Veterans Affairs (VA) Modification
Is a VA modification right for you?
A VA modification may lower your monthly mortgage payment.
You may be eligible1 if:
- You're having trouble paying your mortgage due to a financial hardship
- Your first mortgage is a VA-insured home loan
- You haven’t exceeded the modification limits set by the insurer of your loan
- All borrowers on your loan agree to participate
There are additional eligibility requirements for this program. Please contact us to learn more.
There are no fees and no minimum credit score requirements with this program. However, you will be responsible for certain costs, expenses, and fees associated with the servicing of your loan that were incurred by you before the application for the modification is completed and approved (such as foreclosure attorney fees). When your modification becomes final, all prior unpaid late charges will be waived.
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When you call us to request a VA loan modification, please be ready with your loan number, the monthly pre-tax income for each borrower, monthly household expenses, and information about your current financial hardship.
We’ll review your situation, confirm your interest in a modification and send you a financial information packet.
Throughout the process, you'll have a Customer Relationship Manager who will answer all your questions and help guide you through the steps you'll need to take.
When you receive the financial information packet, you’ll need to complete, sign, and return the forms, along with any other documents that are requested, to us as soon as possible.
After we receive your documents, we’ll contact you via phone or mail within five business days if any documents are incomplete or missing.
Once we have all of your required documents, it may take us 30 calendar days to complete the evaluation process and notify you of our decision.
If approved, you’ll start a three month trial period to make sure you can afford the new payments.
We'll send you a Trial Period Plan Notice explaining the terms, such as the monthly payment amount, the deadline to accept the trial plan terms, and the date your first trial payment is due. You can make payments through Online Banking, by mail, or over the phone.
Once you’ve made all trial payments on time, we’ll send you the Modification Agreement.
The Modification Agreement defines the changes to your home loan. This agreement must be signed, notarized, as required, and returned to us by the stated deadline in order for your modification to become permanent.
Once completed, we are required to report the modification to the credit bureaus, which may negatively impact your credit.
What if I'm not eligible or get declined?
If we can't find another affordable option that works for you to stay in your home, you may need to consider options that involve leaving your house.
If your house is currently worth less than the amount remaining on your loan, you may be able to sell your property in a short sale. Please call us at 800 669 6650 to discuss your options.
1 These eligibility requirements are informational and are not intended as a commitment to modify your home loan nor is this an exhaustive list of the requirements of the Program.