Presenter Jennifer Cash. US Navy Veteran, VA Home Loan Expert

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1 Veteran (VA) Home Loan Presenter Jennifer Cash US Navy Veteran, VA Home Loan Expert

2 Outline Intro to VA Home Loans (5 minutes) Appraisal / Property Requirements (10 minutes) Underwriting (7 minutes) Buyer Benefits (4 minutes) Seller Benefits (4 minutes) Myths versus Facts (15 minutes) Marketing (5 minutes) Q & A (10 minutes)

3 Intro to VA Home Loans Veterans Administration helps service members, Veterans, and eligible surviving spouses become homeowners. 100% financing up to conforming county loan limits (purchase and refinance)* VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide more favorable terms.

4 *Calculating Above County Limits Veterans can use their VA benefit above the conforming loan limit ($625,500 for Northern Virginia) Purchase Price $800,000 - Conforming Limit $625,500 = $174,500 25% of $174,500 = Down Payment $43,625 *Assuming veteran is not using their benefit on any other property. Using 2015 conforming limits.

5

6 Veteran Population By County

7 VA Home Loan Overview $0 Down (most cases) Certificate of Eligibility required (COE) SFR, Townhome, Condos, multi-unit (duplex, quadplex) Primary residence No Mortgage Insurance Funding Fee (0% to 3.3%)

8 Who Can Obtain a VA Home Loan? Active duty in good standing Honorably discharged veterans who served: 2 years on active duty 6 years in the Reserve/National guard POW s held in captivity for 90 days of more 90 days of wartime duty when called up or ordered under U.S.C. Title 10 (this US code must appear on DD214). 181 days of peacetime duty called up under U.S.C. Title 10 Some unmarried surviving spouses Veteran home loan benefit cannot be passed on to a family member

9 VA Minimum Property and Appraisal Requirements Veteran s Administration assigns a licensed VA appraiser 10 or fewer business days, cost $450 Must appraise at least purchase price or higher Private roads must have maintenance agreement If well and septic, inspection is required. If public is now available, must be connected. Condition of property must not impair with safety, sanitation, or structural soundness Safe meets local/county safety codes (electrical, structural and location) Sanitary well, septic and sanitary sewer pass local/county inspection Sound meets local/county structural building codes Must have space for suitable living, sleeping, cooking, and sanitary facilities. Must a mechanical heating system Refrigerator is not required but an appraiser can require a working stove as cooking accommodations must be available

10 Underwriting 2 year employment history A lender must determine the following for income: Stable and Reliable, Anticipated to continue, Sufficient in amount, Reportable/Verifiable Common documents: Paystubs, W2 s, statement of service or DD214, asset statements, COE Child care is considered a monthly liability BK 7/11: 2 year wait BK 13: 1 year wait Foreclosure/Short Sale: 2 years Termite report, well and septic inspection paid by seller Real estate agent or company admin fees not allowed Student loans in deferment for 12 months or more do not need to be counted Veteran must occupy within 60 days of purchase

11 How Buyers Benefit Some different underwriting guidelines compared to other loan programs No mortgage insurance Go above county loan limit (loan limit is determined by lender capabilities) No prepayment penalty No minimum credit score (lenders have additional overlays) No maximum debt to income ratio (must meet residual requirement) $0 or low down payment

12 How Sellers Can Benefit VA allows up to 4% plus customary costs for seller concessions Sellers can pay down a buyer s debt VA loans are assumable Process is now fast and automated which allows a faster closing! VA appraisers must be licensed, experienced, and internet savvy

13 Myths I cannot use my VA home loan because I already used it once before I had a foreclosure with my VA home loan so I cannot use it again VA home loans cost more There is a maximum loan amount VA appraisals take a long time and always come in low Only husband and wife can be on the loan together VA loans take longer time to process than a regular loan

14 Facts Bonus Entitlement allows VA borrowers to use VA loan on multiple homes (minimum loan amount $144k) VA borrowers can still purchase using their VA home loan even if they had a prior foreclosure on it VA home loans have favorable terms and rates VA home loans can go over the county limit with a down payment VA loans have the same processing times as most loans with rare exceptions Joint loans Vet rated incompetent by VA Refinancing a delinquent loan 99% of VA loans are automatic Appraisers now have strict turn times. What s changed at VA regarding appraisals? 40% increase in number of appraisers in all states All appraisers must be e-commerce compliant Appraisers are expected to communicate with all parties Timeliness issues aggressively monitored

15 Marketing to Veterans Landing Pages (create ads, website, mailers) Social media Military events Trade shows/conferences/benefit Fairs (get booth) Prior database marketing Mega open house Base newspaper ads (www.militarymedia.com) Farming (neighborhoods or apartments) Flyers / brochures with valuable information Veteran Organizations (VFW, American Legion, Wounded Warrior, etc)

16 Q & A For additional questions: Jennifer Cash Call or Text

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