What is the VA loan analysis? How does it work and what does it mean? In this article, we’ll go over everything you need to know, including explaining the VA form 26-6393 so you can meet with your loan officer educated and more confident.
The VA Loan Analysis Form 26-6393
When you begin the VA loan process, your lender or loan officer will present you with a packet of information. This packet will contain lots of documents; one of them may be the 26-6393, entitled the Loan Analysis. We say “may be” because sometimes this form won’t be included in the packet; sometimes you’ll just receive a copy of it in the mail. If you want a copy of it to fill out, you can always request one from your loan officer. But if it is included in your packet, here’s an explanation of what it is and what it’s for.
What Is the Purpose of the VA Loan Analysis Form?
Eventually, the VA Loan Analysis form will be used by the underwriters of your VA loan,. An underwriter is someone who checks all the documents included in the VA loan process and makes sure the information they contain is legitimate. The loan analysis form helps underwriters determine whether you, the applicant, are qualified to receive the loan by summarizing your most important and basic financial information. It consolidates lots of information found on different reports, putting them in one location for the underwriter’s convenience and providing them with a general idea right off the bat of your financial situation. This makes the loan process faster and more efficient. Underwriters may also consult additional documents when determining your eligibility for a loan. If there’s anything on the loan analysis form that they need elaborated on or changed, they can request more information, but assuming everything has been done correctly, the underwriter may only need to work from the 26-6393.
Loan analysis forms are also submitted directly to the VA when certain applications require prior approval. The 26-6963 is a helpful and often necessary tool for them in the process of determining your VA eligibility.
What Information Does the VA Loan Analysis Form Contain?
Much of the loan analysis form is self-explanatory; you shouldn’t have a lot of trouble filling it out to the lender’s satisfaction. Some of the required fields may already be filled out if you receive the form in the mail or in your starter packet. Click here to see the form.
Sections of the Form
The form itself is divided into sections A, B, C, D, and E. Sections A and B will ask you for general information about yourself and the loan, such as your address, the loan amount, and what it will be used for. Both the loan applicant and the applicant’s spouse have spots to fill out on the form, if the scenario applies. For the best experience filling out the form, take on each question in the order it’s given; this will provide the subsequent questions with clearer context. For example, section B field 9 asks you to check or not check the box “Utilities Included.” This may not make sense at first, but if you refer to field 8, you’ll see that the utilities refer to your “Current Monthly Housing Expense.” Since the loan analysis form covers so much in such a small space, there may not be thorough explanations at every turn. So if you have any questions, make sure to retrace your steps, read carefully, and ask your lender for help.
Sections C, D, and E deal with the details of the loan, the nitty-gritty information that might not just come off the top of your head. This section includes lots of math and working with numbers, and some people can get easily confused. If you’re not a math person, make sure you have a calculator and maybe even some scratch paper with you while tackling this section; you don’t want to make any mistakes. In section C field 21, you’ll total your estimated monthly housing or shelter expenses. This includes any maintenance or utilities costs, as well as HOA or condo fees, if you’re required to pay any. The information in field 21 isn’t to be confused with your monthly mortgage payment; rather, this section deals with anything you pay per month that has anything to do with the place in which you live, not just your rent or mortgage. Your actual monthly mortgage will be a smaller number than the one you list here.
Section D of the loan analysis form presents a good opportunity to check for accuracy. It includes a record of your debts, compiled by someone else, so make sure to cross reference it with your own records and take care of any mistakes or discrepancies in the description of the item, the monthly payment amount, or the remaining unpaid balance. You want these numbers to be accurate; they’ll make a difference in the loan approval process, for better or worse.
Section E of the loan analysis form is all about your income and any tax deductions for which you’re eligible. It should also accurately reflect the information provided by your lender and your own personal financial records, and none of it should come as a surprise to you. Again, take the time to look over these numbers and make any changes that need making. In theory, this section of the form will be close to perfectly accurate because it’s already undergone a series of verification processes. But there’s always the chance something fell through the cracks or was misreported. Any inaccuracies, no matter how small, should be addressed.
We Shoot for Fast, Easy, and Accurate Loan Processes
We at Low VA Rates recognize the sacrifices made by veterans and the stresses they’ve endured, both during and after their military service, so we want to make the VA home loan process as painless as possible. We hope every veteran and potential borrower is properly educated, either by online resources or in person with our loan officers, so nothing gets in the way of their becoming proud homeowners. To learn more about forms like the VA loan analysis and any step of the VA loan process, as well as the myriad of VA loans available.
If you have additional questions about the VA loan analysis give us a call at 866-569-8272. We would be more than happy to answer any VA loan related questions.