2 Name Account Executive Contact Number Address Website Address
3 Benefits of VA No Down Payment, 100% up to $417,000. No Monthly Mortgage Insurance Premiums. Leniency on Credit and Employment history. No Reserve Requirements (1 unit only). Automated Underwriting, and Traditional Underwriting, using ratios and residual income. Seller can pay off debt for borrower. 100% gift funds allowed. 2 years on BK Discharge. 1 year into Chapter 13 pay out.
4 Commonly Used VA Programs T Year Fixed T Year Fixed T Buy-Down - qualify at note rate A231-3/1 ARM Caps: 1% and 5% lifetime Index: 1 year US Treasury Margin: set by lender May be used for all Property types
5 Maximum Loan Amount Loan Type Purchase $417,000 including Funding Fee Limit Regular Or Cash Out Refinance 90% of appraised value ($144,000 is max loan) unless there is excess equity, up to $417,000. Use the following formulas: A : 90% x appraised value, OR B: 75% x appraised value, plus amount of entitlement (not to exceed $36,000). Base loan amount is the lesser of A and B. Interest Rate Reduction VA will guarantee 25% of final loan amount as long as it is in compliance with VA regs. Use VA form to calculate max loan.
6 Automated Underwriting VA has approved FNMA s DO/DU and FHLMCs LP as automated underwriting systems. These systems incorporate VA s credit standards. A finding of Approve/Eligible or Accept, can reduce the amount of documentation requirements, and underwriting time of a loan file. Absence of the above positive findings does not provide a basis for denying a loan application.
7 Ratios and Residual Income DTI - 41% May exceed ratio if run through DU with Approve/Eligible, or LP with Accept. Additionally, residual income (balance available for family support) is calculated, with a set guide for varying family sizes, according to regions across the country. When the DTI is > 41%, the residual income should be at least 20% over the stated guideline. Loans not meeting this, require strong compensating factors.
8 Occupancy Owner Occupied only, except: IRRRLs (Interest Rate Reduction Refinance Loans), Veteran does not need to currently occupy the property, but must have occupied the property in the past. Occupancy by Veteran s spouse in the case when a Veteran is stationed in a distant location satisfies the occupancy requirement.
9 Borrower Eligibility Eligible borrower is a Veteran who: Served in the military. Served with acceptable character of service, or : Is the unmarried spouse of a deceased Veteran who died while in service or of service connected issues. Only the spouse of Veteran is eligible to co-borrow with the Veteran on a VA home loan. No other person may co-borrow, i.e. brother, sister, parent, aunt, uncle, significant other, etc. Non-Purchasing spouse is acceptable provided you provide current credit report and count ongoing debt (Collections not included). Non Occupant co-borrowers are not allowed. Two Veterans or VA eligible borrowers can purchase together
10 Certificates of Eligibility There are actually 3 types of COE s : Regular/Full-Time/Active Duty Reservist/National Guard Annotated for Unmarried Surviving Spouse You may see several different formats depending on if they were computer generated, typed, etc.
11 Entitlement & Certificate of Eligibility Veteran to provide Certificate of Eligibility (COE) When the Veteran does not have his/her COE, the broker should first try to obtain it through ACE (Automated Certificate of Eligibility), Scroll down the left side until you see application and WebLGY. Click this and choose Eligibility from main menu. Choose Automated Certificate of Eligibility. Follow instructions.
12 Entitlement & Certificate of Eligibility (continued) ACE cannot make all determinations. Some types of cases that cannot be processed through ACE include: Persons whose service was or is in the Reserves/National Guard. Persons who may have had prior VA loan(s) that went to foreclosure. Persons who did not serve the minimum required length of service and were not discharged for an authorized exception. Persons who were discharged under conditions other than honorable. Persons seeking restoration of previously used entitlement. Unmarried surviving spouses.
