VA Form 26-6393 – VA Loan Analysis Explained
So you’re getting a VA loan, and your lender has given you a packet of information, and one of the documents on there is entitled “Loan Analysis” and has the number 26-6393 at the bottom. What the heck is this, and why are you getting it? Learn what this form is, what it’s used for, and what information it provides. There are very few situations where you as the borrower will be required to fill out this form; most of the time you will simply receive a copy of it as part of your loan documentation. If you don’t receive a copy of it with your loan documents package at closing, you can request one from your loan officer. Find out why it’s so important for you to understand this if you’re going to get a VA loan!
The Purpose of the Loan Analysis Form
Form 26-6393 is designed to be used by underwriters of VA loans, and is their primary way of determining whether an applicant is qualified for the loan they are applying for. By aggregating and consolidating all the information onto a single sheet, the underwriter can get a simplified, at-a-glance look at whether the borrower is qualified. This form is not the only thing that the underwriter uses to determine a borrower’s qualifications, but most of the information that an underwriter needs is included on this form in an easy-to-read (well, for an underwriter) way. If there’s any discrepancies or things that need to be addressed, the underwriter can request additional information and documentation and include that in the loan package. Form 26-6393 is also used when the loan application must be submitted to the VA for prior approval, and at that point it becomes even more important than when the lender is processing the loan internally, because the VA will largely refer to this sheet when determining whether to approve the loan. So what’s the information on this form that’s so important?
The Information for Your VA Analysis Form
Well, first of all, you’re welcome to peruse a blank form online here. Many of the fields are self-explanatory, so you can get a pretty good start just by looking over the form, but you can also just do that with the filled-out form you receive from the lender. The first two sections (A and B) are simply for general information about the borrower and the loan itself. You’ll see fields for the applicant as well as fields for the spouse if applicable. If you read through each of the fields in order, the context of the questions will make more sense. For example, field 9 in section B says “Utilities Included” with check boxes for ‘yes’ and ‘no’. This only makes sense if you look first at field 8, which is “Current Monthly Housing Expense”. This form contains so much information that they weren’t able to include explanations of each field, so remember that tip as you read through the one you receive from your lender.
Sections C, D, and E are where we get into the nitty-gritty details about the loan. There will be a lot of numbers here and it can be easy to get confused if you try to speed-read it, so take your time. Section C is totaling your estimated monthly shelter expenses, which include maintenance and utilities, as well as HOA or condo fees if they are present. Don’t confuse field 21 with your monthly mortgage payment, because they are not the same. Field 21 incorporates things you pay separately from your mortgage, so your monthly mortgage should be smaller than that total. Section D is a good thing for you to check for accuracy, since it’s information about your debts written by another person. If the description of the item, the monthly payment, or the unpaid balance is inaccurate, make sure you get your loan officer on the phone and clear it up, because it can make a difference.
Section E is all about your income and deductions, and should reflect the information you’ve provided to your lender. None of this information should come as a surprise, and if it does, you’ll want to compare it with your records and resolve any discrepancies. Theoretically, this form should be extremely accurate, since a lot of verification goes into getting these numbers on the form. However, in the event that there is something inaccurate, even if you don’t think it’s a big deal, you should definitely bring it up to your loan officer.
Don’t skim over such an important form. If you ever wonder why you ended up with your loan, this form has that answer. Go over the Loan Analysis form today and be an informed borrower.