38 CFR §36.4301 — VA loan-guaranty definitions
38 CFR §36.4301 sets the controlling definitions for the VA loan guaranty program under 38 U.S.C. chapter 37 / Subpart F of Part 36.
Verbatim regulatory text
Verbatim provisions from 38 CFR §36.4301 — VA loan-guaranty definitions — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
38 CFR §36.4301 — Definitions binding on chapter 37 / Subpart F
Whenever used in 38 U.S.C. chapter 37 or subpart F of this part, unless the context otherwise requires, the terms defined in this section shall have the following meaning:
38 CFR §36.4301 — "Default" defined as failure to comply with loan terms
Default. Default means failure of a borrower to comply with the terms of a loan agreement.
38 CFR §36.4301 — "Repayment plan" minimum 3-month duration
Repayment plan. This is a documented agreement by and between the borrower and the holder to reinstate a loan that is 61 or more calendar days delinquent, by requiring the borrower to pay each month over a fixed period (minimum of three months duration) the normal monthly payments plus an agreed upon portion of the delinquency each month.
38 CFR §36.4301 — "Special forbearance" agreement criteria
Special forbearance. This is a documented agreement by and between the holder and the borrower where the holder agrees to suspend all payments or accept reduced payments for one or more months, on a loan 61 or more calendar days delinquent, and the borrower agrees to pay the total delinquency at the end of the specified period or enter into a repayment plan .