Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country

Size: px
Start display at page:

Download "Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country"

Transcription

1 Understand the VA Loan Program Serve the mortgage lending needs of borrowers who serve our country

2 Eligible Borrowers A veteran is eligible for VA home loan benefits if he or she served in the Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves or National Guard and was discharged under conditions other than dishonorable The minimum duty service required during wartime periods is 90 days of active duty The minimum service required for peacetime periods is 181 days of continuous active duty The minimum service required for members of the Reserves and/or National Guard is 6 years Veterans who served less than the minimum required period may be eligible if discharged because of service-related disabilities An unmarried surviving spouse of an eligible service member who died as a result of service or service-connected injuries 3

3 Common VA Terms Certificate of Eligibility (COE): Certificate provided by the VA to evidence a veteran s entitlement to participate in the VA Home Loan Guarantee Program; in order to get a Certificate of Eligibility, lenders can access the Automated Certificate of Eligibility or ACE system on the Internet to prove eligibility Certificate of Reasonable Value (CRV): The VA certifies the fair market value of the property once the home is appraised Entitlement: Dollar amount of loan guarantee that the Veterans' Benefit Administration (VA) provides to each eligible veteran 4

4 Common VA Terms Lender Appraisal Processing Program (LAPP): allows Lenders who meet specific requirements to review all types of origination appraisals; staff Appraisal Reviewers (SARs) can review existing, new construction, under construction and proposed construction cases, single family and multifamily Funding Fee: The name of the fee the VA charges when a Veteran uses its Home Loan Guarantee Program; this fee is generally around 2% to 3% depending on whether it is your first VA Loan; disabled Veterans may be exempt from this fee Notice of Value (NOV): This form is issued to the borrower in conjunction with an appraisal; every NOV must include an estimated reasonable value of the property, estimated economic life of the property, and a list of any property-related conditions and requirements necessary for VA loan guaranty 5

5 VA 2009 loan limits On October 10, 2008, the President signed the Veterans Benefits Improvement Act of 2008 (VA Circular ) The maximum guaranty amount varies depending upon the location of the property For all locations in the United States other than Alaska and Hawaii, the maximum guaranty amount is the greater of 25% of (a) $417,000 or (b) 125% of the area median price for a single-family residence, but in no case will the guaranty exceed 175% of the Freddie Mac loan limit for a single family residence in the county in which the property securing the loan is located; this translates to a potential maximum loan amount of $1,094,625 In Alaska and Hawaii, the maximum guaranty amount is the greater of 25% of (a) $625,500 or (b) 125% of the area median price for a single-family residence, but in no case will the guaranty exceed 175% of the Freddie Mac loan limit for a single family residence in the county in which the property securing the loan is located; this translates to a potential maximum loan amount of $1,641,

6 VA overlays for 2009 loan limits Criteria Loan Amounts <$417,000 Loan Amounts from $417,001 to $650,000 (including funding fee) Loan Amounts > $650,000 (including funding fee) Maximum LTV/CLTV Purchase: 100/100% Refinance: 90/90% Purchase: 100/100% Refinance: 90/90% Purchase: 100/100% Refinance: 90/90% Min Credit Score Documentation AUS conditions allowed Full Doc regardless of AUS conditions for income and asset documentation Full Doc regardless of AUS conditions for income and asset documentation Reserves No minimum 6 months PITI 12 months PITI Gift Funds Allowed Not Allowed Not Allowed Appraisal VA Appraisal VA Appraisal >$650,000 and < $1,000,000: VA Appraisal and LARA >$1,000,000: VA Appraisal and field review Maximum Cash-Out No Maximum $325,000 $325,000 7

7 VA program eligibility for 2009 loan limits Eligible properties owner-occupied only Loan amounts < $417,000 SFRs, PUDs, VA Approved Condos, 2-4 units Loan amounts > $417,000 SFRs, PUDs, VA Approved Condos Eligible transactions Purchase Cash-out refinances VA does not have a rate/term refinance program other than the VA IRRRL, so all refinance loans are designated as cash-out since Bank of America no longer offers VA IRRRL Types of mortgages Fixed rate mortgage terms up to 30-year 3/1, 5/1 and 1-year adjustable-rate mortgages with a 30-year term Buydowns allowed on fixed rate mortgages 8

