The VA Lenders Handbook is a manual that provides guidance and information to lenders who participate in the VA home loan program. The handbook is published by the U.S. Department of Veterans Affairs (VA) and is designed to help lenders understand the rules and requirements for making VA home loans.
The handbook covers a wide range of topics related to the VA home loan program, including the eligibility requirements for borrowers, the requirements for the property being financed, and the specific guidelines that lenders must follow when originating and servicing VA home loans. Some of the key topics covered in the handbook include:
1. VA home loan program overview: The handbook provides an overview of the VA home loan program, including the history of the program, the benefits of VA home loans, and the key players involved in the program.
2. Eligibility requirements: The handbook outlines the specific eligibility requirements for borrowers, including the minimum length of military service required and other factors that may impact eligibility.
3. Property requirements: The handbook provides detailed information about the requirements for the property being financed with a VA home loan, including the minimum property standards that must be met and the specific types of properties that are eligible for financing.
4. Loan underwriting and origination: The handbook provides guidance on the underwriting and origination process for VA home loans, including the specific documentation requirements and the process for determining the loan amount and terms.
5. Loan servicing and default management: The handbook provides guidance on how lenders should service VA home loans, including information on payment processing, default management, and foreclosure prevention.
The VA Lenders Handbook is a valuable resource for lenders who participate in the VA home loan program and is regularly updated to reflect changes in the program and new regulations. Lenders are required to follow the guidelines outlined in the handbook when originating and servicing VA home loans.
If you are ready to get started with a VA Home Loan in Washington, Idaho, or Oregon, apply today! For more information, please contact our VA experts at 833-VA-Expert. (833) 823-9737
