News & Analysis as of

Loans Department of Veterans Affairs Mortgages

Alston & Bird

VA Issues Guidance on Processing Assumptions with Secondary Financing

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What Happened? On August 11, 2024 the Department of Veterans Affairs (the “VA”) released Circular 26-24-17, clarifying how a servicer should process an assumption when there is secondary financing.  Significantly, the VA...more

Ballard Spahr LLP

VA Announces Secondary Borrowing Requirements for Loan Assumptions

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In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 [Link: https://benefits.va.gov/HOMELOANS/documents/circulars/26-24-17.pdf] requirements when a party...more

Ballard Spahr LLP

VA Announces Change Regarding Temporary Variance Allowing Veterans to Pay Broker Commissions

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Previously, in connection with the home loan program of the Department of Veterans Affairs (VA) we reported on the VA’s adoption of a temporary local variance allowing veterans to pay the commission of the real estate broker...more

Ballard Spahr LLP

VA Announces Temporary Variance Allowing Veterans to Pay Broker Commissions and Announces a Targeted Foreclosure Moratorium

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Buyer-Broker Commissions - In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) recently adopted a temporary local variance allowing veterans to pay the commission of the real estate...more

Ballard Spahr LLP

Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes

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The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term....more

Ballard Spahr LLP

VA Proposes Supplemental Refinance Loan Rule

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As previously reported, in November 2022 the Department of Veterans Affairs (VA) issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan...more

Ballard Spahr LLP

VA Issues Guidance on IRRRL Requirements

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To protect veterans from loan churning, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act) imposed additional requirements for Interest Rate Reduction Refinance Loans (IRRRLs) to be guaranteed by...more

Ballard Spahr LLP

FHA and VA to Expand Coverage to Properties with Certain PACE Assessments

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The Federal Housing Administration (FHA) has announced guidance intended to clarify circumstances under which residential properties encumbered by a Property Assessed Clean Energy (PACE) special assessment would be eligible...more

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