VA Guaranteed Home Loan Program To care for him who shall have borne the battle, and for his widow...

VA Guaranteed Home Loan Program

““To care for him who shall have borne the battle, and To care for him who shall have borne the battle, and for his widow and his orphan.” for his widow and his orphan.” Abraham Lincoln, 1865 Abraham Lincoln, 1865

Department of Veteran AffairsAtlanta Regional Loan Center

VA HOME VA HOME LOANLOAN

PROGRAMPROGRAM

• Why VA• Types of Loans• Loan Purposes• Eligibility• Occupancy• Credit underwriting• Miscellaneous

VA Training TopicsVA Training Topics


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Why VA Loans?Why VA Loans?


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• No down payment requiredNo down payment required

• Borrow up to 103.3%Borrow up to 103.3%

• No mortgage insurance premiumNo mortgage insurance premium

Why VA Loans

Why VA Loans Cont. Why VA Loans Cont.


PROGRAMPROGRAM

• Loans up to $417,000Loans up to $417,000

• Servicing assistance if needed.Servicing assistance if needed.

• Assumable loansAssumable loans

Why VA Loans

Why VA Loans Cont.Why VA Loans Cont.


PROGRAMPROGRAMTypes of LoansTypes of Loans

• Purchase

• Cash out Refinance

• IRRRL


PROGRAMPROGRAMLoan PurposesLoan Purposes

• To Purchase/ Build

• To improve

• To refinance/ Lower Rate


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Where To beginWhere To begin


PROGRAMPROGRAM Pre-ApprovalPre-Approval

Reputable Lender

Where to Begin


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Pre-Approval

• Eligibility COE (Certificate of eligibility)

• Occupancy Must be met

VA REQUIREMENTS for COE


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Eligibility-COE

XXXXXXXXXXXXXXXXX

Certificate of Eligibility


PROGRAMPROGRAM19441944

• If discharged - Must serve 2 years

• Active duty - 90 days(war)/181 Peacetime

• National Guard/ Reservists - 6 years or

90 days if called to Active Duty

• Un-married spouse of veteran (form 26-1817)

Eligibility

COE Requirements

Certificates of Eligibility

Do not Expire



Eligibility

BASIC & BONUS Entitlement

Full Entitlement is 104,250.00

Subtract Amount Used - 36,000.00

Remaining Entitlement $68,250.00

Multiply $68,250.00 X 4 = $273,000.00 max loan



Eligibility

Documents for upload into Documents for upload into webLGYwebLGY

• Statement of Service if on active duty• Member 4 copy of the DD-214 • VA Form 26-1880*• Proof of loan payoff


PROGRAMPROGRAM

Eligibility-COE

www.homeloans.va.govwww.homeloans.va.gov

http://vip.vba.va.govhttp://vip.vba.va.gov

VETERANS WEBSITES


PROGRAMPROGRAM OccupancyOccupancy

• Veteran or wife must occupy

• 60 days to occupy

• Specific future event


PROGRAMPROGRAM Occupancy by SPOUSEOccupancy by SPOUSE

A spouse can satisfy occupancy when:

1. Veteran is on active duty or

2. Due to distant employment.

Only the spouse can satisfy this requirement


PROGRAMPROGRAMVA FUNDING FEEVA FUNDING FEE

Purchase /Cash out Refinance• 2.15% 1ST time use 1.5% (5% down) 1.25% (10% down)• 3.3% Subsequent usage• 2.4% Reservist 1.75% (5% down)

1.5% (10% down)


PROGRAMPROGRAMVA FUNDING FEE Cont.VA FUNDING FEE Cont.

IRRRL/ ASSUMPTION• .5%

You DO NOT have to pay a funding fee if you are receiving VA benefits. (Form 26-8937)


PROGRAMPROGRAMVeteran Financial PortfolioVeteran Financial Portfolio

• Credit

• Employment

• Verify Income


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• Interest rate

• Loan costs

• Shop around

Can you Negotiate?Can you Negotiate?

Where to Begin


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Find a HomeFind a Home

Find a Real Estate Agent

http://www.rwna.com/images/house.jpg


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Return to the LenderReturn to the Lender

• Valid Contract FHA/VA Amendatory Clause• Termite Inspection

• Funding Fee


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Non-allowable feesNon-allowable fees


PROGRAMPROGRAM Lender Completes ProcessLender Completes Process

• Order an appraisalOrder an appraisal

• Arrange closingArrange closing

• Obtain the Loan GuarantyObtain the Loan Guaranty

• Submit the File for AuditSubmit the File for Audit


PROGRAMPROGRAM

Contact InformationContact Information

• www.benefits.va.gov/homeloans/www.benefits.va.gov/homeloans/

• Atlanta RLC 888- 768-2132, #2Atlanta RLC 888- 768-2132, #2

• Winston-Salem Eligibility Winston-Salem Eligibility Center Center

888-244-6711 option 1-1-2888-244-6711 option 1-1-2

Fax # 404-929-5401Fax # 404-929-5401888-768-888-768-

21322132


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Thank You


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QUESTIONS ?QUESTIONS ?

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Date post:	27-Mar-2015
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