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

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

2 Agenda Overview and History of VA Home Loan Program Understanding VA Home Loan Entitlement Occupancy Requirements Qualifying for a VA Home Loan Allowable Fees and Charges Seller Concessions VA Assumptions Compromise Sales VA Appraisals

3 St Petersburg RLC Loan Production Call Sharon Glanton-Davis, LPO Frances Marston, Supervisor Steven Roberts, Lead Loan Specialist

4 Overview and History

5 History of VA Home Loan Program The VA Home Loan Program was created under the GI Bill in 1944 as a way for the United States to say Thank you to the Armed Forces men and women who have served their country

6 Potential Customers More than 29 million veterans and service personnel are eligible for VA financing Although many veterans have used their loan benefits, it s often possible for them to purchase a home again using remaining or restored loan entitlement

7 Dispelling Myths about VA Loans Myths: Interest rates for a VA loan are much higher than a conventional loan VA loans involve too much paperwork and government red tape VA appraisals take way too long VA loans are not assumable

8 New Automation of VA Loan Guaranty VIP-Veterans Information Portal TAS - The Appraisal System Web LGY ACE - Automated Certificate of Eligibility System WBLS - Web Based Loan Summary Sheet VAFFS - VA Funding Fee System

9 The VIP Portal https://www.vip.vba.gov VBA Links without password requirements Home page Feedback Forms Manuals Other

10 The VIP Portal (cont d) VBA links with password requirements ACE TAS

11 Loan Purposes Purchase or construct a home Refinance - IRRRL (streamline or rollover) - Cash-Out Refinance Install Energy-related features

12 Prior Approval Loan Types Loans that must be sent into VA for Prior Approval See Lender s Handbook chapter 5 - Loans from Prior Approval Lenders -Joint Loans - Vets receiving non-service connected pensions - Veterans rated incompetent by VA - IRRRLs that are delinquent - Supplemental loans

13 Benefits of a VA Loan No down payment is required The application process is similar to any other mortgage loan Majority of loans are processed by lender without VA approval No PMI is required Interest rates are competitive Loan maximum may be up to 100% of reasonable value

14 VA Loan Guaranty For Information Visit See VA Pamphlet 26-7, Lender s Handbook Or call X 7500 or local Additional links can be found on our website

15 Loan Requirements Occupancy Certification Funding Fee must be paid unless vet is exempt Loan limit cannot exceed reasonable value, plus energy efficiency items, plus the VA funding fee

16 Loan Requirements (cont d) Maximum Maturity Amortized loans: 30 years, 32 days Non-amortized loans: 5 years Loans must be amortized if more than 5 years until maturity Assumption of VA loans made on or after March 1, 1988, requires VA approval

17 Understanding VA Home Loan Entitlement

18 Entitlement Overview A veteran s basic entitlement is $36,000 For loans greater than $144,000 the Maximum Guaranty amount is 25% of the loan amount, up to $104,250

19 Loan Amount Lenders generally limit VA Loans to $417,000 due to secondary market requirements As the Freddie Mac conforming loan limit increases, so will VA s For loans up to this amount, it s possible for qualified veterans to obtain no down-payment financing

20 Eligibility Requirements A veteran is eligible if he/she served on Active Duty and was discharged under conditions other than dishonorable.

21 DD214 The National Personnel Records Center (NPRC) has provided a website so veterans can request a copy of their DD-214 online.

22 Eligibility Requirements (cont d) Surviving Spouse: The unmarried surviving spouse of a veteran who died as a result of service or service-connected causes, and The spouse of an active duty member who is listed as missing in action or prisoner of war for at least 90 days

23 How to Obtain a Certificate Complete a Certificate of Eligibility Application, VA Form Visit and click on the forms link to print out the form Attach verification of service - DD214 or Statement of Service to Mail it to the Eligibility Center, PO Box 20729, Winston-Salem, NC 27120

24 ACE-Automated COEs Another Option for Lenders Internet based application Access through Utilize the ACE system or submit applications to eligibility center COEs generated in seconds

25 Break Time

26 Occupancy Requirements The veteran borrower must intend to occupy the home as his/her primary residence This must be indicated on VA Form at closing

27 Qualifying for a VA Loan

28 How to begin Origination Process Once it has been determined that the purchaser is a veteran,, the COE/ACE must be obtained, then the lender can begin the application process Obtain COE/ACE early - not the day of closing

29 Loan Processing for the Lender Easy Steps to Close a VA Loan Complete all required forms (ch. 5) Obtain and review credit report (ch. 4) Obtain VOEs, Underwriting (ch. 4) Asset verification if needed (ch. 4) Obtain completed (if exempt) Obtain appraisal (Notice of Value, ch. 13) Calculate funding fee (ch. 8, page 21) Close the loan

30 Credit and Obligations The applicant s past repayment obligations are the best indicator of his/her willingness to repay future obligations A poor credit history alone is basis for disapproving a loan Emphasis should be placed on the applicant s overall payment patterns rather than isolated occurrences Determine whether applicant(s) is a satisfactory credit risk based on careful analysis of credit data

31 Loan Analysis and Compensating Factors A debt-income ratio greater than 41% requires closer scrutiny If the residual income exceeds the 20% guideline, closer scrutiny is not necessary

32 Seller Concessions and Allowable Fees and Charges

33 Seller Concessions A seller concession is anything of value added to the sale by the builder or seller for which the buyer pays nothing and which the seller is not customarily expected to pay Seller concessions include: Payment of buyers funding fee Prepayment of buyers property taxes and insurance Gifts such as TV s or Microwaves

34 Seller Concessions (cont d) Escrow funds to provide temporary interest buydowns Payoff of credit balances or judgments Seller concessions do not include: Payment of buyer s closing costs Payment of points as appropriate to market

35 Seller Concessions (cont d) Some builders or sellers offer concessions as a competitive tool In extreme cases, concessions may entice unqualified veterans into mortgages they cannot afford Any seller concessions over 4% of property value is considered excessive

36 Allowable Fees and Charges VA Funding Fee, unless exempt 1% flat charge from lender

37 VA Funding Fee The basis funding fee for a first-time user is 2.15% of the loan amount For subsequent use, except for IRRRLs the funding fee is 3.5% The funding fee for an IRRRL and assumption is.50% The funding fee for Reserves/Guard is 2.4%

38 Interest Rates and Discount Points Rates and Points are negotiable between the veteran and lender Veterans should investigate rates offered by various lenders

39 Loan Assumptions VA loans made after March 1, 1988, requires VA approval or certain lenders on VA s behalf The legal instruments evidencing the loan must contain the Assumption Approval Clause This loan is not assumable without the approval of the Department of Veterans Affairs or its authorized agent.

40 Energy Efficient Loans VA may guarantee loans to eligible veterans to improve a residence owned and occupied by the veteran through the installation of a solar heating system, cooling system, or through the application of a residential energy conservation measure These energy efficient improvement loans can be made in conjunction with any type of VA purchase or refinancing loan

41 Joint Loans Joint loans generally refers to a loan for which a veteran and another person are liable, and a veteran and the other obligor own the security The other obligor could be a veteran or nonveteran Any joint loan for which the veteran holds title with any person other than the veteran s spouse requires prior approval

42 Compromise Sales If the veteran is having financial difficulty and owes more than the house is worth a compromise sale may be possible If you come across a veteran with this problem, please have them contact VA VA offers financial counseling and may be able to prevent a foreclosure sale A compromise sale will benefit the veteran and the Realtor!

43 Why VA?

44 Questions?

45 Thank You!

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