8 Maximum Guaranty The VA guaranty or a combination of the VA guaranty plus the borrower's down payment and/or equity, must be equal to at least 25% of the subject property's estimated reasonable value as documented in the Notice of Value (NOV); the maximum guaranty on a VA loan is the lesser of the veteran's available entitlement or the maximum potential guaranty amount indicated below Loan Amount Loan Type Maximum Potential Guaranty Up to $45,000 All 50% of loan amount $45,001 - $56,250 All $22,500 $56,251 - $144,000 All 40% of the loan amount with a maximum of $36,000 $144,001 - $417,000 Purchase and refinance 25% of the loan amount with maximum $104,250 ($156,375 in AK and HI) $417,001 - $1,500,000 Purchase and refinance 25% of the greater of: (a) $417,000 OR (b) 125% of the area median price for a SFR not to exceed 175% of the GSE limit ($1,094,625) 9

9 VA Guaranty Calculation Examples Veteran has used $48,000 of entitlement on a prior loan, which may not be restored, and is purchasing a home for $320,000 where the county loan limit is $625,000 $625,000 X 25% = $156,250 Maximum Guaranty $156,250 - $48,000 = $108,250 Entitlement Available $108,250 X 4 = $433,000 Maximum Loan Amount with 25% Guaranty Since the proposed loan amount will be less than $433,000, the lender will receive 25% VA Guaranty on the loan of $320,000; a down payment should not be required 10

10 VA Guaranty Calculation Examples Veteran has used $104,250 of entitlement on a prior loan, which may not be restored, and is purchasing a home for $380,000 where the county loan limit is $815,000 $815,000 X 25% = $203,750 Maximum Guaranty $203,750 - $104,250 = $99,500 Entitlement Available $99,500 X 4 = $398,000 Maximum Loan Amount with 25% Guaranty Since the proposed loan amount will be less than $398,000, the lender will receive 25% VA Guaranty on the loan of $380,000; a down payment should not be required 11

11 VA Guaranty Calculation Examples Veteran has full entitlement available and is purchasing a home for $800,000 where the county loan limit is $729,750 $729,750 X 25% = $182, Maximum Guaranty and Entitlement Available $182, / $800,000 = 22.81% Guaranty $800,000 X 25% = $200,000 Guaranty and Down Payment Combination Required $200,000 - $182, = $17, Down Payment Final loan amount = $782,435 VA loan amounts higher than the county limit are acceptable provided that the borrower makes up the difference for the 25% guaranty requirement with down payment from their own funds 12

12 VA Funding Fee Required at time of closing Funding Fee can be financed or paid from proceeds For loan amounts greater than $417,000, the Funding Fee can only be financed if the loan amount + funding fee are less than the maximum loan amount for the MSA Amount varies by Type of veteran Down payment amount Transaction type Type of loan Use of the VA home loan program Certain borrowers are excluded from paying the fee Veterans receiving service-connected compensation Those who would be receiving service-connected compensation, but are instead receiving military retirement pay Surviving spouses of veterans who died in service or from service-connected causes 13

13 VA Funding Fee for Purchase & Refinance Loans Funding Fee* Type of Veteran Down Payment Purchase Percentage for First Time Use Refinance Percentage for First Time Use 0%-4.99% 2.15% n/a Regular Military 5%-9.99% 1.50% n/a 10% or more 1.25% 2.15% 0%-4.99% 2.40% n/a Reserves and National Guard 5%-9.99% 1.75% n/a 10% or more 1.50% 2.40% 14 *Different funding fees apply for subsequent use.

14 VA Funding Fee Calculation Example - Financed Veteran has full entitlement available and is purchasing a home in Denver for $600,000 where the county limit is $625,500 Veteran is eligible for 100% financing and is putting no money down Funding Fee is $600,000 x 2.15% = $12,900 $600,000 + $12,900 = $612,900 Since the combined loan amount plus funding fee is less than the county maximum of $625,500, the funding fee can be financed into the loan amount; the final LTV for this transaction including the funding fee is % 15

