direct Endorsement underwriter certifies that I have personally reviewed the appraisal report (if
applicable), credit application, and all associated documents and have used due diligence in underwriting this mortgage. I find that this
mortgage is eligible for HUD mortgage insurance under the Direct Endorsement program and I hereby make all certifications required for
this mortgage as set forth in HUD Handbook 4000.4
Direct Endorsement Underwriter
DE's CHUMS ID Number
The Mortgagee, its owners, officers, employees or directors
do
do not have a financial interest in or a
relationship, by affiliation or ownership, with the builder or seller involved in this transaction.
page 3
77
form HUD-92900-A (06/2005)
Borrower's Certificate:
The undersigned certifies that:
(a) I will not have outstanding any other unpaid obligations contracted in connection with the mortgage transaction or the purchase of
the said property except obligations which are secured by property or collateral owned by me independently of the said mortgaged
property, or obligations approved by the Commissioner;
(b) One of the undersigned intends to occupy the subject property, (note: this item does not apply if owner-occupancy is not required
by the commitment);
(c) All charges and fees collected from me as shown in the settlement statement have been paid by my own funds, and no other charges
have been or will be paid by me in respect to this transaction;
(d) Neither I, nor anyone authorized to act for me, will refuse to sell or rent, after the making of a bona fide offer, or refuse to negotiate
for the sale or rental of or otherwise make unavailable or deny the dwelling or property covered by this loan to any person because
of race, color, religion, sex, handicap, familial status or national origin. I recognize that any restrictive covenant on this property
relating to race, color, religion, sex, handicap, familial status or national origin is illegal and void and any such covenant is hereby
specifically disclaimed. I understand that civil action for preventative relief may be brought by the Attorney General of the United
States in any appropriate U.S. District Court against any person responsible for a violation of this certificate.
Borrower'(s) Signature(s) & Date
Lender's Certificate:
The undersigned certifies that to the best of its knowledge:
(a) The statements made in its application for insurance and in this Certificate are true and correct;
(b) The conditions listed above or appearing in any outstanding commitment issued under the above case number have been fulfilled;
(c) Complete disbursement of the loan has been made to the borrower, or to his/her creditors for his/her account and with his/her consent;
(d) The security instrument has been recorded and is a good and valid first lien on the property described;
(e) No charge has been made to or paid by the borrower except as permitted under HUD regulations;
(f) The copies of the credit and security instruments which are submitted herewith are true and exact copies as executed and filed for record;
(g) It has not paid any kickbacks, fee or consideration of any type, directly or indirectly, to any party in connection with this transaction
except as permitted under HUD regulations and administrative instructions.
I, the undersigned, as authorized representative of
,
mortgagee at this time of closing of this mortgage loan, certify that I have personally reviewed the mortgage loan documents, closing
statements, application for insurance endorsement, and all accompanying documents. I hereby make all certifications required for this
mortgage as set forth in HUD Handbook 4000.4.
Lender's Name
Note: If the approval is executed by an agent in the
name of lender, the agent must enter the lender's
code number and type.
Title of Lender's Officer
Code Number (5 digits)
Signature of Lender's Officer
Type
Date
Clear All
page 4
Print
78
form HUD-92900-A (06/2005)
VA OMB Approval No. 2900-0521
USDA OMB Approval No. 0575-0009
USDA, Department of Agriculture
REQUEST FOR VERIFICATION OF EMPLOYMENT
Privacy Act Information: The VA will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or Title 38, Code
of Federal Regulations 1.526 for routine uses identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant Records,
Specially Adapted Housing Applicant Records and Vendee Loan Applicant Records - VA, published in the Federal Register. For example, information verifying an applicant’s employment
may be disclosed to a prospective mortgagee proposing to make a guaranteed loan on the veteran applicant’s behalf. Your obligation to respond is voluntary but failure to provide
requested information could impede processing.
Respondent Burden: This information is needed to help determine a veteran’s qualifications for a VA guaranteed loan. Title 38, United States Code, section 3710 authorizes collection of
this information. We estimate that you will need an average of 10 minutes to review the instructions, find the information, and complete this form. VA cannot conduct or sponsor a
collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information if this number is not displayed. Valid OMB
control numbers can be located on the OMB Internet Page at: www.whitehouse.gov/omb/OMBINV.VA.EPA.html#VA. If desired, you can call 1-800-827-1000 to get information on
where to send comments or suggestions about this form.
Lender or Local Processing Agency (LPA) completes Items 1 through 6 and has the applicant sign in Item 7. Forward the completed form directly to the employer
named in Item 1.
Employer completes either parts II and IV or parts III and IV. Return the form directly to the lender or local processing agency named in Item 3 of part I.
PART I - REQUEST CERTIFICATION
1. NAME AND ADDRESS OF EMPLOYER
2. NAME AND ADDRESS OF APPLICANT
3. NAME AND ADDRESS OF LENDER OR LOCAL PROCESSING AGENT (LPA)
I CERTIFY THAT this verification has been sent directly to the employer and has not passed through the hands of the applicant or any other interested party.
4A. SIGNATURE OF LENDER, OFFICIAL OF LPA, OR USDA LOAN PACKAGER
4B. TITLE OF LENDER, OFFICIAL OF LPA, OR USDA LOAN PACKAGER
X
5. DATE
6. VA OR USDA NO.
7. APPLICANT’S SIGNATURE AND EMPLOYEE IDENTIFICATION
I have applied for a mortgage loan or rehabilitation
loan and stated that I am/was employed by you. My
signature in the block authorizes verification of my
employment information.
X
PART II - VERIFICATION OF PRESENT EMPLOYMENT
8. PRESENT POSITION
12. CURRENT
BASE PAY
9. DATE OF
10. PROBABILITY OF CON- 11A. PAID BY:
EMPLOYMENT
TINUED EMPLOYMENT
SALARY
YES
11B. IS OVERTIME/BONUS LIKELY TO CONTINUE?
NO OVERTIME
BONUS
COMMISSION
YES
NO
ANNUAL
MONTHLY
WEEKLY
HOURLY
OTHER (Specify)
BASE PAY
YES
NO
YES
NO
14A. MONTHLY TAXABLE PAY (For Military Personnel Only)
CAREER C PAY
PRO PAY
13A. BASE EARNINGS YEAR-TO-DATE
PAST YEAR
$
$
$
$
FLIGHT PAY
OTHER (Specify)
13B. OVERTIME YEAR-TO-DATE
PAST YEAR
$
$
$
$
13C. COMMISSION YEAR-TO-DATE
PAST YEAR
14B. MONTHLY NONTAXABLE PAY (For Military Personnel Only)
QUARTERS
VHA
CLOTHING
$
$
$
$
$
13D. BONUSES YEAR-TO-DATE
PAST YEAR
RATIONS
OTHER (Specify)
$
$
$
$
$
15. REMARKS: IF PAID HOURLY, PLEASE INDICATE AVERAGE HOURS WORKED EACH WEEK DURING CURRENT AND PAST YEAR
PART III - VERIFICATION OF PREVIOUS EMPLOYMENT
16. SALARY/WAGE AT TERMINATION:
YEARLY
FROM
MONTHLY
WEEKLY
17. DATES OF EMPLOYMENT
TO
BASE PAY
OVERTIME
COMMISSIONS
BONUS
$
$
$
$
18. REASONS FOR LEAVING
19. POSITION HELD
PART IV - CERTIFICATION Federal statutes provide severe penalties for any fraud, intentional misrepresentation, or criminal connivance or
conspiracy purposed to influence the issuance of any guaranty or insurance by VA or USDA Administrators.
20. SIGNATURE
21. TITLE OF EMPLOYER
22. EMPLOYER’S TELEPHONE
NO. (Include Area Code)
23. DATE
X
VA FORM
OCT 2004
26-8497
USDA Form 410-5
EXISTING STOCKS OF VA FORM 26-8497, JUN 1997,
WILL BE USED.
79
REQUEST FOR VERIFICATION OF DEPOSIT
Privacy Act Notice: The VA will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or
Title 5, Code of Federal Regulations 1,526 for routine uses identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured
Home Loan Applicant Records, Specially Adapted Housing Applicant Records and Vendee Loan Applicant Records - VA, published in the Federal Register. An
example of routine use would be where information may be disclosed to depository institutions to enable them to provide information on assets for purposes of credit
underwriting. Your obligation to respond is voluntary but failure to provide requested information could impede processing.
