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2023 Conforming Loan Limits

Circular 26-22-18

Today I want to talk to you about a new circular that dropped for the VA. It is circular number 26-22-18, and it is about the new Federal Housing Finance Agency 2023 conforming loan limits.

Now, if you have your full entitlement available, this won’t affect you. Generally speaking, the conforming loan limits determine whether or not your loan is a jumbo or a conforming loan. But if

2023 Conforming Loan Limits2023-12-11T14:49:48-08:00

No Need for Private Road Maintenance Agreement

VA Circular 26-22-17

On November 25th of 2022, a new VA circular pertaining to private roads and shared driveways
was released. Now, effective immediately, the VA is no longer requiring that a veteran obtain a private road maintenance agreement
to meet the minimum property requirements of the VA
home loan. The VA will be requiring that a public easement be recorded, which is usually already included
in the preliminary title

No Need for Private Road Maintenance Agreement2023-12-11T14:49:49-08:00

What is an Appraisal Waterfall??

Circular Update

On July 22, 2022, Circular 26-22-13 was introduced. The title of the new circular is Procedures for Alternative Valuation Methods, but we will refer to it as an Appraisal Waterfall.

As of right now, the VA is giving certain allowances on appraisal and inspection processes for borrowers who meet certain qualifications. The Veteran must be making a down payment of at least 20 percent of the purchase price.

What is an Appraisal Waterfall??2023-12-11T14:49:49-08:00

Understanding the VA Loan Estimate

Understanding the VA Loan Estimate

The loan estimate can be a daunting document. To better understand it, the document can be broken down into three pages.

Page 1 contains the general parameters of the loan:

  • Loan terms (15 or 30 years)
  • Loan Amount. The loan amount consists of the interest rate, and the principal interest rate. This does not include taxes, insurance, or HOA fees. Therefore, the monthly payment will be more.
  • Fixed Rate – When the rate is
Understanding the VA Loan Estimate2023-12-11T14:49:49-08:00

Semper Gumby

Semper Gumby – “Always Flexible”

It is a play on the motto Semper Fidelis (which means “Always Faithful”), the official USMC motto. It is also a play on Semper fortis which means “Always strong “, and the official motto of the US Coast Guard, Semper Paratus, meaning “Always Ready.” Semper Gumby, referring to the animated clay character Gumby. (The real Latin phrase meaning “Always Flexible” would be Semper Flexibilis.)

Vetted VA

Semper Gumby2023-08-10T15:44:37-07:00

VA Guidelines – Manual Underwriting

Second Chance

If your lender is unable to get an automated underwriting approval, or if you’ve been turned down with no explanation, it’s possible that it’s your lender, and not you, who is not qualified.

VA manual underwriting guidelines are designed to give an Underwriter guidance and the guidelines for manually underwriting, and approving a loan application.

There are many lenders that simply do not manually underwrite VA loans. When choosing a lender, this is something that you want to research

VA Guidelines – Manual Underwriting2023-08-10T09:49:58-07:00
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