Presenter Jennifer Cash. US Navy Veteran, VA Home Loan Expert
|
|
- Kenneth Austin
- 8 years ago
- Views:
Transcription
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 ( 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 Jennifer.Cash@Movement.com
10/3/2015. Presenter Jennifer Cash US Navy Veteran, VA Home Loan Expert
Veteran (VA) Home Loan Presenter Jennifer Cash US Navy Veteran, VA Home Loan Expert Outline Intro to VA Home Loans (5 minutes) Appraisal / Property Requirements (10 minutes) Underwriting (7 minutes) Buyer
More informationFinancing Residential Real Estate. Lesson 12: VA-Guaranteed Loans
Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting
More informationGet in the FAST LANE with WesLend Wholesale! VA Home Loan Guarantee Program Program Overview
VA Home Loan Guarantee Program Program Overview Eligible Borrowers All veterans are eligible for VA home loan benefits if they served in the Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves or
More informationYour VA Home Benefit. Your VA Home Benefit. What We Will Cover in This Class. Basic Elements of VA Guarantee
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
More informationVA Homeowners Guide PRESENTED BY. www.lowvarates.com
VA Homeowners Guide PRESENTED BY www.lowvarates.com TABLE OF CONTENTS Introduction to LowVARates Why a VA Loan? VA Loan Eligibility What is a COE? Occupancy Requirements Credit/Income Requirements VA Funding
More informationPurchasing a New Home using a VA Loan
Purchasing a New Home using a VA Loan Eligibility page 1 Benefits page 2 First-Time Home Buyers page Process page 4 Fees page 5 Documentation page 6 VA Loan Eligibility Service Length Eligibility Credit
More informationUnderstand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country
Understand the VA Loan Program Serve the mortgage lending needs of borrowers who serve our country Eligible Borrowers A veteran is eligible for VA home loan benefits if he or she served in the Army, Navy,
More informationVA Lending Basic Training
VA Lending Basic Training Brought to you by: Quicken Loans Mortgage Services Q-University October 19, 2011 February 2014 1 What You will learn Today The Facts and Benefits Of VA Who is Eligible for VA
More informationSponsored by: EQUITY. Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 RESOURCES, INC. mortgages
Sponsored by: EQUITY RESOURCES, INC. mortgages Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 Exempt from Qualified Mortgage rule/law Any Veteran can refinance their Conventional,
More informationVA LOAN Reference Guidance
VA LOAN Reference Guidance This guide offers a quick look at vital information you need in the process of buying or refinancing a home using your VA benefits. Through it, we intend to give you quick answers
More informationVA Product Profile 05.01.2014
Maximum LTV / CLTV and FICO Requirements Purchase VA IRRRL / Rate & Term Cash-out Refinance Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 Maximum LTV 1 / CLTV 1 Min FICO 2 100% 640
More informationVA Refinance Cash Out
VA Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected
More informationFinancing Residential Real Estate. Lesson 12: VA-Guaranteed Loans
Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting
More informationVA financing- Serving the homeownership needs of those who serve our country
VA financing- Serving the homeownership needs of those who serve our country Paul M. Carter Home Mortgage Consultant NMLSR ID 49022 Warwick City Hall Warwick, RI September 12, 2012 Agenda Current industry
More informationName Account Executive. Contact Number E-Mail Address Website Address
VA Loan Information Name Account Executive Contact Number E-Mail Address Website Address Benefits of VA No Down Payment, 100% up to $417,000. No Monthly Mortgage Insurance Premiums. Leniency on Credit
More informationVA Loan Training Overviews & Updates June 3, 2015
VA Loan Training Overviews & Updates June 3, 2015 Choose one of the following audio options: TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's
More informationPresented by Chad Bowman
Home Loans for Veterans Home Loans for Veterans Presented by Chad Bowman [ class objective ] To increase your sales [ today s agenda ] Big Picture Loan Process Bonus Round Introduction VA Benefits Program
More informationMay I Increase My Debt Load While I am in Process for My VA Loan?
