Category: VA

Wait Period for Bankruptcy 11

Question: When can a borrower apply for a loan with a chapter 11 BK? MC Chart – Derogatory Credit – All Agency Comparison Answer: VA does not address Chapter 11 bankruptcy directly in the VA Handbook. In the distant past I was told verbally by a VA Regional Loan Center that they were treated like […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

VA Manual Underwriting – Paid Collection Accounts

Question: I have a file with some recently paid collections accounts. The credit report is showing that both collections were paid off within the last 12 months. My question is, do we consider the date the account went into collection or the date it was paid off? MC Chart – Collections – Judgments – Charge […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Cash-Out Refinance & Title Holders

Question: We want to do a VA Cash out. Husband (veteran) and wife. Wife owned the home before they got married and has a mortgage in her name alone. They’ve been married for a few years and the Wife went into Forbearance and is still in the status. Our Veteran wants to refinance in his […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Manually Underwriting a VA Loan

Question: Will VA allow a Manually Underwritten loan for a borrower with no credit score?  NEW Chart – VA Manual Underwriting Guidance Answer: VA does not have a minimum credit score requirement, but all secondary markets I’ve ever come across have minimum credit score requirements. VA does not have a clear set of Manual Underwriting […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

VA Circular 26-21-11- Updated Funding Fee Information for Lenders – Dated July 15, 2021 – Effective Immediately

Written by: Tracey Rumsey, Staff Writer VA’s guidance on when a Certificate of Eligibility [COE] and Funding Fee exemptions are addressed in this article. Rule Synopsis: Effective date July 15, 2021* (see Interpretive Comments for additional details) Summary Certificates of Eligibility (COEs) are no longer required when processing an Interest Rate Reduction Refinance Loan (IRRRLs).  […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top