VA Regional Loan Centers (RLCs) provide borrowers with the building blocks to use their home loan benefits. Finding out if you’re eligible for a VA loan is just one of the things these centers can do. Foreclosure prevention is also an important service that certain RLCs provide. Newly-eligible borrowers and distressed borrowers can really get a lot from this tip of the week: do you know your RLCs?
In fact, there are nine VA RLCs throughout the country. Veterans can call or walk into these facilities to get information. Some of the services offered at the RLCs include:
- Loan Production
- Loan Administration
- Construction and Valuation
- Specially Adapted Housing Grants
Use the Atlanta RLC To Find Out If You’re Eligible for a VA Loan
The Atlanta RLC is the largest facility. This is where all eligibility applications are directed. Servicemembers waiting for eligibility determinations should contact the Atlanta RLC. Other RLCs have Loan Production departments to help borrowers apply for VA loan eligibility. These offices can also help with underwriting and general information about home loan benefits. Production employees can assist with tracking down proof of military service documents. A DD214 is a common form that approved lenders require to start the loan process. Potential borrowers will also need a Certificate of Eligibility (COE) upfront. An approved lender can access the VA’s database online to obtain a COE for most borrowers. Production can tell borrowers which lenders are approved by the government to do VA loans.
The Loan Administration department is important for borrowers in distress. When a loan goes into default, counselors on staff can give advice on preventing foreclosure. Delinquent VA loans are some of the most “savable” mortgages thanks to these professionals. Keeping veterans in their homes is the ultimate goal. Loan modification, forbearance and payment plans can help borrowers in distress get back on track. But, sometimes keeping the home isn’t an option. These counselors can also help guide borrowers through transfer of deed options such as home sale and deed in lieu of foreclosure.
Construction and Valuation, aka the Appraisal department, is there to help borrowers understand the property requirements for VA loans. They can also help with appraisal disputes.
Specially Adapted Housing departments of certain RLCs help disabled veterans apply for grants to modify their homes for specific needs.
Each region has a designated RLC and trained employees ready to assist with VA home loan benefits. Not all RLCs provide all services.
To find out which RLC to contact, or to read more about mortgage counseling services, visit www.va.gov.