What is a VA Loan? During WW II, the U.S. government created a military loan guaranty program to help service men and women purchase homes when they returned from the war. The result was the VA Loan which
More informationPresented by Tony Dias
Presented by Tony Dias Veterans United Home Loans of Hawaii is a VA approved lender that is not affiliated with any government agencies, including the VA. We are a private company who has made educating
More informationVA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS
VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS Disclaimer: The information contained herein is strictly provided as information only. Veterans seeking more detailed information
More informationVA Product Guidelines
July 16, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Minimum Credit Score Primary 1-4 90 90 620
More informationVeterans and CalVet Home. Loan Programs
Veterans and CalVet Home Loan Programs What is a VA Guaranteed Loan? VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the
More informationVA Refinance IRRRL. VA Refinance IRRRL
This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply
More informationIt s easier than you think! Phoenix Regional Loan Center
It s easier than you think! Phoenix Regional Loan Center Why VA Loans? Help veterans Fast and easy to process Flexible underwriting standards Potential Income--- Over 18.6 Billion Loans Totaling $1,027,282,752,622!
More informationReal Estate Professionals Selling to Veterans. St. Petersburg Regional Loan Center
Real Estate Professionals Selling to Veterans St. Petersburg Regional Loan Center Agenda Overview and History of VA Home Loan Program Understanding VA Home Loan Entitlement Occupancy Requirements Qualifying
More informationVA Home Loans 101 An Easy Reference Guide
VA Home Loans 101 An Easy Reference Guide Website: Email: www.valoans.com assistance@valoans.com Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information
More informationA Comprehensive Guide To securing va LoAns For us WAr veterans
A Comprehensive Guide To Securing VA Loans For US War Veterans US Mortgage Corporation (NMLS ID#3901). Corporate Office is located at 201 Old Country Road, Suite 140, Melville, NY 11747; 631-580-2600 or
More informationVA-Home Loan Guaranty Program: An Overview
VA-Home Loan Guaranty Program: An Overview Bruce E. Foote Analyst in Housing Policy January 12, 2011 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress
More informationVA-Home Loan Guaranty Program: An Overview
Order Code RS20533 Updated March 13, 2008 Summary VA-Home Loan Guaranty Program: An Overview Bruce E. Foote Analyst in Housing Domestic Social Policy Division Meredith Peterson Information Research Specialist
More informationwww.countrysidefinancial.com
VA Home Loan Benefits 1. VA loans limits up to $805,000. In Santa Cruz County and Monterey $ 525,000.00 with NO down payment. VA loans above are allowed but a partial down payment may be required. 2. No
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS20533 VA-Home Loan Guaranty Program: An Overview Bruce E. Foote, Domestic Social Policy Division; Meredith Peterson,
More informationFinancing Residential Real Estate
Financing Residential Real Estate Chapter 1: Finance and Investment Borrowing Money to Buy a Home Investments and Returns Types of Investments Ownership Investments Debt Investments Securities Investment
More informationCRS Report for Congress Received through the CRS Web
Order Code RS20533 Updated February 21, 2002 CRS Report for Congress Received through the CRS Web Summary VA-Home Loan Guaranty Program: An Overview Bruce E. Foote Analyst in Housing Domestic Social Policy
More informationSingle Family Bond Program Lender Training PROGRAM OVERVIEW
Single Family Bond Program Lender Training PROGRAM OVERVIEW What this program ISN T NOT A DOWN PAYMENT ASSISTANCE PROGRAM NOT FOR BUYERS WITH POOR CREDIT DOES NOT PROVIDE A SUBPRIME PRODUCT NOT FOR LOW
More informationVA RATE REDUCTION REFINANCE (VAFX)
ELIGIBLE MORTGAGE VA to VA Refinance PRODUCT-EXISTING LOAN ELIGIBLE MORTGAGE Fixed Rate 30 year PRODUCT-NEW LOAN MAXIMUM LOAN AMOUNT 620 FICO Maximum loan amount including VA Funding Fee (VAFF) is $417,000
