Transcript VA Home Loan Program

Department of Veteran Affairs
Atlanta Regional Loan Center
VA Guaranteed Home Loan
Program
“To
care for him who shall have borne the battle, and
for his widow and his orphan.” Abraham Lincoln, 1865
VA Training Topics
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Why VA
Types of Loans
Loan Purposes
Eligibility
Occupancy
Credit underwriting
Miscellaneous
VA HOME
LOAN
PROGRAM
VA HOME
LOAN
PROGRAM
Why VA Loans?
Why VA Loans
Why VA Loans Cont.
• No down payment required
• Borrow up to 103.3%
• No mortgage insurance premium
VA HOME
LOAN
PROGRAM
Why VA Loans
Why VA Loans Cont.
• Loans up to $417,000
• Servicing assistance if needed.
• Assumable loans
VA HOME
LOAN
PROGRAM
Types of Loans
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Purchase
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Cash out Refinance
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IRRRL
VA HOME
LOAN
PROGRAM
Loan Purposes
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To Purchase/ Build
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To improve
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To refinance/ Lower Rate
VA HOME
LOAN
PROGRAM
VA HOME
LOAN
PROGRAM
Where To begin
Where to Begin
Pre-Approval
Reputable Lender
VA HOME
LOAN
PROGRAM
Pre-Approval
VA REQUIREMENTS for COE
VA HOME
LOAN
PROGRAM
• Eligibility
COE (Certificate of eligibility)
• Occupancy
Must be met
Eligibility-COE
Certificate of Eligibility
XXXXXXXXXXXXXXXXX
VA HOME
LOAN
PROGRAM
Eligibility
VA HOME
LOAN
PROGRAM
1944
COE Requirements
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If discharged - Must serve 2 years
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Active duty - 90 days(war)/181 Peacetime
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National Guard/ Reservists - 6 years or
90 days if called to Active Duty
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Un-married spouse of veteran (form 26-1817)
Certificates of Eligibility
Do not Expire
Eligibility
BASIC & BONUS Entitlement
Full Entitlement is
VA HOME
LOAN
PROGRAM
1944
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
webLGY
Statement of Service if on active duty
• Member 4 copy of the DD-214
• VA Form 26-1880*
• Proof of loan payoff
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VA HOME
LOAN
PROGRAM
1944
Eligibility-COE
VETERANS WEBSITES
http://vip.vba.va.gov
www.homeloans.va.gov
VA HOME
LOAN
PROGRAM
Occupancy
• Veteran or wife must occupy
• 60 days to occupy
• Specific future event
VA HOME
LOAN
PROGRAM
Occupancy by SPOUSE
VA HOME
LOAN
PROGRAM
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
VA 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)
VA HOME
LOAN
PROGRAM
VA FUNDING FEE Cont.
VA HOME
LOAN
PROGRAM
IRRRL/ ASSUMPTION
• .5%
You DO NOT have to pay a funding fee
if you are receiving VA benefits.
(Form 26-8937)
Veteran Financial Portfolio
• Credit
• Employment
• Verify Income
VA HOME
LOAN
PROGRAM
Where to Begin
Can you Negotiate?
• Interest rate
• Loan costs
• Shop around
VA HOME
LOAN
PROGRAM
Find a Real Estate Agent
VA HOME
LOAN
PROGRAM
Find a Home
Return to the Lender
• Valid Contract
FHA/VA Amendatory Clause
• Termite Inspection
• Funding Fee
VA HOME
LOAN
PROGRAM
Non-allowable fees
VA HOME
LOAN
PROGRAM
Lender Completes Process
• Order an appraisal
• Arrange closing
• Obtain the Loan Guaranty
• Submit the File for Audit
VA HOME
LOAN
PROGRAM
Contact Information
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VA HOME
LOAN
PROGRAM
www.benefits.va.gov/homeloans/
Atlanta RLC 888- 768-2132, #2
Winston-Salem Eligibility Center
888-244-6711 option 1-1-2
888-7682132
Fax # 404-929-5401
VA HOME
LOAN
PROGRAM
Thank You
VA HOME
LOAN
PROGRAM
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QUESTIONS ?
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