Important Notice About Information Collection: This information is needed to help determine a veteran’s qualifications for a VA guaranteed loan. Title 38, U.S.C.,
section 3710, allows us to ask for this information. We estimate that you will need an average of 5 minutes to review the instructions, find the information, and
complete this form. VA cannot conduct or sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a
collection of information if this number is not displayed. Valid OMB control numbers can be located on the OMB Internet Page at
www.whitehouse.gov/library/omb/OMBINVC.html#VA. If desired, you can call 1-800-827-1000 to get information on where to send comments or suggestions about
this form.
INSTRUCTIONS
LENDER OR LOCAL PROCESSING AGENCY: Complete Items 1 through 8. Have applicant(s) complete Item 9. Forward directly to the Depository named in
Item 1. DEPOSITORY: Please complete Items 10 through 15 and return DIRECTLY to Lender or Local Processing Agency named in Item 2.
PART I - REQUEST
1. TO (Name and Address of Depository)
2. FROM (Name and Address of Lender or Local Processing Agency)
I CERTIFY THAT this verification has been sent directly to the bank or depository and has not passed through the hands of the applicant or any other party.
3. SIGNATURE OF LENDER OR OFFICIAL OF LOCAL
PROCESSING AGENCY
4. TITLE
5. DATE
6. LENDER’S NUMBER (Optional)
7. INFORMATION TO BE VERIFIED:
TYPE OF ACCOUNT AND/OR LOAN
ACCOUNT / LOAN IN NAME OF
ACCOUNT/LOAN NUMBER
BALANCE
$
$
$
$
TO DEPOSITORY: I have applied for mortgage insurance or guaranty or for a rehabilitation loan and stated that the balance on deposit and/or outstanding loans with
you are as shown above. You are authorized to verify this information and to supply the lender or the local processing agency identified above with the information
requested in Items 10 through 12. Your response is solely a matter of courtesy for which no responsibility is attached to your institution or any of your offices.
8. NAME AND ADDRESS OF APPLICANT(S)
9. SIGNATURE OF APPLICANT(S)
TO BE COMPLETED BY DEPOSITORY
PART II - VERIFICATION OF DEPOSITORY
10. DEPOSIT ACCOUNTS OF APPLICANT(S)
TYPE OF ACCOUNT
ACCOUNT NUMBER
CURRENT BALANCE
AVERAGE BALANCE FOR
PREVIOUS TWO MONTHS
$
$
$
$
$
$
$
$
DATE OPENED
11. LOANS OUTSTANDING TO APPLICANT(S)
LOAN
NUMBER
DATE OF
LOAN
CURRENT
BALANCE
ORIGINAL AMOUNT
INSTALLMENTS
(Monthly/Quarterly)
$
$
$
per
$
$
$
$
$
$
per
per
SECURED BY
NUMBER OF LATE
PAYMENTS WITHIN
LAST 12 MONTHS
12. ADDITIONAL INFORMATION WHICH MAY BE OF ASSISTANCE IN DETERMINATION OF CREDITWORTHINESS: (Please include information on loans paid-in-full as
in Item 11 above)
13. SIGNATURE OF DEPOSITORY OFFICIAL
14. TITLE
15. DATE
The confidentiality of the information you have furnished will be preserved except where disclosure of this information is required by applicable law. The completed
form is to be transmitted directly to the lender or local processing agency and is not to be transmitted through the applicant or any other party.
VA FORM
MAY 2004
26-8497a
EXISTING STOCK OF VA FORM 26-8497a, AUG 1992,
WILL BE USED.
80
VA – AMENDMENT TO CONTRACT
Property Address: _______________________ File No.: _______________________
_______________________
It is expressly agreed that notwithstanding any other provisions of this contract, the
purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be
obligated to complete the purchase of the property herein, if the contract purchase or the
cost exceeds the reasonable value of the property established by the Veterans
Administration. The purchaser shall, however, have the privilege and option of
proceeding with the consummation of this contract without regard to the amount of the
reasonable value established by the Veterans Administration.
_____________________________
Purchaser
_____________________
Date
______________________________
Purchaser
_____________________
Date
______________________________
Seller
____________________
Date
______________________________
Seller
____________________
Date
The purchase agreement must include, or is amended to include, the above statement if
the purchase agreement was signed by the Veteran/Applicant prior to his receiving notice
of the reasonable value of the subject property.
81
INTEREST
RATE
REDUCTION
REFINANCING
LOAN
PACKAGE
82
INTEREST RATE REDUCTION REFINANCE LOAN
(IRRRL)
DOCUMENTATION REQUIRED
An IRRRL can be closed on an automatic basis by any lender (such as, a lender with or
without automatic authority to close other types of loans on an automatic basis) in any
geographic location.
Exception: For IRRRLs to refinance existing VA loans 30 days or more past due, VA
prior approval is needed. See section 2, subsection a, of this chapter.
A loan must be reported (such as, all documentation submitted) to VA within 60 days of
closing. A lender that fails to meet this time limit must provide a written explanation.
(see document #12.)
To report a loan, submit the following documents to VA in the order listed
Order
1
2
3
4
5
Document
Lender’s cover or transmittal letter (if used).
VA Form 26-0286, VA Loan Summary Sheet.
VA Form 26-8320 (or 26-8320a), Certificate of Eligibility, or a
request for a duplicate certificate on VA Form 26-1880, Request for
a Certificate of Eligibility.
Funding fee receipt.
Reference: See section 8 of chapter 8 for information on
exemptions.
Statement signed by the veteran acknowledging the effect of the
refinancing loan on the veteran’s loan payments and interest rate.
• The statement must show the interest rate and monthly payments
6
7
8
9
for the new loan versus that for the old loan.
• The statement must also indicate how long it will take to recoup
ALL closing costs (both those included in the loan and those paid
outside of closing).
• If applicable, the veteran’s statement may be combined with the
lender’s certification that the veteran qualifies for the new
monthly payment which exceeds the previous payment by 20% or
more.
VA Form 26-8923, Interest Rate Reduction Refinancing Loan
Worksheet.
VA Form 26-1820, Report and Certification of Loan Disbursement.
VA Form 26-8937, Verification of VA Benefits (if applicable).
HUD-1, settlement statement.
83
Order
10
11
12
13
14
Document
VA Form 26-0503, Federal Collection Policy Notice.
Lender’s certification that the prior loan was current (not 30 days or
more past due) at the time of loan closing.
If loan is submitted more than 60 days after loan closing, a
statement signed by a corporate officer of the lender which
identifies the loan, provides the specific reasons for late reporting
and certifies that the loan is current. This statement must be
submitted with any late request for issuance of a Loan Guaranty
Certificate.
Documentation of the cost of energy efficiency improvements
included in the loan. For cash reimbursement of the veteran, the
improvements must have been completed within the 90 days
immediately preceding the date of the loan.
Any other necessary documents (see section 6 of chapter 5).
ANY OTHER NECESSARY DOCUMENTATION
Circumstances
Loan includes funds for energy efficiency
improvements.
Improvements of $3,000 to $6,000:
Documentation of the lender’s determination that
the increase in monthly mortgage payments does not
exceed the likely reduction in monthly utility costs.
Improvements up to $6,000:
Evidence of the cost of improvements such as a
copy of the bid(s) or contract itemizing the
improvements and their cost.
Improvements over $6,000:
Documentation of VA’s valuation of the energy
efficiency improvements.
Postponed completion of exterior improvements.
Reference: See section 3 of chapter 7 for details,
including special provisions for Interest Rate
Reduction Loans (IRRRLs).
VA Form 26-1849, Escrow Agreement for
Postponed Exterior Onsite Improvements.
84
Circumstances
Loan involves use of an attorney in fact.
Veteran intended to sell property on which he/she
has an existing VA loan prior to closing on the
new VA loan, in order to have entitlement
restored.
Power of attorney requirements as described in
section 7 of chapter 9, including written evidence of
the veteran’s consent to the specific transaction,
plus the lender certification found under the
“Requirements” heading.
