Your VA Home Benefit. Your VA Home Benefit. What We Will Cover in This Class. Basic Elements of VA Guarantee

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1 Thank you for Joining Us We will begin Shortly A Complete Guide to What We Will Cover in This Class Basic Elements of VA Guaranteed Loan Rules for Eligibility Qualifying Basics - Getting Approved Overcoming Credit Challenges Additional Assistance & Tax Exemptions Basic Elements of VA Guarantee No Downpayment Required* No Max Loan Amount - *County Limits VA Guarantee vs Mortgage Insurance Must Be Owner Occupied Interest Rates & Closing Costs Available to Purchase or Refinance a Home Funding Fee Options

2 Loan Program Options Standard Balance 30,25,20,15,10 Year Fixed Rate High Balance ($417,001+) 30 & 15 Year Fixed Rate Purchase of 1-4 Units OK - Owner Occupied only IRRRL - Interest Rate Reduction Refinance Loan Interest Rate Reduction Refinance Reduced paperwork, reduced cost refinance Reduced VA funding fee of.50% (instead of 2.15%) No Income or Asset documents required - No DTI Drive by Appraisal waived in some cases Must have paid VA loan on-time for past 12 months Funding Fee Options Service Transaction Down Payment First Time Use Subsequent Use Purchase 0% to 4.99% 2.15% 3.30% Regular Purchase 5% to 9.99% 1.50% 1.50% Military Purchase 10% or more 1.25% 1.25% Refinance Any 2.15% 3.30% Purchase 0% to 4.99% 2.40% 3.30% Reserves Purchase 5% to 9.99% 1.75% 1.75% Nat. Guard Purchase 10% or more 1.50% 1.50% Refinance Any LTV 2.40% 3.30% Exempt Refinance Any LTV 0.00% 0.00%

3 Army, Navy, Air Force, Marine Corp, Coast Guard Honorable Discharge 9/15/40-9/7/80 90 Days or more, any part during wartime, or 181 continuous days or more during peacetime Exceptions include Service Related Discharge Army, Navy, Air Force, Marine Corp, Coast Guard 2 Year Requirement for Veterans who: Enlisted (and service began) after 9/7/80, or Entered service as an officer after 8/16/81 24 continuous months of active duty, or Full period for which called or ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime) Reserves and/or National Guard Completion of 6 years of Service unless, Early release due to service related injury Inactive status awaiting final discharge Still serving in the Reserve

4 Eligibility for Spouses of Veterans Unmarried surviving spouse of Veteran who dies from service or service-connected causes Surviving spouse of Veteran who dies from service or service-connected causes, who remarries on or after age 57 and on or after 12/16/2003 POW/MIA Spouses - Listed for at least 90 days* *one time only use of VA Home Benefit Qualifying Basics - Getting Approved Must live in Home as Primary Residence Can only have One (1) VA Loan No Non-Spouse, Non-Veteran Borrowers All Borrowers need Social Security # Must have minimum 1 Credit Score Automated Underwriter Determines DTI Qualifying Basics - Getting Approved Min Credit Score 620 up to $417,000 Min 660 over $417,000 or Manual UW No Reserves Required for SFR 6 Months Reserves for 2-4 O/O Units Steady Employment - Work History Ability to Repay - Residual Income

5 Manual Underwriting Approval Min 660 Credit Score Debt to Income Ratio Restricted to 41% Underwriter will Review Complete File NOT Easier to Qualify Use for Credit Errors or Exceptions California Residual Income Chart Loan Amounts of $80,000 and Above Family size of 1 = $491 Family size of 2 = $823 Family size of 3 = $990 Family size of 4 = $1,117 Family size of 5 = $1,158 Family size over 5 = Add $80 for each additional member up to family of 7 Overcoming Credit Challenges Common Credit Facts & Misunderstandings It s NOT Always Bad Credit Not Enough Good Credit is Most Common Credit Cards are Actually Good High Balances are Really Bad FICO Boost Secret - Buy Again After BK, Foreclosure or Short Sale

6 Overcoming Credit Challenges Overcoming Credit Challenges Boomerang Buyer Waiting Periods 2 Years from Discharge of Bankruptcy 2 Years from Foreclosure Date 2 Years from Short Sale Date 2 Years from Deed in Lieu of Foreclosure High Balance - 7 Years from Foreclosure or BK Default on VA Loan May Affect Entitlement Buyer Assistance & Tax Exemptions CalHFA CHDAP - Must use CHDAP income limits CHF Platinum & SCHFA Homebuyer Grant Mortgage Credit Certificates - MCC County Property Tax Disabled Veteran Exemption CalHFA Qualified Veteran Exemption

7 CalHFA Qualified Veteran Exemption Disabled Veteran Tax Exemption Exemptions Reduce Tax Assessed Value of Home Orange County Veteran & Disable Veteran Exemption LA County Veteran & Disable Veteran Exemption Thank you for Attending A Complete Guide to

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