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Significant Law Change

In response to the pandemic, the VA issued Circulars to outline the relief available for borrowers.106 The agency included clear and protective language for forbearance, but it did not significantly expand options to help borrowers facing COVID-19 hardships become current. Its standard options for relief are relevant to assist borrowers.107

It is generally easy to determine whether the loan is VA-guaranteed—the status of VA is identified in prominent text on the mortgage documents. Additionally, because of the connection to military status, VA-borrowers often know if they have VA-guaranteed loan.