• A completed VA Form 26-1880, Request for a
Certificate of Eligibility, and
• Evidence that the veteran has sold the property
and either
• evidence that the veteran has fully repaid the
prior loan, or
Note: A HUD-1, Settlement Statement,
clearly showing sale of the property by the
veteran and pay-off of the prior VA loan,
satisfies this requirement.
•
Veteran intended to sell property in order to have
sufficient income and/or assets to qualify for the
loan.
documentation that the veteran can be released
from liability and the assumer meets the
requirements for substitution of entitlement.
Lender’s certification that the sale of the veteran’s
property has been completed and the proceeds
disbursed.
• Note: The lender’s certification must be based on
Loan is to the unmarried surviving spouse of an
eligible, deceased veteran.
examination of a HUD-1, Settlement Statement,
or other appropriate documentation of the
transaction.
The following affidavit obtained from the surviving
spouse at the time of loan closing:
“I, ________, being first duly sworn, on oath, say,
that, on the __ day of ______, 2___ (insert date loan
was closed), I am (was) the unmarried surviving
spouse of _________ and that I make this affidavit
for the express purpose of inducing _______ to
make a loan to me and/or for inducing the
Department of Veterans Affairs to guarantee or
insure such loan, knowing that it is a criminal
offense to make a false statement for this purpose;
and that the above and foregoing is true and
correct.”
_____________ _______________________
Notary’s jurat
Signature of surviving spouse
85
Circumstances
Loan is to the spouse of a serviceperson missing
in action or prisoner of war (MIA/POW).
Documentation that, at the time of loan closing, the
lender asked the applicant and the applicant
provided verbal assurance that:
• No official notice of any change in the service
Supplemental loan for home improvements.
Graduated Payment Mortgage (GPM).
Restrictions exist on the purchase or resale of the
property the veteran is purchasing.
member’s status had been received, and
• Applicant was still the spouse of the service
member.
See “Procedures” in section 5 of chapter 7.
Veteran’s statement acknowledging payment
increases.
Veteran’s written consent to the restrictions
(obtained at the time of loan application).
86
VA TRANSMITTAL LIST
VA CASE NUMBER_______________________________________________________________________________________
IMPORTANT: The following required documents must be submitted in the order listed below.
ITEM NO.
DOCUMENT
**SEE CODE BELOW
1
A
I
2
A
I
3
A
I
4
A
P
P
VA Loan Summary Sheet (VA Form 26-0286)
Certificate of Eligibility (VA Form 26-8320 or 26-8320a) or
Request for Determination of Eligibility (VA Form 26-1880)
Acknowledgment of Receipt of Funding Fee from Mortgagee
(VA Form 26-8998) or Notification to Mortgagee of Funding Fee
Shortage (VA Form 26-0500) or Acknowledgment of Receipt of
Funding Fee Shortage to Mortgagee (VA Form 26-8999) or
evidence that borrower is exempt
Loan Analysis (VA Form 26-6393)
5
I
6
A
I
7
A
8
A
I
9
A
I
P
P
Lender’s Loan Quality Certification
Verification of Benefit-Related Indebtedness (VA Form
26-8937)
HUD-1 or other settlement statement "Any escrowed items"
P
10
A
P
11
A
12
A
13
A
14
A
15
A
16
A
17
A
18
A
19
A
I
P
20
A
I
P
I
"Old vs New Loan" statement and IRRRL Worksheet (a
statement signed by the veteran acknowledging the effect of the
refinancing loan on the veteran’s loan payments and interest
rate - must show the interest rate and monthly payment of the
old and new loan)
Report and Certification of Loan Disbursement (VA Form
26-1820)
P
YES
NO (Check appropriate box)
Compliance with CRV or LAPP/NOV Conditions (e.g., final
compliance inspection, approval of water supply, termite
certification)
If Loan reported more than 60 days after closing
Lender’s request for waiver of 60 day reporting requirement
and, if automatic loan, Lender’s certification that loan is
current
Interest Rate & Discount Disclosure Statement (fixed rate) or
Adjustable Rate Mortgage Disclosure Statement (ARM)
Counseling Checklist for Military Homebuyers(VA Form 26-0592)
if applicant is on active duty
Uniform Residential Loan Application and HUD/VA
Addendum to URLA (VA Form 26-1802a)
Original credit report and any related documents (e.g., proof of debt
payment, explanations, etc.)
Verification of Employment and current check stubs for veteran and
spouse, if applicable
Request for Verification of Deposit or bank statements, or other
related documents
Purchase/earnest money contract
If applicable, valid POA and Lender’s "Alive and Well"
statement
Miscellaneous documents pertinent to loan transaction
If applicable, copy of Master Certificate of Reasonable Value
(VA Form 26-1843a) (Front page and option pages highlighted to
pertain to the specific property only). For LAPP cases, copy of
21
A
value notice to veteran, original pictures, VA Request for
Determination of Reasonable Value (VA Form 26-1805), and
URAR with all addendums.
THE UNDERSIGNED CERTIFIES THAT ALL APPLICABLE ITEMS LISTED ABOVE ARE COMPLETE
AND ENCLOSED IN THIS GUARANTY APPLICATION.
NAME AND TITLE OF LENDER’S REPRESENTATIVE
DATE SIGNED
** A=AUTO
VA FORM
NOV 1994
DIRECT TELEPHONE NO. FOR REPRESENTATIVE
(Include Area Code)
COMPANY NAME
I=IRRRL
26-0285
P=PRIOR
87
•
Department
of Veterans Affairs
VA LOAN SUMMARY SHEET
1. VA'S 12-DIGIT LOAN NUMBER
2. VETERAN'S NAME (First, middle, lasO
3. VETERAN'S SOCIAL SECURITY
NUMBER
[]
[]
NOT HISPANIC OR LATINO
HISPANIC OR LATINO
9. BRANCH OF SERVICE
ARMY
I-]
10. MILITARY STATUS
[]
Check
more
(mm/dd/yyyy)
FEMALE
than one)
NATIVE HAWAIIAN OR PACIFIC ISLANDER
[]
[]
[]
[]
ASIAN
WHITE
BLACK OR AFRICAN AMERICAN
UNKNOWN
8. AMOUNT OF ENTITLEMENT AVAILABLE
VA
(From
(Check one)
2. NAVY
[]
MALE
AMERICAN INDIAN OR ALASKAN NATIVE
(01 to//,from
7. ENTITLEMENT CODE
[•]1.
[]
(Check one)
6B. RACE (May select
6A. ETHNICITY
[]
[]
5. VETERAN'S DATE OF BIRTH
4. GENDER OF VETERAN
[]
3. AIR FORCE
VA
[]
4. MARINE CORPS
5. COAST GUARD
[]&OTHER
One)
[] SEPARATED FROM ;ERVICE
12.1NSERVICE
11. FIRST TIME HOME BUYER Check one
This means a veteran who has not previously purchased
[]YES [] NO
a home, either by cash, assumption, or new financing.
12. LOAN PROCEDURE (Check one)
[]
[]
AUTOMATIC
[]
AUTO-IRRRL
13. PURPOSE OF LOAN (Check one)
[] 1.
[]4.
