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Home Loans

Circulars: 2014

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Circular 26-14-25  - September 5, 2014
Lender and Servicer Compliance with Consumer Financial Protection Bureau Requirements for Adjustable Rate Mortgages
PURPOSE: This circular clarifies interest-rate adjustment, disclosure, and notice requirements for adjustable rate mortgages and hybrid adjustable rate mortgages (ARMs/hybrid ARMs) guaranteed by the Department of Veterans Affairs (VA) under the Truth in Lending Act (TILA) and the Consumer Financial Protection Bureau (CFPB)'s 2013 TILA Servicing Rule.

Circular 26-14-24  - September 5, 2014
Manufactured Home Appraisal Report
PURPOSE: The purpose of this circular is to provide information to program participants on the use of the Manufactured Home Appraisal Report (Freddie Mac Form 70B/Fannie Mae Form 1004C, dated March 2005) for Department of Veterans Affairs (VA) manufactured home (MH) appraisals.

Circular 26-14-23  - September 5, 2014
Appraisal of Proposed or Under Construction Properties from Model Homes
PURPOSE: The purpose of this circular is to announce that appraisers are authorized to use model homes, in lieu of construction exhibits (plans and specifications), to appraise "Proposed or Under Construction" properties, as defined in Chapter 10 of the Department of Veterans Affairs (VA) Lenders Handbook.

Circular 26-14-22  - September 2, 2014
VA Making Home Affordable Programs
PURPOSE: This circular provides authority and instructions for modifying Department of Veterans Affairs (VA) guaranteed home loans in accordance with the President's Making Home Affordable (MHA) program.

Circular 26-14-21  - September 2, 2014
Market Conditions Addendum to VA Appraisal
PURPOSE: The purpose of this circular is to announce that the Department of Veterans Affairs (VA) requires appraisers to include Fannie Mae Form 1004MC in all VA appraisal reports.

Circular 26-14-19  - August 1, 2014
Processing Request for Execution of Quitclaim Deeds
PURPOSE: This Circular provides guidance on the Department of Veterans Affairs (VA)handling of requests for execution of quitclaim deeds (QCD).

Circular 26-14-17 - July 22, 2014
Clarification of Equal Employment Certification Requirements for Home Builders Participating in the Native American Direct Loan (NADL) Program
PURPOSE: The purpose of this Circular is to clarify the equal employment certification requirements for home builders in those cases in which the builder is constructing, or subcontracting for the construction of, a home for which funding is being provided under the Native American Housing Assistance and Self-Determination Act of 1996 (NAHASDA), 25 U.S.C. 4101 et seq.

Circular 26-11-1 - Change 1 - May 14, 2014
Relocation Assistance for VA Borrowers
PURPOSE: The purpose of this change is to extend the rescission date of the basic Circular so that stations continue to provide guidance on VA's position with respect to procedure.

Circular 26-09-12 - Change 3 - May 7, 2014
Property Preservation Requirements and Fees
PURPOSE: The purpose of this change is to provide clarification on the minimum requirements for Department of Veterans Affairs (VA) guaranteed home loans with regard to securing of the property and fees that will be reimbursed by VA for those services in a claim under the loan guaranty.

Circular 26-14-11 - April 30, 2014
Appraisal Management System and Required Mortgage Industry Standards Maintenance Organization XML Appraisal Format
PURPOSE: The purpose of this Circular is to announce that effective June 1, 2014, all Department of Veterans Affairs (VA) appraisals will be processed in WebLGY under the VA Appraisal Management System (AMS).

Circular 26-14-10 - May 7, 2014
Policy Clarification on Unallowable Fees
PURPOSE: The purpose of this Circular is to clarify the Department of Veterans Affairs (VA) policy on the treatment of unallowable fees when lenders charge a loan origination fee that is less than one percent of the loan amount on purchase and cash-out transactions, and less than one percent of the payoff amount on interest rate reduction refinance loans (IRRRLs).

Circular 26-14-9 - March 27, 2014
VA Loan Full File Loan Review - File Upload Stacking Order
PURPOSE: This Circular announces the Department of Veterans Affairs (VA) new mandatory stacking order for files selected for VA full file loan review, effective May 1, 2014.

Circular 26-14-8 - March 24, 2014
Repair Inspection Processing Procedures
PURPOSE: The purpose of this Circular is to announce that effectively immediately, in lieu of using their own appraiser letterhead, Department of Veterans Affairs (VA) Fee Appraisers may now use Freddie Mac Form 442 or Fannie Mae Form 1004D, Part B, Certification of Completion, to certify satisfactory completion of the required repairs identified on Notices of Value (NOVs).

Circular 26-14-6 - February 28, 2014
Revised 2014 VA Effective Loan Limits 
PURPOSE: This Circular announces the Department of Veterans Affairs (VA) revised effective loan limits for loans closed on or after the date of this Circular.

Circular 26-14-5 - February 25, 2014
VA Appraisal Requirements on Foreclosed Properties
PURPOSE: This Circular reaffirms Department of Veterans Affairs (VA) policy that all properties, including foreclosed properties, must meet VA minimum property requirements (MPRs) prior to VA loan guaranty. Additionally, this Circular clarifies our current VA requirements on who may pay for repairs on foreclosed properties.

Circular 26-14-4 - February 19, 2014
Clarification of the Department of Veterans Affairs (VA) Acceptance of Water Catchment Systems in the State of Hawaii
PURPOSE: The purpose of this Circular is to provide clarification of VA policy for individual properties with rainwater catchment systems that serve as collateral for a VA home loan in the State of Hawaii.

Circular 26-14-3 - February 6, 2014
Contract Assurance Unit Mailing Address
PURPOSE: The purpose of this Circular is to provide the mailing address for the recently formed Contract Assurance Unit.

Circular 26-14-1 - January 9, 2014
Lender Compliance with Consumer Financial Protection Bureau Requirements for Ability to Repay and Qualified Mortgage Rule
PURPOSE: This Circular clarifies lender requirements for home loans guaranteed by the Department of Veterans Affairs (VA) under the Truth in Lending Act (TILA) and the Consumer Financial Protection Bureau (CFPB)’s Ability to Repay and Qualified Mortgage (ATR/QM) Rule.

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