Eligibility Enhancements for VA Home Loan Guaranty Program
This document outlines the enhancements to the Certificate of Eligibility (COE) for VA's home loan guaranty program. It provides details on how these enhancements will streamline the income verification process. It also includes instructions for lenders on how to submit necessary forms.
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How do I fill this out?
To fill out this form, ensure you have all required information at hand. Follow the provided guidelines carefully. This section will help you understand the steps and requirements.
How to fill out the Eligibility Enhancements for VA Home Loan Guaranty Program?
1
Obtain the necessary VA Form 26-8937 if required.
2
Review the COE to check if the required information is already listed.
3
If additional information is needed, submit the VA Form 26-8937 via WebLGY.
4
Wait for the COE to be updated accordingly.
5
Refer to the updated COE or the uploaded VA Form 26-8937 in WebLGY.
Who needs the Eligibility Enhancements for VA Home Loan Guaranty Program?
1
Lenders verifying a Veteran's receipt of income.
2
Veterans applying for VA home loan benefits.
3
Active duty Service members seeking disability compensation.
4
Surviving spouses of deceased Veterans looking to refinance a loan.
5
VA Home Loan Representatives assisting with loan originations.
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What are the instructions for submitting this form?
To submit this form, upload the VA Form 26-8937 to WebLGY under 'New Application' if required. Ensure that all required fields are completed and verified. For any additional information, contact the VA Home Loan toll-free number at 1-877-827-3702. Avoid submitting the form via fax as VA will no longer accept fax submissions effective March 19, 2021. My advice: Double-check the COE and necessary information to avoid unnecessary submissions of VA Form 26-8937.
What are the important dates for this form in 2024 and 2025?
The enhancements mentioned in this document are effective from March 19, 2021. The circular is set to be rescinded on January 1, 2023.
What is the purpose of this form?
The purpose of this form is to announce and detail the enhancements to the Certificate of Eligibility for VA's home loan guaranty program. These enhancements aim to streamline the income verification process, eliminating the need for additional forms in most cases. The goal is to expedite the loan origination process for Veterans, active duty members, and surviving spouses.
Tell me about this form and its components and fields line-by-line.
- 1. COE Information: Details the Veteran's eligibility and any relevant income information.
- 2. VA Form 26-8937: Used to verify additional information if not listed on the COE.
- 3. Income Verification: Includes details on how to verify income for Veterans and surviving spouses.
- 4. Submission Instructions: Guides lenders on how to submit necessary forms and what to do if system limitations occur.
- 5. Paperwork Reduction Act: Approval information from the Office of Management and Budget regarding the form’s information collection requirements.
What happens if I fail to submit this form?
Failing to submit this form can result in delays or denials of loan applications. Lenders need accurate and updated information to proceed with loan origination.
- Loan Delays: Delays in processing the loan application due to incomplete information.
- Loan Denials: Potential denial of the loan due to missing or incorrect eligibility information.
How do I know when to use this form?
- 1. Income Verification: When the COE does not list required income details.
- 2. Active Duty Members: For members with pending disability compensation claims.
- 3. Surviving Spouses: When applying for IRRRL to refinance a VA-guaranteed loan.
Frequently Asked Question
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How do I submit the updated form?
Follow the submission instructions provided in the document, such as uploading to WebLGY or other specified methods.
What if I need additional information that's not on the COE?
Submit the VA Form 26-8937 to VA via WebLGY as instructed in the document.
How can I share this form with others?
Use PrintFriendly's sharing options to email or generate a shareable link for the form.
How do I know if a surviving spouse is eligible for IRRRL?
Refer to 38 U.S.C. § 3710(e)(3) for eligibility criteria for surviving spouses.
What happens if there are system limitations on the COE?
In such cases, VA may upload a completed VA Form 26-8937 to the eligibility record in WebLGY.
How can I contact a VA Home Loan Representative?
Call the VA Home Loan toll-free number at 1-877-827-3702 for assistance.
Is the Paperwork Reduction Act applicable to this form?
Yes, the form's information collection requirements have been approved under the Paperwork Reduction Act.
When does this circular get rescinded?
This Circular is rescinded on January 1, 2023.
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