(Check one)
14. LOAN CODE
[] 1. PURCHASE
[]
[]
[]
(INCLUDES MH ON
PERMANENT FOUNDATION)
ALTERATIONS/IMPROVEMENTS
HOME
[]
4. MANUFACTURED
2. IRRRL
[]
HOME
REFINANCE
[]
1. FHA-FIXED
2. MANUFACTURED
[]
HOME
3. CONDOMINIUM
5. REFINANCE
(STREAMLINE REFINANCE)
[]
3. REGULAR
("Cash-out")
REFINANCE
5. REFINANCING OF CONSTRUCTION LOAN, LAND SALE CONTRACT OR
LOAN ASSUMED AT HIGHER RATE OF INTEREST (*Muximum Euaramy
these loans is $36,000)
15. PRIOR LOAN TYPE (Note: Must be
[]
[]
VA PRIOR APPROVAL
completed if Regular ("Cash-out") Refinance
2. FHA-ARM/HARM
5. CONVENTIONAL-INTEREST ONLY
[]
[]
3. CONVENTIONAL-FIXED
6. VA-FIXED
•
[]
is selected in Item
14)
4. CONVENTIONAL-ARM/HARM
7, VA-ARM/HARM
[]
8. OTHER
16. TYPE OF MORTGAGE (Check one)
[]
[]
[]
0. REGULAR FIXED PAYMENT
[]
3. GEM
17. TYPE OF HYBRID-ARM (NOTE: Must be
[]
[]
3/1
[]
5/1
[]
I. GPM-NEVER TO EXCEED NOV
[]
4. TEMPORARY BUYDOWN
7/1
completed
[]
1. SOLE OWNERSHIP (VETERAN &
SPOUSE OR VETEPMN ONL
Y)
[]
[]
16)
10/1
19. CLOSING DATE
18. TYPE OF OWNERSHIP (Check one)
[]
2. OTHER GPMs
[] 6. ARM
5. HYBRID ARM
if Hybrid Arm is selected in Item
(mm/dd/yyyy)
2. JOINT
3. JOINT
2 OR MORE VETERANS
VETERAN/NON-VETERAN
for Refinance Loan•)
21. REASONABLE VALUE (For IRRRLs If appraisal has not
loan amount of prior VA loan)
22. ENERGY IMPROVEMENTS (Check all applicable boxes)
[--I INSTALLATION OF
[] NONE
20. PURCHASE PRICE (N/A
[]
been done,
SOLAR
HEATING/COOLING
REPLACEMENT OF A MAJOR
SYSTEM
[]
INSULATION, CAULKING,
WEATHER-STRIPPING, ETC.
23. LOAN AMOUNT
(Purchase
[]
[]
ADDITION OF A NEW FEATURE
OTHER IMPROVEMENTS
Purchase Price or RV (lesser)
Funding Fee)
(Refi Max 90% LTV Funding Fee)
(IRRRL Old Loan Payoff All Closing Costs)
24. PROPERTY TYPE (Check one)
[]
[]
NEITHER
E•IND-SINGLE
PUD
PROPERTY-tND
APPRAISAL
I--IMBL-MANUFACTUREDHOME
.OW006VA
FORM
[]
CONDOMINIUM
TYPE(CheckonO
25. APPRAISAL
26-0286
[]ONE-MASTER CRV
(MCRV)
[]HUD-CONVERSION
WHtcHSUPERSEDESwILLNoTVA BEFORMusED26"0286'
CASE
AUG 2006,
[•]LAPP-LENDER APPRAISAL
[] PMC-PROP. MGMT. CASE
88
26. TYPE OF STRUCTURE
[] 1.
[]4.
(Check one)
[]
[]
CONVENTIONAL
CONSTRUCTION
M/H LOT ONLY
2. SINGLEWIDE M/H
5. PREFABRICATED
27. PROPERTY DESIGNATION (Check one)
[] 1. EXISTING OR USED HOME, CONDO, M/H
[]
[]
[]
NEVER OCCUPIED
3. NEW EXISTING
[]
3. DOUBLEWIDE M/H
[]
6. CONDOMINIUM
HOME
[]
[]
SINGLE
I--]
[]
CONSTRUCTION
2. APPRAISED AS PROPOSED
4. ENERGY IMPROVEMENTS
29. MCRV NO.
28. NO. OF UNITS (Check one)
[]THREE
TWO UNITS
30. MANUFACTURED HOME
CONVERSION
[]
UNITS
FOUR OR MORE
CATEGORY(Check one)
NOT M/H
0. OTHER
2. M/H ONLY (VETERAN-OWNED
[]
[]
LOT)
1. M/H ONLY (RENTED
7. M/H ON PERMANENT
SPACE)
FOUNDATION
31. PROPERTY ADDRESS
35. COUNTY
34. ZIP CODE
32. CITY
33. STATE
36. LENDER VA ID NUMBER
37. AGENT VA ID
NUMBER(If applicable)
I-UR LAHI
38. LENDER LOAN NUMBER
L;A•I":5 ONLY
39. LENDER SAR ID NUMBER
40. GROSS LIVING AREA
41. AGE OF PROPERTY (Yrs.)
42. DATE SAR ISSUED NOTIFICATION
OF VALUE (mtn/dd/yyyy)
43. TOTAL ROOM COUNT
44. BATHS (No.)
45. BEDROOMS
(Square Feet)
(No.)
46. IF PROCESSED UNDER LAPP, WAS THE FEE APPRAISER'S ORIGINAL VALUE ESTIMATE
CHANGED OR REPAIR RECOMMENDATIONS REVISED, OR DID THE SAR OTHERWISE MAKE
SIGNIFICANT ADJUSTMENTS?
[] NO
[] YES (If "Yes, there must be written.justification by fi, appraiser and SAR)
II•II-OI•MA
IN•UMI-
IO1•1
(/VO[/applicable
for
testator.s)
47A. LOAN PROCESSED UNDER VA RECOGNIZED AUTOMATED UNDERWRITING SYSTEM
[]
[]
YES
NO
(If"Yes, Complete
hem 47B and 47C)
[]
47B. WHICH SYSTEM WAS USED?
[]02,
[]03.
DU
48. CREDIT SCORE
[]04.
PMIAURA
(Enter
[]05.
CLUES
the median credit
47C. RISK CLASSIFICATION
01. LP
score
[]1,APPROVE
veteran only)
ZIPPY
for the
2, REFER
$
49. LIQUID ASSETS
$
+ hem 38j•'om
VA Form 26-6393)
(item 31
50. TOTAL MONTHLY GROSS INCOME
51. RESIDUAL INCOME
$
52. RESIDUAL INCOME GUIDELINE
$
(lf lncome Ratio is over 41% and
of/ustification s•gned by underwriter's supervisor
53. DEBT- INCOME RATIO
statement
[]
Residual Income is"
be included on
must
not
120% of guideline,
with VA Form 26-6393)
%
55. SPOUSE'S INCOME AMOUNT
54. SPOUSE INCOME CONSIDERED
[]
YES
[]
NO
$
(If "Yes." Complete he,n S.,{)
INFORMATION
(Applicable for All
DISCOUNT
56. DISCOUNTPOINTSCHARGED
%
58. TERM
Loans)
OR
$
$
% OR
60. FUNDING FEE EXEMPT
57. DISCOUNT POINTS PAID BY VETERAN
(Months)
(If considered)
59. INTEREST RATE
%
FOR IRRRLS ONLY
[]
Y- EXEMPT
[]
N- NOT EXEMPT
61. PAID IN FULL VA LOAN NUMBER
62. ORIGINAL LOAN AMOUNT
$
63. ORIGINAL INTEREST RATE
%
64. REMARKS
VA FORM 26-0286, NOV 2008
89
Washington, DC 20420
Circular 26-08-17
September 5, 2008
Elimination/Consolidation of Certain Certifications
1. PURPOSE: This circular announces the elimination of certain certifications
and requirements in the processing of VA guaranteed home loans. It also
provides a consolidated certification (exhibit A) for use in originating VA loans.
These changes will help lenders by eliminating redundancies and consolidating
mandatory certifications into a single certification. The changes do not signal a
relaxing of VA credit underwriting standards or a lessening of lender
responsibilities.
2. PROCESSING CHANGES
a. VA Form 26-1820, Report and Certification of Loan Disbursement: Effective
immediately, it will no longer be necessary for the form to be signed by an
“officer” of the firm. Instead, any individual authorized by the lender to bind the
firm to the certifications listed in item 24, may sign the form.
b. Reserve/Guard Activation Statement: Effective immediately, lenders no
longer need to obtain a statement as to a person’s status in the Reserve or
Guard when processing a loan. Lenders should still consider if a veteranborrower may be subject to activation and, if so, follow the guidance detailed in
chapter 4 of the Lender’s Handbook.
c. Underwriter’s Certification for Automated Underwriting Cases: Effective
immediately, lenders no longer need to execute the Underwriter’s Certification
found in Chapter 4, Topic 8, Documentation for Automated Underwriting Cases.
The certification essentially repeats requirements noted in a preceding section on
Data Integrity.