15 VA Funding Fee Calculation Example Not Financed Veteran has full entitlement available and is purchasing a home in Denver for $625,500 where the county limit is $625,500 Veteran is eligible for 100% financing and is putting no money down Funding Fee is $625,500 x 2.15% = $13, $625,500 + $13, = $638, Since the combined loan amount plus funding fee is more than the county maximum of $625,500, the funding fee cannot be financed into the loan amount and must be paid in cash; the final LTV for this transaction is 100% 16

16 Loan Delivery VA funding fees must be paid by the originating seller within 15 days of the seller s loan closing Fees paid after 15 days will automatically be assessed a 4% late fee If more than 30 days late, an interest charge will be assessed in addition to the late fee If borrower is exempt from fee, documentation verifying the exemption must be provided Loan monitoring reports provided by Bank of America Documents not received Delinquent loans 17

17 VA Loans in Automated Underwriting Systems DU With the January 24 release of DU, the maximum loan amount calculation applied to VA loans are removed; DU will now only identify if the property s loan amount exceeds the individual county limit Lenders must manually determine the guaranty percentage and maximum loan amount based on the borrower s entitlement LP With the December 16 release, LP was updated to align with the VA changes on maximum 100% LTV for cash-out refinances (Bank of America max LTV = 90%) LP is not updated to identify the maximum loan amount for a particular property location based on the MSA 18

18 Resources Department of Veterans Affairs VA Lender Handbook: VA Circulars: VA 2009 Loan Limits: VA Approved condominium list: DU User Guide on VA Loans: 19

19 For More Information Contact your Account Executive DO NOT DUPLICATE WITHOUT PERMISSION

Get in the FAST LANE with WesLend Wholesale! VA Home Loan Guarantee Program Program Overview

Get 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 information

VA FIXED RATE PROGRAM HIGHLIGHTS

VA 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 information

E MORTGAGE MANAGEMENT, LLC 703 VA HIGH BALANCE PRODUCT GUIDELINES

E 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 information

VA and VA IRRRL Programs

VA 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 information

E MORTGAGE MANAGEMENT, LLC 701 VA FIXED PRODUCT GUIDELINES

E 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 information

VA Refinance Cash Out

VA 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 information

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

Your 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 information

VA Product Profile 05.01.2014

VA 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 information

VA Quick Reference Guides

VA 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 information

VA Home Loan Program. Wholesale Lending

VA 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 information

E MORTGAGE MANAGEMENT, LLC 702 VA ARMS PRODUCT GUIDELINES

E 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 information

WHOLESALE VA IRRRL NO APPRAISAL PRODUCT PROFILE

WHOLESALE 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 information

WHOLESALE VA IRRRL WITH APPRAISAL

WHOLESALE 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 information

Program Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%

Program 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 information

VA Loan Training Overviews & Updates June 3, 2015

VA 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 information

RETAIL VA IRRRL NO APPRAISAL PRODUCT PROFILE

RETAIL 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 information

Program Type Occupancy Units LTV/CLTV * Purchase Owner-occupied 1-4 100%

Program 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 information

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans

Financing 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 information

VA IRRRL GUIDELINES. Table of Contents

VA 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

U.S. Bank Home Mortgage

U.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 information

NOTE: This matrix includes overlays, which may be more restrictive than VA requirements. A thorough reading of this matrix is recommended.

NOTE: 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 information

Magnolia Bank VA Refinance Options

Magnolia 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 information

VA Refinance IRRRL. VA Refinance IRRRL

VA 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 information

Chapter 6: Refinancing Loans

Chapter 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 information

Sponsored by: EQUITY. Sid Shah Director, Mortgage Origination SShah@callequity.net 614-571-3893 RESOURCES, INC. mortgages

Sponsored 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 information

WM VA GUARANTEED FIXED RATE WITH HIGH BALANCE OPTION

WM VA GUARANTEED FIXED RATE WITH HIGH BALANCE OPTION LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 3 ADDITIONAL CONSIDERATIONS:... 3 AGE OF DOCUMENTS:... 3 APPLICATION REQUIREMENTS:...