More informationWhat Every Veteran Should Know About the VA Mortgage
What Every Veteran Should Know About the VA Mortgage P a g e 2 TABLE OF CONTENTS COMMON QUESTIONS VA MORTGAGE ELIGIBILITY VA ENTITLEMENT (Loan Limit) QUALIFICATION - Credit QUALIFICATION - Occupancy QUALIFICATION
More informationVA Product Guidelines
August 10, 2015 VA Product Guidelines Purchase Occupancy Units LTV CLTV Primary 1-4 100 100 620 Rate/Term Refinance Occupancy Units LTV CLTV Primary 1-4 100 100 620 IRRRL Occupancy Units LTV CLTV Primary
More information9/26/14. Jay McMaken. Director of Veteran Affairs and Operations
Jay McMaken Director of Veteran Affairs and Operations 1 Military Mortgage Boot Camp Opportunity! The Military IS the USA s Largest Employer With Over 2.6 million Employees worldwide. Over $1.4 Trillion
More informationVA FIXED RATE PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category Entitlement These guidelines represent underwriting requirements for VA fixed rate mortgages. Also review the VA Lender s Handbook for any guidelines not specifically
More informationIntroduction. Eligible Terms and Product Codes. Maximum Loan Amount
VA Introduction Eligible Terms and Product Codes General Requirements This Product Guide outlines policies for Veteran Administration (VA) programs. A VA loan is insured by the U. S. Department of Veterans
More informationNOTE: This matrix includes overlays, which may be more restrictive than VA requirements. A thorough reading of this matrix is recommended.
VA Refinance IRRRL This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected
More informationMagnolia Bank VA Refinance Options
Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA
More informationVA and VA IRRRL Programs
VA and VA IRRRL Programs 12/12/14 VA Program Benefits VA loan programs offer exceptional financing options for active duty military personnel, veterans and their families. 100% financing on purchase and
More informationE MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES
E MORTGAGE MANAGEMENT, LLC 70 VA FIXED PRODUCT GUIDELINES 2/24/205 Mortgage Eligibility Product Code Short Description Long Description Description VF5 VA 5 YR VF5 - VA FIXED 5 YEAR VF20 VA 20 YR VF20
More informationE MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES
E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES 4/30/2014 Mortgage Eligibility Product Code Short Description Long Description Description VF30HB 30 YR VA HB VF30HB - 30 YR VA HIGH BALANCE
More informationIntroduction. Eligible Terms and Product Codes. Maximum Loan Amount
VA Introduction Eligible Terms and Product Codes General Requirements This Product Guide outlines policies for Veteran Administration (VA) programs. A VA loan is insured by the U. S. Department of Veterans
More informationVA Home Loans. 100% Financing No Down-Payment
VA Home Loans 100% Financing No Down-Payment VA Eligibility Retired U.S. Veterans with Certificate of Eligibility Active Duty with proof of military service Unmarried surviving spouse of veteran deceased
More informationVA Quick Reference Guides
Finance Type Occupancy Product Codes Purchase, Cash-Out and Rate & Term Refinance, Interest Rate Reduction Refinance Loan (IRRRL) Owner Occupied only, Second Homes not allowed, Investment properties not
More informationE MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES
E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES 2/24/2015 Mortgage Eligibility Product Code Short Description Long Description Description VF31 VA 3 YR ARM VF31 - VA 3-1 ARM VF51 VA 5 YR ARM
More informationWHOLESALE VA IRRRL NO APPRAISAL PRODUCT PROFILE
Maximum LTV/CLTV and Credit Score Requirements VA IRRRL No Appraisal 1 WHOLESALE VA IRRRL NO APPRAISAL Program Code(s): VF30IRRRLNA = 30 year VF15IRRRLNA= 15 year Occupancy LTV/CLTV 3 Min Credit Score
More informationWHOLESALE VA IRRRL WITH APPRAISAL
Program Code(s): WHOLESALE VA IRRRL WITH APPRAISAL Maximum LTV/CLTV and Credit Score Requirements VF30 = 30 year VF15 = 15 year VA IRRRL With Appraisal 1 Occupancy LTV/CLTV 4 Min Credit Score 5 Investor
More informationQuick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing.
Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot
More informationThe VA Streamline Refinance (irrrl) Loan The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (irrrl).
VA STREAMLINE LOANS Update (August 8, 2015) : This VA Streamline Refinance information has been revised to include new information. Loan guidelines change constantly. If you get your VA Streamline Refinance
More informationVA Borrower Fees and Charges
VA Borrower Fees and OVERVIEW Purpose The VA home loan program involves a veteran s benefit. VA policy has evolved around the objective of helping the veteran to use his/her home loan benefit. Therefore,
More informationContents. VA Credit Overlays
Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...
More informationHome Buying for Veterans
Home Buying for Veterans You ve defended the American dream, now live it." Lori Anonen (612) 695-3582 Brad Williams (612) 408-1953 lorianonen@edinarealty.com bradwilliams@edinarealty.com Table of Contents
More informationHow To Understand The Veteran Loan Policy
Chapter 8. Borrower Fees and Charges and the VA Funding Fee Overview In this Chapter This chapter contains the following topics. Topic Topic Name See Page 1 VA Policy on Fees and Charges Paid by the Veteran-Borrower
More informationREALTORS AND FHA WORKING TOGETHER TO HELP PEOPLE FULFILL THE AMERICAN DREAM
Shopping for a Mortgage? FHA Improvements Benefit You FHA Insured Mortgages Realtors and FHA: Partners in Homeownership National Association of REALTORS FHA REALTORS AND FHA WORKING TOGETHER TO HELP PEOPLE
More informationFAQ s in general VA Loans
Oscar Castillo - REALTOR - Broker Associate (858) 775-1057 CalBRE lic# 01140298 www.oscarsellshomes.com FAQ s in general VA Loans General questions regarding the VA Loan program. What is the History of
More informationUnderwriting Guidelines VA Interest Rate Reduction Refinancing Loans (IRRRL)
VA Interest Rate Reduction Refinancing Loans (IRRRL) OVERVIEW Purpose The following document describes the responsibilities and requirements of the Carrington Mortgage Services, LLC (CMS) Underwriter (Underwriter)
More informationPORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
More informationRETAIL VA IRRRL NO APPRAISAL PRODUCT PROFILE
Maximum LTV/CLTV and Credit Score Requirements VA IRRRL No Appraisal 1 Program Code(s): VF30IRRRLNA = 30 year VF15IRRRLNA= 15 year Occupancy LTV/CLTV 3 Min Credit Score 5 NYLX Codes O/O 1 Unit 100% 580-599
More informationLoan Guaranty Service
Transition Tools for a Brighter Future Loan Guaranty Service This document contains U.S. Department of Veterans Affairs proprietary business information and may not be reproduced without permission. What
More informationSection 1: Loan Characteristics
Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed
More informationCRMS Exam Study Guide
CRMS Exam Study Guide The following five sections of this study guide provide questions similar to the ones you will encounter in the CRMS exam. The number of questions appearing below is proportional
More informationVA Program Guide Wholesale Lending 10/31/2012r
VA Program Guide Wholesale Lending 10/31/2012r VA Guidelines Wholesale page 1 of 22 10/31/2012r Table of Contents Table of Contents... 2 VA Program Guide for Wholesale Lending... 4 Pacific Union Financial
More informationChapter 6. Refinancing Loans
Chapter 6. Refinancing Loans VA Pamphlet 26-7, Revised Overview In this Chapter This chapter contains the following topics. Topic Topic Name See Page 1 Interest Rate Reduction Refinancing Loans (IRRRLs)
More informationAMX / Land Home Financial Services Wholesale Lending Division
SECTION: 1 PAGE: 1 of 13 VA MORTGAGE LIMITS FOR ALL AREAS: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp Regardless of loan amount, the VA guaranty plus cash/equity must be equal to at