3. CONSOLIDATION OF CERTIFICATIONS: As noted above, exhibit A
contains the most common certifications – both for veterans and lenders - that
are required for various loan types. For ease of processing, lenders may wish to
use this exhibit rather than obtain separate certifications.
4. SUMMARY: As previously noted, these changes in no way lessen the
responsibility of lenders to underwrite loans in a sound, prudent manner in
compliance with published VA directives. Nor do these changes compromise
VA’s ability to seek indemnification from lenders when a review reveals a flagrant
90
Circular 26-08-17
September 5, 2008
disregard for VA credit underwriting guidelines. Instead, the intent is to eliminate
unnecessary certifications and thus further simplify the processing of VA
guaranteed loans for lenders.
5. RESCISSION: This circular is rescinded January 1, 2010.
Judith A. Caden, Director
Loan Guaranty Service
SS(26A1) FLD: VBAFS, 1 each (Reproduce and distribute based on RPC 2021)
2
91
September 5, 2008
Circular 26-08-17
Exhibit A
COMMON CERTIFICATIONS
Borrower Certifications
1. INTEREST RATE AND DISCOUNT DISCLOSURE STATEMENT
This statement must be delivered to you prior to execution of the certification on the HUD/VA addendum to the Uniform
Residential Loan Application.
VA does not establish or set a maximum or minimum interest rate for mortgage loans. A borrower may pay interest rate
and discount points as agreed upon by you and the lender. It’s also permissible for a seller to pay all or a portion of the
discount points. The interest rate and discount points as well as the length of time the lender will honor the loan terms are
all freely negotiable with the lender. Lenders may or may not agree to offer the loan terms for a definite period of time
through a lock-in agreement. Note that any agreement with the seller could also affect the date you can close your loan.
The terms of your agreement with the lender will determine if, and how much, the interest rate and discount points may
change before closing. An increase of more that 1.00% in the interest rate may require re-underwriting by VA or the
lender. It may also be necessary for the lender to obtain your signature on a new application. If, after re-underwriting, it is
determined that you remain qualified from a credit risk standpoint, the conditions of your agreements with the lender and
the seller may require you to complete the transaction or lose your deposit.
IT IS YOUR RESPONSIBILITY TO ASSURE THAT YOU UNDERSTAND THE TRANSACTION.
Borrower : __________________________________________________ Date: _______________________________
2. INTEREST RATE REDUCTION REFINANCING LOAN (IRRRL) CERTIFICATION
Previous Loan Number ___________________ Loan Amount $_________________ Original Term ______________
Monthly Payment $______________________ Interest Rate _____________________________________________
Original Obligors __________________________________________________________________________________
New Loan Number ________________ Proposed Loan Amount $_________________ Proposed Term____________
Proposed Monthly payment $_____________________________ Interest Rate ________________________________
Obligors _____________________________
Monthly decrease in payments $_______________________________________________________________________
Total Closing Costs $________________________________________________________________________________
Recoup Closing Costs _____________________Months
I/We hereby certify that I/we understand the effect of the loan payment and interest rate involved in refinancing our home
loan.
__________________________________________ _____________________________
________________
Borrower
Co-Borrower
Date
3. ADJUSTABLE RATE MORTGAGE (ARM) CERTIFICATION
The undersigned borrower(s) acknowledge receipt of the appropriate ARM loan program disclosure and the “Consumer
Handbook on Adjustable Rate Mortgages” prior to submitting an ARM loan application or payment of any non-refundable
fee.
__________________________
Borrower Signature
Date
_________
_________________________
Date
_________
3
92
Circular 26-08-17
Exhibit A (Cont.)
September 5, 2008
Lender Certifications
1. LENDER CERTIFICATION FOR PAYMENT INCREASE
I hereby certify that the borrower(s) qualify for the new payment (PITI) which exceeds the previous payment by at least 20 percent.
________________________________________________
Lender Representative
___________________________________
Date
2. INTEREST RATE REDUCTION REFINANCING LOAN (IRRRL) LOAN STATUS
I hereby certify that the VA loan being refinanced was current (not more than 30 days past due) at the time of loan closing.
____________________________________________________
___________________________________
Date
3. POWER OF ATTORNEY CERTIFICATION
I hereby certify that written evidence in the form of correspondence from the veteran or, if on active military duty, statement of his or
her commanding officer or designee, indicating that the veteran was alive and, if the veteran is on active military duty, not missing in
action status on _____________________, was examined by the undersigned and that said date is subsequent to the date the note and
security instruments were executed on the veteran’s behalf by the attorney-in-fact.
_____________________________________________
___________________________________
Date
4. LATE REPORTING CERTIFICATION
Guaranty is being requested more than 60 days after loan closing because
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
_____________________________________________
___________________________________
Date
5. LOAN QUALITY CERTIFICATION
The undersigned lender certifies that the loan application, all verifications of employment, deposit, and other income and credit
verification documents have been processed in compliance with 38 CFR Part 36; that all credit reports obtained in connection with the
processing of this borrower’s loan application have been provided to VA; that, to the best of the undersigned lender’s knowledge and
belief, the loan meets the underwriting standards recited in chapter 37 of title 38 United States Code and 38 CFR Part 36; and that all
information provided in support of this loan is true, complete and accurate to the best of the undersigned lender’s knowledge and
belief.
____________________________________________
__________________________________
Date
4
93
INTEREST RATE REDUCTION REFINANCING LOAN WORKSHEET
RESPONDENT BURDEN: VA may not conduct or sponsor, and respondent is not required to respond to this collection of information unless it
displays a valid OMB Control Number. Public reporting burden for this collection of information is estimated to average 10 minutes per response,
including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and
reviewing the collection of information. If you have comments regarding this burden estimate or any other aspect of this collection of information,
call 1-800-827-1000 for mailing information on where to send your comments.
VA LOAN NUMBER
NOTE - Submit this form when requesting guaranty on an Interest Rate Reduction Refinancing Loan.
SECTION I - INITIAL COMPUTATION
LINE NO.
ITEM
AMOUNT
1.
EXISTING VA LOAN BALANCE (PLUS COST OF ENERGY EFFICIENT
IMPROVEMENTS)
$
2.
SUBTRACT ANY CASH PAYMENT FROM VETERANS
_
3.
TOTAL
$ 0
SECTION II - PRELIMINARY LOAN AMOUNT
4.
ENTER TOTAL FROM LINE 3
$ 0
5.
ADD
% DISCOUNT BASED ON LINE 4
+ 0.00
6.
ADD
% ORIGINATION FEE BASED ON LINE 4
+ 0.00
7.
ADD
% FUNDING FEE BASED ON LINE 4
+ 0.00
8.
ADD OTHER ALLOWABLE CLOSING COSTS AND PREPAIDS
+
9.
TOTAL
$ 0
SECTION III- FINAL COMPUTATION
0
10.
ENTER TOTAL FROM LINE 9
$
11.
ADD
+ 0.00
12.
SUBTOTAL
= 0
13.
SUBTRACT AMOUNT SHOWN ON LINE 5
_ 0
14.
SUBTOTAL
= 0
15.
SUBTRACT AMOUNT SHOWN ON LINE 7
_ 0
16.
SUBTOTAL
= 0.00
17.
ADD
18.
TOTAL - MAXIMUM LOAN AMOUNT
% DISCOUNT BASED ON LINE 10
% FUNDING FEE BASED ON LINE 16
+ 0.00
$ 0.00
*
NOTE: * MAXIMUM LOAN AMOUNT MAY BE ROUNDED OFF, BUT MUST ALWAYS BE ROUNDED DOWN TO AVOID CASH TO THE
VETERAN. ROUND-OFF AMOUNTS OF LESS THAN $50 DO NOT REQUIRE RECOMPUTATION.