13 Entitlement & Certificates of Eligibility (Continued) To obtain a COE, when Veteran and ACE cannot provide one: Complete VA form , Request for a Certificate of Eligibility. Attach all required documentation to the form, (part D of the instructions on the back of the form describes the proof of military service needed.) Submit the form and attachments to the appropriate VA Eligibility Center. Western Area Office 3333 North Central Avenue, Suite 3026 Phoenix, AZ
14 Entitlement & Certificates of Eligibility (Continued) A COE does not expire. It can be reused again and again, if it is properly restored. If a Veteran holds a valid COE, you can assume she/he has appropriate length and character of service. Sometimes, the COE is annotated for individuals currently serving in active duty. Lenders require at least 25% of the loan to be guaranteed by VA. The current maximum amount of entitlement available to each eligible veteran is $36k. For Purchases, VA increases the amount of guaranty to 25% of the current FHLMC conforming limits. For our purposes, the guaranty will be $104,250, which is 25% of $417,000. It is possible for the Certificate of Eligibility to show an amount that is less than $36,000. In these cases, refer to the VA Lenders Handbook, chapter 2, for more details on this issue.
15 VA Funding Fee The Funding Fee is a charge that most Veterans pay to use the VA Loan Guaranty Program. The Funding Fee is calculated on the full loan amount. The following Veterans are exempt from paying the fee. Veterans receiving VA compensation for service-connected disabilities Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay. Surviving spouses of Veterans who died in service or from serviceconnected disabilities.
16 VA Funding Fee (continued) Type of Veteran Down Payment % 1st Time Use % 2 nd + Use Regular Military Reserves/National Guard Purchase And Construction Loans None 5% to 10% 10% or more None 5% to10% 10% or more Cash-Out Refinancing Loans 2.15% 1.50% 1.25% 2.4% 1.75% 1.5% 3.3% (3.5*) 1.50% 1.25% 3.3% 1.75% 1.5% Regular Military N/A 2.15% 3.3% Reserves/National Guard N/A 2.4% 3.3% Interest Rate Reduction Refinance 0.5% VA has issued a temporary increase in this funding fee, to 3.5%, until September 30, 2007
17 VA Funding Fee (continued) Verify exempt status by obtaining one of the following: A properly completed and signed VA Form , Verification of VA Benefits Form, sent to and processed by VA. An award letter issued within 1 year of the date of the loan application indicating Veteran is entitled to receipt of VA disability compensation. For a Veteran who elected service retirement pay instead of VA compensation, a copy of the original VA notification of disability rating and documentation of the veteran s service retirement income - OR - Indications on the Certificate of Eligibility that the borrower is entitled as an unmarried surviving spouse.
18 Verification of VA Benefits This form should be completed on every VA loan, at origination. Ask the veteran and applicable co-borrowers if he or she: 1. Is receiving VA disability benefits 2. Would be entitled to receive VA disability, but for the receipt of retired pay 3. Has received VA disability benefits in the past, or 4. Is a surviving spouse of a veteran who died while on active duty or as a result of a service-connected disability. If the answer is yes to one of the above questions, submit the form for completion to: U.S. Department of Veterans Affairs Phoenix Regional Loan Center 3333 North Central Avenue Phoenix, AZ 85012
19 CAIVRS CAIVRS (Credit Alert Interactive Voice Response System) is a HUD-maintained system to determine if the borrower has defaulted on any federally-assisted loans. A CAIVRS inquiry must be performed on all borrowers. HUD offers online access for CAIVRS to current FHA lenders, and to VA lenders with registration. (Veterans Information Portal). CAIVRS is also available via telephone, with FHA lender ID, or VA Lender ID, (instructions will be provided). Consider any obligations appearing in CAIVRS when qualifying. Any delinquent or default disqualifies the borrower from obtaining the loan, unless brought current or to satisfactory status with the Federal agency
20 Property Eligibility Manufactured Homes are not allowed at SPM. SFR, Condo*, PUD, 1-4 Units. Condos must be on the approved condo list before any unit in the project can be eligible for VA loan guaranty.
21 Ordering Appraisals Request your appraisal, and obtain a case number by completing the VA Appraisal Request Form, and faxing it to your Sierra Pacific Mortgage CSR. Fax number is Your CSR will inform you of your assigned VA appraiser and case number. You will need to send a completed , Request for Determination of Reasonable Value to your assigned appraiser.
