c. Special Provisions for Construction Loans

See “Amortization” in section 2 of chapter 7.

d. Standard and Springfield Plans

The Standard and Springfield plans satisfies VA amortization requirements. 

·   The Standard plan provides for equal payments over the life of the loan.  The amount applied to interest decreases, with a corresponding increase in the amount applied to principal.

·   The Springfield plan provides for gradually decreasing payments over the life of the loan.  The amount applied to interest decreases, while the amount applied to principal remains constant.