VA

VA Circular 26-19-25, Transition from Veterans Information Portal (VIP) to LGY Hub, September 19, 2019

Written by: Tracey Rumsey, Staff Writer Those of you that work with VA loans need to be aware of upcoming changes that will impact your business. Rule Synopsis: VA is transitioning from VIP to the LGY Hub portal. LGY Hub offers Veterans and other stakeholders an enhanced two-factor authentication service through AccessVA. AccessVA will centralize, [...]

2019-10-09T13:04:41-05:00October 10th, 2019|

VA and Charge-Off Accounts

Question: The credit report shows a charge-off, but we have an approve/eligible through DU. What do we need to do with the charge-off? Answer: A charge off is not considered an active debt, even though that previous data is still showing in the account detail on the credit report. The creditor is now reporting the [...]

2019-09-24T11:21:40-05:00September 25th, 2019|

When a borrower is required to have reserves beyond down payment and closing costs, FHA and conventional loans will allow those funds to be a gift. VA will not allow gift funds to be used as reserves.

Related Article Title: Gift Funds as Reserves Question: Does any program allow gift funds to be used for required reserves? Answers: Both Fannie Mae and Freddie Mac allow gift funds to be used as reserves. VA does not allow gift funds to be used as reserves. FHA will allow gift funds to be used as [...]

2019-09-24T13:07:44-05:00September 25th, 2019|Fannie Mae, FHA, Freddie Mac, Social Media Posts, VA|

Gift Funds as Reserves

Question: Does any program allow gift funds to be used for required reserves? Answers: Both Fannie Mae and Freddie Mac allow gift funds to be used as reserves. VA does not allow gift funds to be used as reserves. FHA will allow gift funds to be used as reserves but ONLY if the loan is [...]

2019-09-24T11:24:21-05:00September 25th, 2019|

Termite Inspections in Texas or Other States

Question: On a VA loan for a property in Texas, is the Veteran allowed to pay for the termite inspection that is required? Allowable State Fees and Charges – VA Answer: VA maintains a ‘special fee deviation’ for each state. In this list you’ll see that TX has a fee deviation that does allow the [...]

2019-09-24T11:30:11-05:00September 25th, 2019|