DATE
VA FORM
JUN 2001
NAME OF LENDER
26-8923
SIGNATURE AND TITLE OF OFFICER OF LENDER
SUPERSEDES VA FORM 26-8923, MAY 2000,
94
REPORT AND CERTIFICATION OF LOAN DISBURSEMENT
AUTOMATIC PROCEDURE
PRIOR APPROVAL PROCEDURE
INSTRUCTIONS TO LENDERS: For use by lenders closing VA loans under 38 U.S.C. 3710. After closing of the loan and completion of the form, the original is
to be forwarded to the VA; the duplicate is to be retained by the lender; the triplicate is to be provided to the veteran. With this report, unless previously submitted to
VA, please submit the following: (a) copy of the borrower’s loan application to you showing income, assets, and obligations; (b) the ORIGINAL verification(s) of
employment and earnings; (c) ORIGINAL credit report on the borrower and coborrower, if any; (d) ORIGINAL VA Form 26-8937, Verification of VA Benefit Related
Indebtedness; (e) ORIGINAL VA Form 26-0503, Federal Collection Policy Notice; (f) VA Form 26-0551, Debt Questionnaire; (g) Veteran’s Certificate of Eligibility;
(h) a copy of the veteran’s executed sales or construction contract, as appropriate; (i) ORIGINAL verification of bank deposit; (j) a true copy of the HUD Form 1 or, if
a refinancing loan, a statement of the loan disbursement and costs, showing the fees and costs charged to the borrower and seller (HUD Form 1 may be used); (k) if the
home is of new construction, an executed copy of the builder’s warranty, VA Form 26-1859; a copy of the Master Certificate of Reasonable Value, VA Form 26-1843a
and any related endorsements, and a VA or FHA final compliance inspection report. In special cases, such as loans wherein some of the proceeds are to be escrowed to
cover the completion of postponed exterior improvements, etc., other attachments to the report may be necessary. Lenders should consult with the VA regional office
in this regard. For refinancing loans under 38 U.S.C. 3710 (a)(5), provide evidence of the lien of record on the property and of the veteran’s ownership of the property.
For all loans, submit VA Form 26-8998, Acknowledgment of Receipt of Funding Fee From Mortgagee, if required.
RESPONDENT BURDEN: We need this information to confirm that the lender has closed the loan in compliance with all applicable VA laws and regulations and
that the veteran has entered into the loan with an understanding of all relevant requirements and responsibilities. Title 38, United States Code, allows us to ask for this
information. We estimate that you will need an average of 15 minutes to review the instructions, find the information, and complete this form. VA cannot conduct or
sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information if this number is not
displayed. Valid OMB control numbers can be located on the OMB Internet Page at www.whitehouse.gov/omb/library/OMBINV.VA.EPA.html#VA. If desired, you
can call 1-800-827-1000 to get information on where to send comments or suggestions about this form.
1. VA LOAN NUMBER
2A. LENDER’S LOAN NUMBER
2B. LENDER’S VA IDENTIFICATION NUMBER 3. DATE OF REPORT
4A. FIRST NAME - MIDDLE NAME - LAST NAME OF VETERAN
4B. VETERAN’S SOCIAL SECURITY NO.
5. PRESENT ADDRESS OF VETERAN (Include ZIP Code)
6. NAME AND ADDRESS OF RELATIVE NOT LIVING WITH VETERAN (Include ZIP
Code and complete telephone number if available)
This report of the the undersigned lender is made pursuant to Section 3702(c), Title 38, United States Code. The undersigned lender and veteran each agree that the Regulations issued under
Chapter 37, Title 38, United States Code, and in effect on the date of the loan shall govern the rights, duties, and liabilities of the parties and that any provisions of the loan instruments
inconsistent with such Regulations are hereby amended and supplemented to conform thereto and request issuance of evidence of
the loan to the full extent permitted by the veteran’s available entitlement.
GUARANTY
INSURANCE
SECTION I - PURPOSE, AMOUNT, TERMS AND SECURITY FOR LOAN
7. PURPOSE OF LOAN
PURCHASE
EXISTING
HOME
PREVIOUSLY
OCCUPIED
REFINANCE
PURCHASE EXISTING
CONDOMINIUM UNIT
FINANCE
IMPROVEMENTS
TO EXISTING
PROPERTY
PURCHASE NEW
CONDOMINIUM UNIT
PURCHASE EXISTING
HOME NOT PREVIOUSLY
OCCUPIED
SITED MANUFACTURED
HOME
CONSTRUCT HOMEPROCEEDS TO BE PAID OUT
DURING CONSTRUCTION
SITED MANUFACTURED
HOME AND LOT
8. ADDRESS OF PROPERTY SECURING LOAN (Include lot and block numbers, subdivision name and ZIP Code)
SITED MANUFACTURED HOME
TO BUY LOT
SITED MANUFACTURED
HOME/LOT LOAN
9. AMOUNT OF LOAN
$
10. TERMS OF LOAN
A. PRINCIPAL AND INTEREST PAYABLE B. RATE OF INTEREST PER ANNUM
C. DATE OF NOTE
EACH PERIOD
D. DATE OF FIRST PAYMENT
E. DATE LOAN WAS CLOSED
H. DATE OF MATURITY
F. DATE LOAN PROCEEDS FULLY PAID OUT
G. TERM OF LOAN
YEARS
11. TYPE OF LIEN (38 CFR 36.4351)
SECOND REALTY
FIRST REALTY
FIRST CHATTEL
MORTGAGE
MORTGAGE
MORTGAGE
12. TITLE OF PROPERTY IS VESTED IN THE FOLLOWING PERSON(S)
VETERAN
VETERAN AND SPOUSE
13. ESTATE IN PROPERTY IS (38 CFR 36.4350)
OTHER (Specify)
A. HAZARD
FACE AMOUNT OF POLICY
$
ANNUAL PREMIUM
$
18. ANNUAL MAINTENANCE ASSESSMENT
OTHER (Specify)
OTHER (Specify)
LEASEHOLD (Give expiration date)
FEE SIMPLE
14. APPROXIMATE ANNUAL
15. INSURANCE
REAL ESTATE TAXES
$
UNSECURED
MONTHS
B. FLOOD (Where applic.)
16. APPROXIMATE
17. TOTAL UNPAID
ANNUAL ASSESSMENT
SPECIAL
PAYMENT
ASSESSMENTS
$
$
19. DESCRIBE NONREALTY, IF ANY, ACQUIRED WITH PROCEEDS OF LOAN (Attach separate sheet if necessary)
20. DESCRIBE ADDITIONAL SECURITY TAKEN AND LIST OF OTHERS (Including Spouse) LIABLE ON INDEBTEDNESS, IF ANY (Attach separate sheet, if necessary)
IF LAND ACQUIRED BY
SEPARATE TRANSACTION
COMPLETE ITEMS
21 AND 22
21. DATE ACQUIRED
22. PURCHASE PRICE (If acquired
other than by purchase, state "None")
23. AMOUNT WITHHELD FROM LOAN PROCEEDS AND DEPOSITED IN
$
ESCROW
EARMARKED ACCOUNT $
SECTION II - LENDER’S CERTIFICATION
24. I, THE UNDERSIGNED LENDER, CERTIFY THAT:
A. If this loan was closed under the automatic procedure, no default exists which has continued for more than 30 days.
B. The lender has not imposed and will not impose any charges or fees against the veteran borrower in excess of those permissible under the schedule set forth
in paragraph (d) of 38 CFR 36.4312.
C. The information furnished in Section I is true, accurate and complete.
D. The information contained in the loan application was obtained directly from the veteran by an employee of the undersigned lender or the lender’s
duly authorized agent and is true to the best of the lender’s knowledge and belief.
E. The credit report submitted on the subject veteran (and coborrower, if any) was ordered by the undersigned lender or the lender’s duly authorized agent
directly from the credit bureau which prepared the report and was received directly from said credit bureau.
F. The verification(s) of employment and verification(s) of deposits were requested and received by the lender or the lender’s duly authorized agent without
passing through the hands of any third persons and are true to the best of the lender’s knowledge and belief.
G. This report was signed by the veteran after Sections I, II and III were completed.
H. VA Forms 26-0503, Federal Collection Policy Notice, and 26-0551, Debt Questionnaire, were signed by the veteran and a signed copy of each was furnished
to the veteran. (NOTE: These forms are not required for loans in which an URLA and HUD/VA Addendum are used.)
I. This loan to the named veteran meets the income and credit requirements of the governing law in the judgment of the undersigned.