22 Loan Analysis Worksheet This is where everything comes together. There are 6 sections: Loan Data Borrower s Personal and Financial Status Estimated Monthly Shelter Expenses Debts and Obligations Monthly Income and Deductions Disposition of Application and Underwriter Certification
23 Loan Analysis Worksheet (continued) Section A - Loan Data. Section B Borrower s Personal and Financial Status.
24 Loan Analysis Worksheet Sections C and D Section C Estimated Monthly Shelter Expense Use monthly P & I, taxes and insurance, any HOA dues, and Maintenance and Utilities amount of $0.14 per square foot. Section D Debts and Obligations, add child care expense here need Child Care Letter in file, if applicable.
25 Loan Analysis Worksheet Section E Monthly Income & Obligations Compute taxes & deductions, either with charts or online with Do not use deductions on paystubs, use actual number of dependents, i.e. married couple with 2 children is 4 exemptions. Add non taxable income (Can be grossed up) to compute Total Income, Line 39. Subtract Obligations in Section D, to compute Total Net Effective Income, Line 41. Subtract Estimated Monthly shelter Expense from Section D, to compute Balance Available for Family Support, Line 43. Fill in Guideline from Residual Income Chart.
26 Loan Analysis Worksheet (Continued) Finally, Compute Ratio by adding Lines 15-18, 20 & 40 and sums of lines 31 and 38. Do not use the maintenance and utilities in ratio.
27 Residual Income Guideline Table of Residual Income by Region Loan amounts of $79,999 and below Family Size N East Midwest South West 1 $390 $382 $382 $425 2 $654 $641 $641 3 $788 $772 4 $888 5 $921 Over 5 For loan amounts of $80,000 & above West Midwest South $450 $441 $441 $491 $713 $755 $738 $738 $823 $772 $859 $909 $889 $889 $990 $868 $868 $967 $1025 $1003 $1003 $1117 $902 $902 $1004 $1062 $1039 $1039 $1158 Add $75 for each addl. member up to 7 N East Add $80 for each addl. member up to 7 Check VA s website for Key to Geographic Regions used on the above table
28 Allowable Closing Costs The Veteran can pay a maximum of : Reasonable and customary amounts for any or all of the Itemized Fees and Charges designated by VA, plus A 1% Origination Fee, plus Reasonable discount points. Veteran can t pay escrow, processing, document, under-writing, termite report and repairs, tax service, notary fees, The Veteran can also pay the following fees : Appraisal, recording, credit report, flood cert, survey fee Prepaid Items, taxes, assessments, insurance Hazard insurance premium Title insurance
29 Cash to Close Verify all liquid assets to the extent they are needed to close the loan. VOD s 2 months bank statements, gift letters and receipt, etc. Reserves are not required, but are helpful in determining overall credit analysis. Seller concessions are 4%, but do not include normal discount points, and buyer s non-recurring closing costs. Seller may pay off debt for Veteran, provided it is within the 4% maximum concession. Premium pricing (closing costs only)
30 Credit History Perform a CAIVRs Inquiry on all borrowers (see instructions). Order VA Benefits Form if necessary. RMCR or MCR (3 file merged) reports are acceptable. Current Rent and/or Mortgage history. Absence of Credit History, use utility, auto insurance, cell phone, or other forms of payment records. Adverse credit history of non-purchasing spouse is not considered against veteran. Monthly obligations are considered due to community property state. A credit report is required on all non-purchasing spouses. Collections may not necessarily be required to be paid, upon review of explanation and any supporting documentation by borrower, this is considered on a case by case basis.
31 Credit History (Continued) Judgments must be paid in full, or subject to repayment plan with timely payments (12 months). Consumer Credit Counseling -1 year payments made with no with lates Credit Counselor or any accounts outside of CCC unless it was entered into without any prior adverse credit. Bankruptcy discharged more than 2 years are disregarded. Less than 2 years, must have established new and positive credit with a length of timely payments (12 months), and the bankruptcy was caused by circumstances beyond the control of the borrower. Foreclosure or Deed-in-Lieu, follow BK guidelines above.
32 Debts and Obligations Must verify alimony and child support. Student loans scheduled to begin within 12 months of the close of escrow will be counted. Loans secured by deposited funds are not counted. Installment debts with less than 10 months remaining do not necessarily need to be included in credit qualifying. Large payments should be considered.
