This document discusses nontraditional VA mortgage programs, including VA benefits and loan amounts, eligibility requirements such as military service history and property qualifications, underwriting guidelines involving income, credit, and debt ratios, and the Interest Rate Reduction Refinance Loan (IRRRL) program which allows eligible veterans to refinance their existing VA loans at lower interest rates.

1. Module 6: Nontraditional VA Mortgage
Programs, Part 1

2. Module 6: Nontraditional VA Mortgage Programs, Part 1
6.1 VA Benefits - Home Loans
 Contributions of the GI Bill to Real Estate
 Benefits of VA-Guaranteed Loans
 VA Loan Amounts

3. Module 6: Nontraditional VA Mortgage Programs, Part 1
6.2 VA Requirements
 Determine Eligibility
 Wartime Service
 Gulf War
 Peacetime Service
 Benefits of VA-Guaranteed Loans
 VA Loan Amounts
 Certificate of Eligibility
 Qualifying Property
 Minimum Property Requirements

4. Module 6: Nontraditional VA Mortgage Programs, Part 1
6.3 VA Underwriting Guidelines
 Employment and Income Stability
 Credit History
 Residual Income and Qualifying Ratio
 Residual Income
 Debt-to-Income Ratio
 Underwriting VA Loans with Nontraditional Credit
 Examples of Underwriting Deficiencies

5. Module 6: Nontraditional VA Mortgage Programs, Part 1
6.4 Interest Rate Reduction Refinance Loan
 Eligibility for an IRRRL
 IRRRL Application Process
 IRRRL Loan Limits
 VA Funding Fee