J. The names and functions of any duly authorized agents who developed on behalf of the lender any of the information or supporting credit data submitted
are as follows:
NAME
ADDRESS
FUNCTION (e.g. obtained information for loan application;
ordered credit report, verification of employment, verification
of deposits, etc.)
a.
b.
c.
d.
e.
If no agent is shown above, the undersigned lender affirmatively charges that all information and supporting credit data were obtained directly by the lender.
K. The undersigned lender understands and agrees that the lender is responsible for the acts of agents identified in Item 24J as to the functions with which they are identified.
L. The loan conforms with the applicable provisions of Title 38, U.S. Code and the Regulations concerning guaranty or insurance of loans to veterans.
M. COMPLETE WHERE AUTHORIZED BY CERTIFICATE OF REASONABLE VALUE.
Any construction, repairs, alterations, or improvements upon which the reasonable value of the property is predicated and which were not inspected and approved subsequent
to completion by a compliance inspector designated by the Secretary have been completed properly.
N. If the loan application has been submitted for the prior approval of the VA, the proceeds of the loan were expended for the purposes described in the loan application or refinancing
proposal originally submitted for the prior approval of the VA and in the amounts shown in the statement of loan disbursement and costs or HUD Form 1 that is attached to and
incorporated in this report.
VA FORM
DEC 2007
26-1820
SUPERSEDES VA FORM 26-1820, FEB 2004,
Continued
95on Reverse
24. Continued
O. Any deviations or changes of identity in the security of the property from that set forth in the plans and specifications upon which
the original appraisal was based are itemized in an attachment hereto and have been approved as required in 38 C.F.R. 36.4304
and have been completed properly.
P. If this is a refinancing loan under section 3710a(5) of title 38, U.S.C., the veteran’s secured liens of record identified on the
property and shown on the loan application, and any debts listed on the application which were not secured by liens of record and
which were to have been retired from the proceeds of the loan, have, in fact, been paid in full. The amount of cash, if any, shown
as paid to the veteran on the statement of loan disbursement and costs or HUD Form 1 that is attached to and incorporated in this
report was, in fact, disbursed to him or her personally.
Q. If this loan is required to be personally reviewed and approved by a VA-approved underwriter, the name of that underwriter is as
follows:
25A. NAME AND ADDRESS OF LENDER
26A. DATE SIGNED
25B. TELEPHONE NO. OF LENDER
26B. SIGNATURE AND TITLE OF LENDER REPRESENTATIVE
PRIVACY ACT NOTICE: VA wll not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or Title 38, Code of Federal
Regulations 1.576 for routine uses (i.e., information may be disclosed to Congress when requested on behalf of a veteran for statistical purposes in specific geographic regions) as identified in
the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records and Vendee Loan
Applicant Records - VA, and published in the Federal Register. Your obligation to respond is voluntary, but failure to provide requested information could impede processing. Giving us your
SSN account information is voluntary. Refusal to provide your SSN by itself will not result in the denial of benefits. VA will not deny any individual benefits for refusing to provide his or her
SSN unless the disclosure of the SSN is required by a Federal Statute of law in effect prior to January 1, 1975, and still in effect.
NOTICE TO BORROWERS: This is notice to you as required by the Right to Financial Privacy Act of 1978 that the VA has a right of access to financial records held by financial institutions
in connection with the consideration or administration of assistance to you. Financial records involving your transaction will be available to VA without further notice or authorization but will
not be disclosed or released by this institution to another Government Agency or Department without your consent except as required or permitted by law.
SECTION III - VETERAN’S CERTIFICATIONS (To be executed by the veteran on the date loan is closed)
27. As a GI home loan borrower you will be legally obligated to make the mortgage payments called for by your mortgage loan contract. The fact that you dispose
of your property after the loan has been made WILL NOT RELIEVE YOU OF LIABILITY FOR MAKING THESE PAYMENTS.
Some GI home buyers have the mistaken impression that if they sell their homes when they move to another locality, or dispose of it for any other reason, they are
no longer liable for the mortgage payments and that liability for these payments is solely that of the new owners. Even though the new owner may agree in writing
to assume liability for your mortgage payments, this assumption agreement will not relieve you from liability to the holder of the note which you signed when you
obtained the loan to buy the property. Also, unless you are able to sell the property to a credit-worthy obligor who is acceptable to the VA and who will assume the
payment of your obligation to the lender and the Department of Veterans Affairs, you will not be relieved from liability to repay any guaranty claim which the VA
may be required to pay your lender on account of default in your loan payments.
THE AMOUNT OF ANY SUCH CLAIM PAYMENT WILL BE A DEBT OWED BY YOU TO THE FEDERAL GOVERNMENT. This debt will be the object of
established collection procedures. Payment of the loan in full ordinarily is the way in which continuing liability on a mortgage note is ended. Therefore, if you
expect to move from the area in which you are now considering the purchase of a home and should you be unable to sell such home with the purchaser obtaining new
financing to pay off your loan, you should understand that you may continue to be liable to the holder of your mortgage and to the Department of Veterans Affairs.
I, THE UNDERSIGNED VETERAN, CERTIFY THAT:
a. I have read and understand the foregoing concerning the liability on the loan.
b. Occupancy:
(1)
I now actually occupy the above-described property as my home or intend to move into and occupy said property as my home within a reasonable
period of time or intend to reoccupy it after the completion of major alterations, repairs or improvements.
(2)
My spouse is on active military duty and in his or her absence, I occupy or intend to occupy the property securing this loan as my home.
(3)
I previously occupied the property securing this loan as my home. (For interest rate reduction loans).
(4)
While my spouse was on active military duty and unable to occupy the property securing this loan, I previously occupied the property that
is securing this loan as my home. (For interest rate reduction loans.)
NOTE: If Item b(2) or b(4) is checked the veteran’s spouse must also sign Item 32 below.
c. I have been informed that $
is the reasonable value of the property as determined by VA.
IF THE CONTRACT PRICE OR COST EXCEEDS THE VA REASONABLE VALUE, COMPLETE EITHER ITEM D OR E.
d.
I was aware of this valuation when I signed my contract and I have paid or will pay in cash from my own resources at or prior to loan closing a sum
equal to the difference between the contract purchase price or cost and the VA reasonable value. I do not and will not have outstanding after loan closing any
unpaid contractual obligation on account of such cash payment.
e.
I was not aware of this valuation when I signed my contract but have elected to complete the transaction at the contract purchase price or cost. I have
paid or will pay in cash from my own resources at or prior to loan closing a sum equal to the difference between the contract purchase price or cost and
the VA reasonable value. I do not and will not have outstanding after loan closing any unpaid contractual obligation on account of such cash payment.
f. Neither I, nor anyone authorized to act for me, will refuse to sell or rent, after the making of a bona fide offer, or refuse to negotiate for the sale or
rental of, or otherwise make unavailable or deny the dwelling of property covered by this loan to any person because of race, color, religion, sex or national
origin. I recognize that any restrictive covenant on this property relating to race, color, religion, sex or national origin is illegal and void and civil action for
preventive relief may be brought by the Attorney General of the United States in any appropriate U.S.District Court against any person responsible for the
violation of the applicable law.
g. I AM AWARE THAT VA DOES NOT WARRANT THE CONDITION OR VALUE OF THE PROPERTY.
IF CERTIFICATE OF ELIGIBILITY REQUIRES CERTIFICATION OF ACTIVE
DUTY STATUS, FOLLOWING CERTIFICATION MUST BE CHECKED
28A. VETERAN
INITIALS
28B. ETHNICITY
GOVERNMENT
MONITORING
PURPOSES
30. DATE SIGNED
28C. RACE
28D. SEX
AMERICAN INDIAN
OR ALASKA
NATIVE
NATIVE HAWAIIAN
OR OTHER
PACIFIC ISLANDER
29C. RACE
ASIAN
AMERICAN INDIAN
OR ALASKA
NATIVE
NATIVE HAWAIIAN
NOT
OR OTHER
HISPANIC
PACIFIC ISLANDER
OR LATINO
31. SIGNATURE OF VETERAN (Read Certifications Carefully before Signing)
ASIAN
HISPANIC
OR LATINO
VOLUNTARY
INFORMATION FOR
I certify that I have not been discharged or released from active duty
since the date my Certificate of Eligibility was issued.