More information

Name Account Executive. Contact Number E-Mail Address Website Address

Name 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 information

ditech BUSINESS LENDING VA PURCHASE PRODUCTS DELEGATED CLIENTS ONLY

ditech BUSINESS LENDING VA PURCHASE PRODUCTS DELEGATED CLIENTS ONLY 1. PRODUCT DESCRIPTION VA Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Servicing retained All transactions are considered Qualified Mortgage (QM) Safe Harbor loans ditech BUSINESS

More information

VA PROGRAMS PRODUCT MATRIX

VA PROGRAMS PRODUCT MATRIX OCCUPANCY LTV UNITS CLTV STANDARD PORTFOLIO Purchase O/O 100% 1-4 100% 620 Cash Out O/O 100% 1-4 100% 620 O/O IRRRL 1,2 2 nd Home 3 130% 1-4 130% 4 620 N/O/O Conforming Balance: 580 FICO High Balance:

More information

VA Lending Basic Training

VA 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 information

Contents. VA Credit Overlays

Contents. 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 information

AMX / Land Home Financial Services Wholesale Lending Division

AMX / 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 information

VA Homeowners Guide PRESENTED BY. www.lowvarates.com

VA 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 information

VA IRRRL Offering 5/20/14

VA 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 information

Program Matrix for VA IRRRL Black Programs:

Program Matrix for VA IRRRL Black Programs: Program Matrix for VA IRRRL Black Programs: Primary Residence 1 to 4 Unit, Condo, PUD none** 600 Second Home* 1 Unit, Condo, PUD none** 600 Investment Property* 1 to 4 Unit, Condo, PUD none** 600 * For

More information

E MORTGAGE MANAGEMENT, LLC 704 VA

E MORTGAGE MANAGEMENT, LLC 704 VA E MORTGAGE MANAGEMENT, LLC 704 VA IRRRLs PRODUCT GUIDELINES 1/26/2015 Mortgage Eligibility Product Code Short Long Description Description Description VF15IRL VA 15 YR IRRRL VF15IRL - VA 15 YR IRRRL VF30IRL

More information

VA Guaranteed Home Loans Training

VA Guaranteed Home Loans Training Serve the mortgage lending needs of borrowers who serve our country VA Guaranteed Home Loans Training OFFERED BY FIRST MORTGAGE CORPORATION NOVEMBER 21, 2014 Desktop Underwriter is a registered trademark

More information

VA Product Guidelines

VA 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 information

VA Product Guidelines

VA 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 information

Real Estate Professionals Selling to Veterans. St. Petersburg Regional Loan Center

Real 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 information

Presented by Tony Dias

Presented 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 information

Chapter 6. Refinancing Loans

Chapter 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 information

VA 101: An Introduction to VA Guaranteed Home Loans

VA 101: An Introduction to VA Guaranteed Home Loans VA 101: An Introduction to VA Guaranteed Home Loans Course Description: The Basics of VA course is comprised of the fundamentals of VA. It provides both an excellent foundation for those newer to VA as

More information

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans

Financing 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 information

Underwriting Guideline Matrix

Underwriting Guideline Matrix Program / Product Codes: NewLeaf Wholesale VA Lender ID Number: SKYLINE FINANCIAL CORPORATION 1690780000 Subject to Change Without Notice Valid as of: 11/06/2015 Copyright 2015 Skyline Financial Corp.

More information

Chapter 2. Veteran s Eligibility and Entitlement Overview

Chapter 2. Veteran s Eligibility and Entitlement Overview Chapter 2. Veteran s Eligibility and Entitlement Overview In this Chapter This chapter contains the following topics. Topic Topic Name See Page 1 How to Establish the Applicant s Eligibility for a VA Loan

More information

VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS

VA 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 information

VA INTEREST RATE REDCUTION REFINANCE PRODUCTS VA 30 Year Fixed Jumbo Full Appraisal

VA INTEREST RATE REDCUTION REFINANCE PRODUCTS VA 30 Year Fixed Jumbo Full Appraisal Program Overview An Interest Rate Reduction Refinancing Loan (IRRRL) is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan,

More information

VA financing- Serving the homeownership needs of those who serve our country

VA 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 information

FNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed

FNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed These guidelines cover the new Temporary Increase in conforming loan limits for high-cost areas authorized by the American Recovery and Reinvestment Act (ARRA). Specifically, the ARRA permits loans originated

More information

Loan 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. 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 information

NATIONAL UNDERWRITING SUMMARY

NATIONAL UNDERWRITING SUMMARY NATIONAL UNDERWRITING This summary highlights our most common loan programs. It does not replace our Underwriting Guide, which contains definitions and full details (www.mgic.com/uwguide). We do not approve

More information

Conventional Fixed Rate Conforming Product Guidelines

Conventional Fixed Rate Conforming Product Guidelines Loan Parameters Loan Purpose Allowed Minimum Credit Score Maximum LTV/CLTV Owner Occupied & Second Home Maximum LTV/CLTV Non-Owner Occupants Max. Loan Amount Subordinate Financing Maximum Ratios Max. No.