33 Income and Employment Wages - require 2 yr. history, less than 2 yrs considered case by case. Overtime income and 2 nd job income generally needs 2 year history, less than 2 years considered case by case. Commission 2 year history, unless previous related employment or specialized training 1040s required. Self Employment averaged 24 months, 1040 s required. Alimony and Child Support must be verified and stable. Seasonal jobs and unemployment may be averaged with 24 month history of both. Other Income, pension, retirement, disability, etc. must be verified.
34 Income and Employment (Continued) Active Military income consider base pay as stable & reliable unless applicant is within 12 mos. of release of active duty. Leave and Earnings Statement is required (LES). If re-enlisting, letter from commanding officer, or if leaving military, job offer letter from new employer. Military quarters allowance can be considered income - need form DD form 1747, status of Housing Availability non taxable. Other Military allowances obtain verification of type and amount and length of receipt. Income from Reserves or National Guard can be considered if the length of total service indicates a strong probability of continuance.
35 Income Tax Deductions Determine the appropriate deductions for Federal income tax and Social Security/Medicare by using Employer s Tax Guide charts. Determine the appropriate deductions for state and local taxes using California Withholding charts, or applicable state materials. OR Log on to and select Personal Calculators, then Paycheck Calculator to determine all types taxes.
36 Compensating Factors Include, but are not limited to Excellent credit history. Conservative use of consumer credit. Minimal consumer debt. Long-term employment. Significant liquid assets. Sizable down payment. Little or no increase in shelter expense. High residual income. Low debt-to-income ratio.
37 VA Processing Steps
38 IRRRL (Interest Rate Reduction Refi) Loan limit is $417,000. Interest Rate Must be lower than rate on current VA loan, except ARM to Fixed. Term Existing VA loan term plus 10 years, not to exceed 30 years. Payment The P&I must be less than the P&I on the current loan unless: the IRRRL is refinancing an ARM, or the term of the IRRRL is shorter than the term of the current loan, or Energy Efficiency improvements are included in the IRRRL. If the PITI increases by 20% or more, Veteran must credit qualify. Credit Loan must be current. Mortgage rating and/or in file credit report required. Any derogatory credit since loan origination will be previewed by underwriting and determined acceptable.
39 IRRRL (Continued) Documentation requirements: NO APPRAISAL Certificate of Eligibility showing outstanding LH# Rate Reduction Refinancing Worksheet, VA VA Benefits Form (if applicable) VA Initial Original Loan Application VA Old versus New worksheet Evidence case # on old loan is same as case # on Cert. of Elig. Credit Report Mortgage Rating Copy of Note on Existing Loan Copy of payoff demand from Title Preliminary Title Report Veteran s Nearest Living Relative
40 VA Forms and Disclosures VA Loan Analysis Sheet VA Form Request for Determination of Eligibility VA Form Copy of Certificate of Release or Discharge from Active Duty, DD Form 214 (This is obtained from Veteran). Verification of VA Benefits VA Form VA Addendum to URLA, pages 1 and 2 VA Form a. Request for Determination of Reasonable Value VA Form Child Care Certification. Reservist Certification. Nearest Living Relative. Federal Collection Policy Notice VA Form Counseling Checklist (enlisted personnel only) VA Form
41 VA Forms and Disclosures (Continued) Interest Rate and Discount Statement. Amendatory Statement (VA Option Clause). VA Assumption Notice. Interest Rate Reduction Refinancing Loan Worksheet. VA Loan Comparison Old versus New Loan. Sierra Pacific Mortgage Appraisal Request Form. Other items : CAIVRS instructions. Federal and State Tax Charts, Social Security deduction information.
42 VA Website Links VA Website Lenders and Real Estate Professionals Homepage. This site provides access to VA Circulars, Lenders Hand book, etc. ACE system: Paycheck deduction calculator:
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RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE Occupancy Max Loan Amount Maximum LTV Maximum CLTV Min FICO Max Ratios Minimum Cash Investments Mortgage/Rental History Reserves Primary 1 Unit $417,000 80%