VA Guaranteed Home Loan Program

1. VA Guaranteed Home Loan Program Department of Veteran Affairs Atlanta Regional Loan Center “To care for him who shall have borne the battle, and for his widow and his orphan.”Abraham Lincoln, 1865

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

3. VA HOME LOAN PROGRAM Why VA Loans?

4. Why VA Loans VA HOME LOAN PROGRAM Why VA Loans Cont. • No down payment required • Borrow up to 103.3% • No mortgage insurance premium

5. Why VA Loans VA HOME LOAN PROGRAM Why VA Loans Cont. • Loans up to $417,000 • Servicing assistance if needed. • Assumable loans

6. Types of Loans VA HOME LOAN PROGRAM • Purchase • Cash out Refinance • IRRRL

7. Loan Purposes VA HOME LOAN PROGRAM • To Purchase/ Build • To improve • To refinance/ Lower Rate

8. VA HOME LOAN PROGRAM Where To begin

9. Where to Begin VA HOME LOAN PROGRAM Pre-Approval Reputable Lender

10. Pre-Approval VA HOME LOAN PROGRAM VA REQUIREMENTS for COE • Eligibility • COE (Certificate of eligibility) • Occupancy • Must be met

11. Eligibility-COE VA HOME LOAN PROGRAM Certificate of Eligibility XXXXXXXXXXXXXXXXX

12. Eligibility VA HOME LOAN PROGRAM 1944 COE Requirements • 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

13. Eligibility VA HOME LOAN PROGRAM 1944 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

14. Eligibility VA HOME LOAN PROGRAM 1944 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

15. Eligibility-COE VA HOME LOAN PROGRAM VETERANS WEBSITES http://vip.vba.va.gov www.homeloans.va.gov

16. Occupancy VA HOME LOAN PROGRAM • Veteran or wife must occupy • 60 days to occupy • Specific future event

17. 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

18. VA FUNDING FEE VA HOME 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)

19. 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)

20. Veteran Financial Portfolio VA HOME LOAN PROGRAM • Credit • Employment • Verify Income

21. Where to Begin VA HOME LOAN PROGRAM Can you Negotiate? • Interest rate • Loan costs • Shop around

22. VA HOME LOAN PROGRAM Find a Real Estate Agent Find a Home

23. Return to the Lender VA HOME LOAN PROGRAM • Valid Contract • FHA/VA Amendatory Clause • Termite Inspection • Funding Fee

24. Non-allowable fees VA HOME LOAN PROGRAM

25. VA HOME LOAN PROGRAM Lender Completes Process • Order an appraisal • Arrange closing • Obtain the Loan Guaranty • Submit the File for Audit

26. 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 • Fax # 404-929-5401 888-768-2132

27. VA HOME LOAN PROGRAM Thank You

28. VA HOME LOAN PROGRAM ? ? ? QUESTIONS ? ? ? ? ?