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VA HOME LOAN Training workbook - Constant · PDF file2016-10-28 · VA HOME LOAN...

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  • VA HOME LOAN TRAINING

    WORKBOOK A Comprehensive Guide to VA Lending with

    Finance of America

    CAROL COMMISKEYAccount Executiveo: (925) 808.7208f: (925) [email protected] FAMWholesale.com

  • Finance of America Mortgage VA Training Workbook 2016

    1 | P a g e 2016 Finance of America Mortgage LLC | Equal Housing Lender | NMLS 1071

    Ver 2016.10.27

    WELCOME TO FINANCE OF AMERICA MORTGAGE VA TRAINING The promise of what Finance of America Mortgage offers to its valued business partners will change the landscape of our industry and transform the home mortgage experience for your customers. It is our goal to provide our third-party originators with the very best in loan products, customer service levels and quality training.

    This workbook outlines the VA loan program guidelines at Finance of America and is designed to help you originate more VA loans. We have included important information including how to submit a loan with Finance of America as well as several checklists to help you and your team process your loans quicker which will result in a timely delivery of service to your customers.

    It is our goal to help you deliver positive experiences to your customers and it is the most critical focus for us at Finance of America. We thank you for the opportunity to serve you as a third-party loan originator and to help you serve your customers.

    ABOUT THIS WORKBOOK

    This workbook is divided into sections to help you easily navigate to the information you need. At the end, you will find important resource links and checklists. You can start at the beginning and work your way through the entire workbook or jump to the sections that pertain to your exact scenario.

    We also have additional training resources available for you at our website at www.famwholesale.com

    Introduction

    http://www.famwholesale.com/

  • Finance of America Mortgage VA Training Workbook 2016

    2 | P a g e 2016 Finance of America Mortgage LLC | Equal Housing Lender | NMLS 1071

    Ver 2016.10.27

    EVERYTHING YOU NEED TO KNOW

    Table of Contents

    HISTORY OF VA .............................................................................................................................................................. 4

    HELPING VETERANS BUY HOMES .................................................................................................................................. 5

    UNDERSTANDING THE VETERANS BENEFIT ................................................................................................................. 6

    BENEFITS OF VA ............................................................................................................................................................. 7

    GUIDELINES ................................................................................................................................................................... 9

    VETERAN CERTIFICATE OF ELIGIBILITY ........................................................................................................................ 11

    VA ENTITLEMENT/GUARANTY .................................................................................................................................... 16

    PURCHASE TRANSACTIONS ......................................................................................................................................... 21

    REFINANCE TRANSACTIONS ........................................................................................................................................ 22

    IRRRL TRANSACTIONS ................................................................................................................................................. 25

    SPECIAL GUIDELINES ................................................................................................................................................... 31

    VA Entitlement Loan Amounts .................................................................................................................................... 33

    Loan Limits ................................................................................................................................................................... 34

    Loan Terms .................................................................................................................................................................. 38

    Closing Costs ................................................................................................................................................................ 43

    Downpayment/Ernest Money and Gifts ..................................................................................................................... 46

    Seller Contributions ..................................................................................................................................................... 47

    Credit ........................................................................................................................................................................... 49

    Income and Employment ............................................................................................................................................ 56

    Debt-To-Income Ratio and Residuals .......................................................................................................................... 63

    Loan Analysis Worksheet ............................................................................................................................................ 66

    Assets .......................................................................................................................................................................... 72

    VA Funding Fee ............................................................................................................................................................ 76

    Appraisal Requirements .............................................................................................................................................. 84

    CAIVRS ......................................................................................................................................................................... 91

    Loan Processing Steps ................................................................................................................................................. 95

    Loan Submission Steps ................................................................................................................................................ 96

  • Finance of America Mortgage VA Training Workbook 2016

    3 | P a g e 2016 Finance of America Mortgage LLC | Equal Housing Lender | NMLS 1071

    Ver 2016.10.27

    Documentation ........................................................................................................................................................... 97

    Forms ......................................................................................................................................................................... 100

    CHECKLISTS ................................................................................................................................................................ 102

  • Finance of America Mortgage VA Training Workbook 2016

    4 | P a g e 2016 Finance of America Mortgage LLC | Equal Housing Lender | NMLS 1071

    Ver 2016.10.27

    HISTORY OF VA THE HISTORY OF THE VA HOME LOAN PROGRAM

    VA Guaranteed Loans are made by private lenders to eligible Veterans for the purchase or refinance of a home. The VA loan program began in 1944 through the original Servicemen's Readjustment Act; also, known as the GI Bill of Rights.

    The Veterans Administration (VA) is not a bank and the VA does not loan the money, fund or service the loan. What the VA does is guarantee the loan or in simple terms, they vouch for the Veteran so that the Veteran can purchase a home.

    The VA guaranty provides protection to the lender against loss if the Veteran fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment or mortgage insurance and allows Veterans the ability to obtain favorable financing terms.

    VA has been around for 60+ years and is one of the greatest benefits to Veterans. The VA Home Loan Program is also one of the most stable loan programs in todays market and one of the only financing options that goes to 100% LTV.

    Did you know that there are over 22 Million Veterans in the U.S. and only 1.65 active Million VA home loans? This means there are virtually millions of Veterans who are not aware or have not utilized their VA benefit of homeownership.

    The VA Home Loan Program allows eligible Veterans, no matter where they are in life to purchase a home and utilize their VA benefits. From the junior sailor who is looking to qualify on their BAH to the seasoned Veteran wanting to qualify for a Jumbo home loan, they can utilize their VA eligibility to help them purchase the home of their dreams.

    Our goal is to provide you with valuable information on the VA Home Loan so that you can know:

    Guidelines of the VA home benefit

    Who qualifies for VA eligibility

    How to originate and process VA loans with Finance of America

    What Military members think of their VA loan benefit

    How to build your business with the VA home benefit

  • Finance of Ameri

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