What does the VA consider an asset?

Definition : Assets. Assets are the fair market value of all property that an individual owns, including all real and personal property, unless excluded under 38 CFR 3.275(b). Example: A surviving spouse has a joint bank account with her nephew.

Will an inheritance affect my VA disability benefits?

Inheritances are unearned income. As such, any inheritance you receive will not affect SSDI benefits.

Who is required to sign item 51 of VA loan analysis?

The individual with authority to determine that the loan meets VA credit standards and should be submitted to VA, must sign item 51 of the Loan Analysis.

What are the requirements for a VA loan?

Basic Requirements By law, VA may only guarantee a loan when it is possible to determine that the veteran: is a satisfactory credit risk, and has present and anticipated income that bears a proper relation to the contemplated terms of repayment.

When do you need an IRRRL to refinance a VA loan?

Refinancing Loans While the underwriting standards detailed in this chapter apply to “cash-out” refinances, IRRRLs generally do not require any underwriting. IRRRLs made to refinance VA loans 30 days or more past due must be submitted to VA for prior approval. It must be reasonable to conclude that:

Do you need to complete VA Form 26-6393?

4 Complete VA Form 26-6393, Loan Analysis, in conjunction with a careful review of the loan application and supporting documentation. The form is not required for Interest Rate Reduction Refinancing Loans (except IRRRLs to refinance delinquent VA loans).

When is a child considered an asset by the VA?

VA will not consider a child to be a veteran’s or surviving spouse’s dependent child for Pension purposes if the child’s net worth exceeds the net worth limit The total value of an annuity, trust or other similar financial instrument is counted as an asset if the claimant establishes that he or she has the ability to liquidate the entire balance.

How does VA calculate asset and net worth?

If the total value of an annuity or similar financial instrument is used when calculating the asset amount, VA does not include the monthly income derived from the same annuity or similar financial instrument when calculating income for net worth. This would result in double counting for calculating net worth.

When does a primary residence become an asset for VA?

VA recognizes one primary residence per claimant. If the residence is sold after Pension entitlement is established, any net proceeds from the sale is an asset except to the extent the proceeds are used to purchase another residence within the same calendar year as the year in which the sale occurred.

When does the VA guarantee a veterans loan?

By law, VA may only guarantee a loan when it is possible to determine that the Veteran is a satisfactory credit risk, and has present or verified anticipated income that bears a proper relation to the anticipated terms of repayment.