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VA Home Loan Program - TN

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					  Department of Veteran Affairs
  Atlanta Regional Loan Center

      VA Guaranteed Home Loan
             Program



“Tocare for him who shall have borne the battle, and
 for his widow and his orphan.” Abraham Lincoln, 1865
                             VA HOME
                               LOAN

VA Training Topics           PROGRAM




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




Why VA Loans?
Why VA Loans
                                      VA HOME

  Why VA Loans Cont.                    LOAN
                                      PROGRAM



    • No down payment required


    • Borrow up to 103.3%


    • No mortgage insurance premium
Why VA Loans
                                          VA HOME
  Why VA Loans Cont.                        LOAN
                                          PROGRAM



      • Loans up to $417,000

      • Servicing assistance if needed.


      • Assumable loans
                         VA HOME
     Types of Loans        LOAN
                         PROGRAM




•   Purchase

•   Cash out Refinance

•   IRRRL
                               VA HOME
      Loan Purposes              LOAN
                               PROGRAM




•   To Purchase/ Build

•   To improve

•   To refinance/ Lower Rate
             VA HOME
               LOAN
             PROGRAM




Where To begin
Where to Begin
                                             VA HOME

                 Pre-Approval                  LOAN
                                             PROGRAM




                          Reputable Lender
Pre-Approval
                                                  VA HOME
       VA REQUIREMENTS for COE                      LOAN
                                                  PROGRAM




               • Eligibility
                        COE (Certificate of eligibility)

               • Occupancy
                      Must be met
Eligibility-COE
                                      VA HOME
        Certificate of Eligibility      LOAN
                                      PROGRAM




                  XXXXXXXXXXXXXXXXX
Eligibility                                             VA HOME
                                                          LOAN
                   COE Requirements                     PROGRAM
                                                           1944
•       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)



                                         Certificates of Eligibility
                                                 Do not Expire
Eligibility                                      VA HOME
                                                   LOAN
                                                 PROGRAM
  BASIC & BONUS Entitlement                         1944




     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                                        VA HOME
                                                     LOAN
                                                   PROGRAM
  Documents for upload into                           1944

  webLGY


        • Statement of Service if on active duty
        • Member 4 copy of the DD-214
        • VA Form 26-1880*
        • Proof of loan payoff
Eligibility-COE
                                          VA HOME
     VETERANS WEBSITES                      LOAN
                                          PROGRAM




                  http://vip.vba.va.gov
            www.homeloans.va.gov
                                VA HOME
       Occupancy                  LOAN
                                PROGRAM




• Veteran or wife must occupy

• 60 days to occupy

• Specific future event
                                       VA HOME
Occupancy by SPOUSE                      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 HOME
VA FUNDING FEE                    LOAN
                                PROGRAM



 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
VA FUNDING FEE Cont.                LOAN
                                  PROGRAM




 IRRRL/ ASSUMPTION
 • .5%


 You DO NOT have to pay a funding fee
  if you are receiving VA benefits.
  (Form 26-8937)
                              VA HOME
Veteran Financial Portfolio     LOAN
                              PROGRAM




      • Credit

      • Employment

      • Verify Income
Where to Begin
                               VA HOME
          Can you Negotiate?     LOAN
                               PROGRAM




       • Interest rate
       • Loan costs
       • Shop around
                                 VA HOME
Find a Real Estate Agent           LOAN
                                 PROGRAM




                           Find a Home
  Return to the Lender            VA HOME
                                    LOAN
                                  PROGRAM




• Valid Contract
           FHA/VA Amendatory Clause
• Termite Inspection

• Funding Fee
Non-allowable fees   VA HOME
                       LOAN
                     PROGRAM
                              VA HOME
 Lender Completes Process       LOAN
                              PROGRAM



• Order an appraisal

• Arrange closing

• Obtain the Loan Guaranty

• Submit the File for Audit
         Contact Information               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
    888-768-        Fax # 404-929-5401
      2132
            VA HOME
              LOAN
            PROGRAM




Thank You
            VA HOME
              LOAN
            PROGRAM


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posted:8/19/2013
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