More information

Purchasing a New Home using a VA Loan

Purchasing 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 information

Appendix B: VA Forms and Their Uses

Appendix 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 information

VA FIXED RATE PRODUCT

VA FIXED RATE PRODUCT Primary 1 Unit Max Loan Amount Max Loan Amount Max Loan Amount See VA County Limits LTV CLTV Min FICO Max Ratios 96.50% 96.50% 55% 600 100% 100% 50% LTV CLTV Min FICO Max Ratios Minimum Cash Investments

More information

VA-Home Loan Guaranty Program: An Overview

VA-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 information

What Every Veteran Should Know About the VA Mortgage

What 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 information

Underwriting Guidelines VA Interest Rate Reduction Refinancing Loans (IRRRL)

Underwriting 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 information

10/3/2015. Presenter Jennifer Cash US Navy Veteran, VA Home Loan Expert

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 information

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

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 information

Wholesale Lending Non-Conforming LTV Matrix (JF30, JF15, JA51, JA71, JA10) Effective Date: 1/20/2015

Wholesale Lending Non-Conforming LTV Matrix (JF30, JF15, JA51, JA71, JA10) Effective Date: 1/20/2015 PRIMARY RESIDENCE PURCHASE AND RATE/TERM REFINANCE Amount 3 Market Class Max. LTV Max. CLTV Max. LTV Max. CLTV Max. LTV Max. CLTV Max. LTV Max. CLTV Up to $750,000 >$750,000 $1,000,000 >$1,000,000 $1,500,000

More information

Veterans and CalVet Home. Loan Programs

Veterans 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 information

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY

VA 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 information

VA Borrower Fees and Charges

VA 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 information

VA FIXED RATE PRODUCT

VA 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 information

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans Why DU Refi Plus Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans 2 Why DU Refi Plus Provides a competitively-priced, streamline refinance option to qualified borrowers

More information

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit

More information

Appraisal requirements: No appraisal required. The original loan balance of the mortgage being refinanced is used as the appraised value.

Appraisal requirements: No appraisal required. The original loan balance of the mortgage being refinanced is used as the appraised value. PRODUCT: E3 CODES: PCM VA IRRRL VAS15W AND VAS30W Primary Capital Mortgage guidelines have been created to provide direction and consistency in determining a credit decision. The intention of these guidelines

More information

PRODUCT GUIDE. Page 1 of 13 VA PRODUCT GUIDE REVISED

PRODUCT GUIDE. Page 1 of 13 VA PRODUCT GUIDE REVISED VA PRODUCT GUIDE Page 1 of 13 VA Maximum Loan : VA maximum loan amount with no down payment/ equity is limited to the VA maximum County loan limit (including VA Funding Fee). The county loan limit can

More information

National MI TrueGuide Underwriting Matrices

National MI TrueGuide Underwriting Matrices National MI TrueGuide Underwriting Matrices VERSION 2.3 Posted: 12.7.2015 Effective: 12.7.2015 National Mortgage Insurance Corporation 2100 Powell Street 12 TH Floor Emeryville, CA 94608 www.nationalmi.com

More information

VA Overview (revised 7/20/2015)

VA Overview (revised 7/20/2015) VA Overview (revised 7/20/2015) 1 AFR Disclaimer At minimum, all VA must be met. The VA Web Automated Reference Material System (WARMS)can be found here: http://benefits.va.gov/warms/pam26_7.asp The AFR

More information

VA Home Loan Program. Wholesale Lending

VA Home Loan Program. Wholesale Lending VA Home Loan Program Wholesale Lending April, 2011 The VA Loan Guaranty program is a benefit for our veterans Throughout the history of our country, it has been a priority of the government and the citizens