29A. COBORROWER
INITIALS
NOT
HISPANIC
OR LATINO
29B. ETHNICITY
HISPANIC
OR LATINO
BLACK OR
AFRICAN
AMERICAN
MALE
WHITE
FEMALE
29D. SEX
BLACK OR
AFRICAN
AMERICAN
MALE
WHITE
FEMALE
32. SIGNATURE OF SPOUSE (If applicable)
Federal Statutes provide severe penalties for any fraud, intentional misrepresentation, or Criminal Connivance or conspiracy purposed to influence the issuance of any
guaranty or insurance by the Department of Veterans Affairs.
VA FORM 26-1820, DEC 2007
96
veteran/applicant:
..
..
.
package.
3. DATE OF BIRTH
DO
HAVE
10. DATE SIGNED
FOR VA USE ONLY
TYPE OF DEBT(S)
AMOUNT OF DEBT(S)
DATE SIGNED
VA FORM
NOV 2005
26-8937
97
A.
OMB Approval No. 2502-0265
(expires 11/30/2009)
B. Type of Loan
6. File Number:
1.
4.
FHA
VA
2.
5.
FmHA 3.
Conv. Ins.
7. Loan Number:
8. Mortgage Insurance Case Number:
Conv. Unins.
C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked
“(p.o.c.)” were paid outside the closing; they are shown here for informational purposes and are not included in the totals.
D. Name & Address of Borrower:
E. Name & Address of Seller:
G. Property Location:
F. Name & Address of Lender:
H. Settlement Agent:
Place of Settlement:
I. Settlement Date:
J. Summary of Borrower's Transaction
103. Settlement charges to borrower (line 1400)
104.
105.
to
107. County taxes
to
108. Assessments
to
109.
110.
111.
112.
K. Summary of Seller's Transaction
403.
404.
405.
to
407. County taxes
to
408. Assessments
to
409.
410.
411.
412.
200. Amounts Paid By Or In Behalf Of Borrower
201. Deposit or earnest money
202. Principal amount of new loan(s)
204.
205.
206.
207.
208.
209.
to
211. County taxes
to
212. Assessments
to
213.
214.
215.
216.
217.
218.
219.
500. Reductions In Amount Due To Seller
501. Excess deposit (see instructions)
502. Settlement charges to seller (line 1400)
504. Payoff of first mortgage loan
505. Payoff of second mortgage loan
506.
507.
508.
509.
to
511. County taxes
to
512. Assessments
to
513.
514.
515.
516.
517.
518.
519.
220.
300.
301.
302.
Total Paid By/For Borrower
Cash At Settlement From/To Borrower
Gross Amount due from borrower (line 120)
Less amounts paid by/for borrower (line 220)
303. Cash
From
520.
600.
601.
) 602.
(
To Borrower
603. Cash
Section 5 of the Real Estate Settlement Procedures Act (RESPA) requires
the following: • HUD must develop a Special Information Booklet to help
persons borrowing money to finance the purchase of residential real estate
to better understand the nature and costs of real estate settlement services;
• Each lender must provide the booklet to all applicants from whom it
receives or for whom it prepares a written application to borrow money to
finance the purchase of residential real estate; • Lenders must prepare and
distribute with the Booklet a Good Faith Estimate of the settlement costs
that the borrower is likely to incur in connection with the settlement. These
disclosures are manadatory.
Total Reduction Amount Due Seller
Cash At Settlement To/From Seller
Gross amount due to seller (line 420)
Less reductions in amt. due seller (line 520)
To
(
)
From Seller
Section 4(a) of RESPA mandates that HUD develop and prescribe this
standard form to be used at the time of loan settlement to provide full
disclosure of all charges imposed upon the borrower and seller. These are
third party disclosures that are designed to provide the borrower with
pertinent information during the settlement process in order to be a better
shopper.
The Public Reporting Burden for this collection of information is estimated
to average one hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data
needed, and completing and reviewing the collection of information.
This agency may not collect this information, and you are not required to
complete this form, unless it displays a currently valid OMB control number.
The information requested does not lend itself to confidentiality.
Page 1 of 2
98
form HUD-1 (3/86)
ref Handbook 4305.2
L. Settlement Charges
700. Total Sales/Broker's Commission based on price $
Division of Commission (line 700) as follows:
701. $
to
702. $
to
703. Commission paid at Settlement
704.
800. Items Payable In Connection With Loan
801. Loan Origination Fee
%
802. Loan Discount
%
803. Appraisal Fee
to
804. Credit Report
to
805. Lender's Inspection Fee
806. Mortgage Insurance Application Fee to
807. Assumption Fee
808.
809.
810.
811.
900. Items Required By Lender To Be Paid In Advance
901. Interest from
to
@$
902. Mortgage Insurance Premium for
903. Hazard Insurance Premium for
904.
905.
1000. Reserves Deposited With Lender
1001. Hazard insurance
months@$
1002. Mortgage insurance
months@$
1003. City property taxes
months@$
1004. County property taxes
months@$
1005. Annual assessments
months@$
1006.
months@$
1007.
months@$
1008.
months@$
1100. Title Charges
1101. Settlement or closing fee
to
1102. Abstract or title search
to
1103. Title examination
to
1104. Title insurance binder
to
1105. Document preparation
to
1106. Notary fees
to
1107. Attorney's fees
to
1108. Title insurance
to
1109. Lender's coverage
$
1110. Owner's coverage
$
1111.
1112.
1113.
1200. Government Recording and Transfer Charges
1201. Recording fees: Deed $
; Mortgage $
1202. City/county tax/stamps: Deed $
; Mortgage $
1203. State tax/stamps: Deed $
; Mortgage $
1204.
1205.
1300. Additional Settlement Charges
1301. Survey
to
1302. Pest inspection to
1303.
1304.
1305.
@
%=
Paid From
Borrowers
Funds at
Settlement
Paid From
Seller's
Funds at
Settlement
/day
months to
years to
years to
per
per
per
per
per
per
per
per
month
month
month
month
month
month
month
month
)
)
; Releases $
1400. Total Settlement Charges (enter on lines 103, Section J and 502, Section K)
Page 2 of 2
99
form HUD-1 (3/86)
ref Handbook 4305.2
FEDERAL COLLECTION POLICY NOTICE
The Federal Government is authorized by law to take any or all of the following actions in the event your
VA-guaranteed or VA-financed loan payments become delinquent or you default on your VA-guaranteed or
VA-financed loan:
.
.
.
.
.
.
.
.
.
Your name and account information may be reported to a credit bureau.
Additional interest and penalty charges may be assessed for the period of time that payment is not
made.
Charges to cover additional administrative costs incurred by the Government to service your
account may be assessed.
Amounts owed to you under other Federal programs may be offset.
Your account may be referred to a private collection agency to collect the amount due.
Your account may be referred to the Department of Justice for litigation in the courts.
If you are a current or retired Federal employee, your salary or civil service retirement benefits
may be offset.
Your debt may be referred to the Internal Revenue Service for offset against any amount owed to
you as an income tax refund.
Any written - off debt may be reported to the Internal Revenue Service as taxable income.
All of these actions can and will be used to recover any debts owed the Department of Veterans Affairs
when it is determined to be in the best interest of the Government to do so.
CERTIFICATION
I have read and I understand the actions the Federal Government can take in the event that I fail to meet my
scheduled payments in accordance with the terms and conditions of my agreement to purchase property with
a VA-guaranteed or VA-financed loan.
Signature:
VA FORM
JUL 1996
26-0503
Date:
SUPERSEDES VA FORM 26-0503, MAR 1987,
100

va home loans for veterans

Transcription

Similar documents

PFC_Qualify_Brochure_English Website - Revised - NEW

Powerone FCU News - Power One Federal Credit Union

Auto Repair Shop Owners: 5 Tips to Get Your Loan Approved

buyers handbook.

View Fall 2015 Edition - Total Community Credit Union

The Shermanator - Accounting Las Vegas, NV

Campus SBB

CALLING ALL PUTTING-IN- THE-WORK-TODAY-FOR-A

All Vehicle Loan Special! - First Community Bank of Galena

Financing Your Future at Midwestern University