VA Form 26-8923 PDF Details

The VA Form 26-8923, known officially as the Interest Rate Reduction Refinancing Loan (IRRRL) Worksheet, serves as an instrumental tool in the refinancing process for veterans seeking to reduce their mortgage interest rates through the VA's loan guaranty program. With its primary aim to establish the new loan's amount rightfully and ensure that it doesn't exceed the permissible limits, this form encapsulates a significant part of the preparatory steps involved in acquiring an IRRRL. The document outlines a series of computations starting with the balance of the existing VA loan and factoring in potential deductions or additions such as the cost for energy-efficient improvements, origination fees, funding fees, and other closing costs. The structured breakdown within the form, proceeding through initial computation to the final loan amount calculation, highlights the meticulous framework designed to protect veterans from overborrowing. Beyond its functional aspects, the form is encapsulated by a layer of privacy protections as guided by the Privacy Act of 1974 and Title 38 of the Code of Federal Regulations, underscoring the VA's commitment to safeguarding personal information. Moreover, the respondent burden estimate and the form's expiration date emphasize the VA's adherence to regulatory requirements and its effort to keep the paperwork process transparent and manageable for veterans. This integral document reflects a critical pathway through which veterans navigate the financial aspects of homeownership, altering their loan terms towards favorable outcomes while ensuring compliance with designated VA loan caps.

QuestionAnswer
Form Name Va Form 26 8923
Form Length 1 pages
Fillable? No
Fillable fields 0
Avg. time to fill out 15 sec
Other names va irrrl comparison worksheet, va irrrl worksheet, irrrl worksheet fillable, va 26 8923

Form Preview Example

OMB Approved No. 2900-0386

Respondent Burden: 10 minutes

Expiration Date: 12/31/2024

INTEREST RATE REDUCTION REFINANCING LOAN WORKSHEET

PRIVACY ACT NOTICE: VA will not disclose information collected on this form to any source other than what has been authorized under the Privacy Act of 1974 or Title 38, Code of Federal Regulations 1.576 for routine uses (i.e., to a member of Congress inquiring on behalf of a veteran) as identified in the VA system of records, 55VA26, Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records, and Vendee Loan Applicant Records - VA, and published in the Federal Register. Your obligation to respond is voluntary; however, failure to complete the form could result in your making a loan in excess of the allowable amount.

RESPONDENT BURDEN: This information is needed to help you determine the appropriate amount of the VA-guaranteed loan you intend to process. Title 38, United States Code, allows us to ask for this information. We estimate that you will need an average of 10 minutes to review the instructions, find the information, and complete this form. VA cannot conduct or sponsor a collection of information unless a valid OMB control number is displayed. You are not required to respond to a collection of information if this number is not displayed. Valid OMB control numbers can be located on the OMB Internet Page www.reginfo.gov/public/do/PRAMain. If desired, you can call 1-800-827-1000 to get information on where to send comments or suggestions about this form.

NOTE - Submit this form when requesting guaranty on an Interest Rate Reduction Refinancing Loan.

SECTION I - INITIAL COMPUTATION

VA LOAN NUMBER

LINE NO.

 

 

ITEM

AMOUNT

 

1.

EXISTING VA LOAN BALANCE (PLUS COST OF ENERGY EFFICIENT IMPROVEMENTS)

$

 

 

 

 

 

 

2.

SUBTRACT ANY CASH PAYMENT FROM VETERAN

 

 

 

 

 

 

3.

TOTAL

 

$

 

 

 

 

 

 

 

 

 

SECTION II - PRELIMINARY LOAN AMOUNT

 

 

4.

ENTER TOTAL FROM LINE 3

$

 

 

 

 

 

 

5.

ADD

% DISCOUNT BASED ON LINE 4

+

 

 

 

 

 

 

6.

ADD

% ORIGINATION FEE BASED ON LINE 4

+

 

 

 

 

 

 

7.

ADD

% FUNDING FEE BASED ON LINE 4

+

 

 

 

 

 

 

8.

ADD OTHER ALLOWABLE CLOSING COSTS AND PREPAIDS

+

 

 

 

 

 

 

9.

TOTAL

 

$

 

 

 

 

 

 

 

 

 

SECTION III - FINAL COMPUTATION

 

 

10.

ENTER TOTAL FROM LINE 9

$

 

 

 

 

 

 

11.

ADD

% DISCOUNT BASED ON LINE 10

+

 

 

 

 

 

 

12.

SUBTOTAL

 

=

 

 

 

 

 

 

13.

SUBTRACT AMOUNT SHOWN ON LINE 5

 

 

 

 

 

 

14.

SUBTOTAL

 

=

 

 

 

 

 

 

15.

SUBTRACT AMOUNT SHOWN ON LINE 7

 

 

 

 

 

 

16.

SUBTOTAL

 

=

 

 

 

 

 

 

17.

ADD

% FUNDING FEE BASED ON LINE 16

+

 

 

 

 

 

 

18.

TOTAL - MAXIMUM LOAN AMOUNT

$

*

 

 

 

 

 

NOTE: * MAXIMUM LOAN AMOUNT MAY BE ROUNDED OFF, BUT MUST ALWAYS BE ROUNDED DOWN TO AVOID CASH TO THE VETERAN.

 

ROUND-OFF AMOUNTS OF LESS THAN $50 DO NOT REQUIRE RECOMPUTATION.

 

 

DATE

NAME OF LENDER

SIGNATURE AND TITLE OF OFFICER OF LENDER (Sign in ink)

VA FORM

26-8923

SUPERSEDES VA FORM 26-8923, JUL 2021, WHICH

DEC 2021

WILL NOT BE USED.

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