More information

VA Home Loans. 100% Financing No Down-Payment

VA 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 information

TEXAS VETERAN S LAND BOARD LOANS

TEXAS 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 information

How To Understand The Veteran Loan Policy

How 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 information

Borrower Fees and Charges and the VA Funding Fee

Borrower 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 information

Introduction. Eligible Terms and Product Codes. Maximum Loan Amount

Introduction. 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 information

Introduction. Eligible Terms and Product Codes. Maximum Loan Amount

Introduction. 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 information

***In the absence of a guideline, please refer to the Freddie Mac Sellers Guide.***

***In the absence of a guideline, please refer to the Freddie Mac Sellers Guide.*** Freddie Mac Loan Program Summary Product Types Primary Residence Loan Purpose 10Y, 15Y, 20Y, 25Y, and 30Y Fixed; 5/1 & 7/1 ARMs Conforming Balance Minimum FICO 2 Units Max LTV 1 Max CLTV 1 Purchase or

More information

VA Loan Program Guidelines

VA Loan Program Guidelines The following guidelines apply to all DIRECTORS MORTGAGE VA loan programs. All loans must adhere to the criteria of these guidelines or the individual loan programs. While DIRECTORS MORTGAGE makes every

More information

Affiliated Mortgage Company

Affiliated Mortgage Company Affiliated Mortgage Company Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum 720 credit score for LTV/CLTV/HCLTV

More information

It s easier than you think! Phoenix Regional Loan Center

It 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 information

VA Program Guide Wholesale Lending 10/31/2012r

VA 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 information

www.countrysidefinancial.com

www.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 information

VA Housing: Guaranteed Loans, Direct Loans, and Specially Adapted Housing Grants

VA Housing: Guaranteed Loans, Direct Loans, and Specially Adapted Housing Grants VA Housing: Guaranteed Loans, Direct Loans, and Specially Adapted Housing Grants Libby Perl Specialist in Housing Policy April 24, 2012 CRS Report for Congress Prepared for Members and Committees of Congress

More information

Home Affordable Refinance Program (HARP) Training

Home Affordable Refinance Program (HARP) Training 3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage

More information

Section 2.08 - Jumbo Solution Second Mortgage

Section 2.08 - Jumbo Solution Second Mortgage - In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...

More information

FMC Product and Credit Guidance for Wholesale Divisions

FMC Product and Credit Guidance for Wholesale Divisions FMC Product and Credit Guidance for Divisions Ineligible Product Programs and Properties FMC does not accept Loan Prospector AUS for Conventional, FHA or VA loans The Negative Equity FHA (MHA) loan program

More information

VA-Home Loan Guaranty Program: An Overview

VA-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 information

Loan Guaranty Service Program Overview. Housing Assistance Council June 8 th, 2016

Loan Guaranty Service Program Overview. Housing Assistance Council June 8 th, 2016 Loan Guaranty Service Program Overview Housing Assistance Council June 8 th, 2016 Veterans Benefits Administration 1 Mission Vision Strategic Plan Mission: Maximize opportunities for Veterans, Servicemembers

More information

Page 1 of 9 Table of Contents

Page 1 of 9 Table of Contents Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY

More information

CalStar Mortgage Inc. For All Your Financing Needs

CalStar Mortgage Inc. For All Your Financing Needs CalStar Mortgage Inc. For All Your Financing Needs Jasmen Vartanian Tel: 818-952-2701 Email: Jasmen@calstarinc.com www.calstarmortgage.com Excellent Service since 1987 1033 Foothill Blvd. La Canada Flintridge,

More information

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY

ditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY 1. PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible

More information

WikiLeaks Document Release

WikiLeaks 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 information

IRRRL 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 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 information

Government Loans Department of Veteran Affairs

Government 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 information

FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY

FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY To determine if the mortgage is currently owned or securitized by Freddie Mac, the following website may be used: https://ww3.freddiemac.com/corporate/

More information

9/26/14. Jay McMaken. Director of Veteran Affairs and Operations

9/26/14. 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 information

PRODUCT MATRIX 11/1/2011

PRODUCT MATRIX 11/1/2011 PRODUCT MATRIX 11/1/2011 For Information on any of our products, please contact: For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at

More information