More informationProgram Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%
Maximum DTI: 41% Maximum Loan Amount: 1-unit $417,000 2-units $533,850 DU Approve/ 3-units $645,300 4-units $801,850 Minimum Loan Amount: $75,000 Maximums LTVs Purchase 100% LTV Rate/term & Cash-out 90%
More informationGovernment Loans Department of Veteran Affairs
Module 6 Module 6 Government Loans Explanation: This pdf is only a copy of the module slides. To proceed through the course, you must read and click through each slide. VA The Servicemen s Readjustment
More information2479 South Lake Park Blvd. West Valley City, UT 84120 801-902-8200 801-902-8327 - fax www.utahhousingcorp.org
2479 South Lake Park Blvd. West Valley City, UT 84120 801-902-8200 801-902-8327 - fax www.utahhousingcorp.org MORTGAGE BANKING STAFF Deon Spilker Mortgage Banking Director (801-902-8256) dspilker@uthc.org
More informationIRRRL s. Interest Rate Reduction Refinance Loans. Helping Our Veterans While Helping Your Business
IRRRL s Interest Rate Reduction Refinance Loans Helping Our Veterans While Helping Your Business What is an IRRRL? An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan, generally
More informationTEXAS VETERAN S LAND BOARD LOANS
TEXAS VETERAN S LAND BOARD LOANS 2001 Lakeside Parkway Flower Mound, TX 75028 866-831-5111 or 972-537-0600 Texas Vet Eligibility Veterans (all of the following must apply) Having served no fewer than 90
More informationDr. Debra Sherrill Central Piedmont Community College
Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options
More informationThe VA Loan and Guaranty
Chapter 3 The VA Loan and Guaranty Overview In this Chapter This chapter contains the following topics. Topic See Page 3.01 Basic Elements of a VA-Guaranteed Loan 3-2 3.02 Eligible Loan Purposes 3-5 3.03
More informationLANDLORD-TENANT AND OTHER REAL ESTATE ISSUES FOR MILITARY MEMBERS
I. Landlord Tenant LANDLORD-TENANT AND OTHER REAL ESTATE ISSUES FOR MILITARY MEMBERS A. Generally. As a member of the military, there are special laws that can have a substantial influence on your rights
More informationComparison of SONYMA Mortgages vs. FHA
Levels of loan approval FHA self insures Lenders Direct Endorsement Underwriters approve loans 3* Levels of loan approval Lender PMI/Pool Insurer *Pre Closing SONYMA compliance review will be eliminated
More informationBankFirst Mortgage Services
BankFirst Mortgage Services Thank you for taking the time to educate yourself on your new mortgage loan. We understand that it is a difficult process for new home buyers. We ll be happy to answer any question
More informationU.S. Bank Home Mortgage
U.S. Bank Home Mortgage VA Presentation This material is not to be reproduced without the approval of U.S. Bank Corporate Compliance. The information is provided to assist Mortgage Brokers and is not intended
More informationVA Home Loan Program. Wholesale Lending
VA Home Loan Program Wholesale Lending November, 2009 The VA Loan Guaranty program is a benefit Throughout the history of our country, it has been a priority of the government and the citizens to support
More informationVA-GUARANTEED HOME LOANS FOR VETERANS
VA-GUARANTEED HOME LOANS FOR VETERANS FOREWORD The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is
More informationMORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
More informationChapter 19. Residential Real Estate Finance: Mortgage Choices, Pricing and Risks. Residential Financing: Loans
Chapter 19 Residential Real Estate Finance: Mortgage Choices, Pricing and Risks 10/25/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Residential Financing: Loans Loans are classified
More informationChapter 6: Refinancing Loans
VA Pamphlet 26-7, Revised Chapter 6: Refinancing Loans Chapter 6 Refinancing Loans Overview In this Chapter This chapter contains the following topics. Topic See Page 6.01 Interest Rate Reduction Refinancing
