It is the policy of The Veterans' Home Purchase Board, to underwrite the loan request in a way to determine the applicant's ability to maintain this debt plus current obligations and accumulate assets. The VA has underwriting guidelines that this Agency must follow. To help prevent a hardship to the customer, it is the policy of The Veterans Home Purchase Board to require prior to closing the following:
A. The Borrower must have sufficient funds verified to pay closing cost and escrows shown on the buyer's side of the HUD-1 Settlement statement. This may be verified by the customer providing a copy of the most recent bank statement, VOD or print out from the bank. (Printout must include the name of the bank, name of the borrower and the account number).B. In addition to the above, the borrower must have as verified funds, two months of payments including taxes, insurance and any other escrowed item. This verification may take the same form as listed above.25 Miss. Code. R. 202-4.1
Adopted - February 28, 2013