More informationAppendix B: VA Forms and Their Uses
VA Pamphlet 26-7, Revised How to Use this Appendix This appendix lists and describes the forms most frequently used by lenders and other program participants in connection with the processing, closing,
More informationVA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY
1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are
More informationProgram Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%
Maximum DTI: 41% Maximum Loan Amount: 1 unit $417,000 2-units $533,850 DU Approve/Eligible Minimum Credit Score: 620 2 2- units $645,300 3-units $801,805 (Excluding VA IRRRL) Maximum LTVs Purchase 100%
More informationLoan Guaranty. Home Loan Guaranty Program Objectives. Current Benefits. 631,142 Loans Guaranteed Average Loan $243,174 Total Loan Amount: $153 Billion
Loan Guaranty Home Loan Guaranty Program Objectives The objective of the VA Home Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves
More informationBorrower Fees and Charges and the VA Funding Fee
VA Pamphlet 26-7, Revised Chapter 8: Borrower Fees and Charges and the VA Funding Fee Chapter 8 Borrower Fees and Charges and the VA Funding Fee Overview Introduction This chapter contains information
More informationNon-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines.
PRODUCT CHEAT SHEET-CA FHA $729,750 max loan amount in Orange County. If doing a loan in another county you can check max loan amount on the following link: https://entp.hud.gov/idapp/html/hicostlook.cfm
More informationHousing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP)
Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP) Program Description: Housing Trust Silicon Valley s Mortgage Assistance Program (MAP) is an amortizing second loan that is now available
More informationFederal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA)
Chapter 42 Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA) INTRODUCTION Besides conventional loans discussed
More informationWhich Home Loan is Right for You?
Conventional Which Home Loan is Right for You? Minimum down payment: 3% for Primary Residences/ investors minimum of 20%, unless condo the down payment = 25% Co-Signers allowed in specific situations Options
More informationSponsored by: EQUITY RESOURCES, INC. mortgages
Sponsored by: EQUITY RESOURCES, INC. mortgages Who is Equity Resources, Inc? Direct mortgage banker - Fannie Mae and Ginnie Mae Seller Servicer FHA/VA/Conventional/RD loans Underwrite in our main office
More informationGETTING STARTED WITH Southern Home Loans A Division of Goldwater Bank NMLS# 452955
2016 GETTING STARTED WITH Southern Home Loans A Division of Goldwater Bank NMLS# 452955 YOUR PLAY-BY-PLAY GUIDE TO RESPONSIBLE NON-PRIME LENDING Highlights No Seasoning on Foreclosure, BK or Short Sale
More informationVA FIXED RATE PRODUCT
Primary Primary Primary Age of Documents Borrower Eligibility 1 to 4 Units 1 to 2 Units 1 Unit Max Loan See VA County Limits Max Loan See VA County Limits Max Loan See VA County Limits LTV CLTV Min FICO
More informationMilitary Relocation Professional Certification Core Course Description and Outline
Course Goal The goal of Military Relocation Professional Certification Core Course is to educate real estate professionals about working with current and former military service members to find the housing
More informationVA IRRRL Offering 5/20/14
VA IRRRL Offering 5/20/14 What is an IRRRL? IRRRL stands for Interest Rate Reduction Refinance Loan An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan, generally at a lower
More informationVA IRRRL GUIDELINES. Table of Contents
Page 1 of 8 Table of Contents LTV MATRIX... 3 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 3 ELIGIBLE PROPERTY TYPES... 3 INELIGIBLE PROPERTY
More information