It s easier than you think! Phoenix Regional Loan Center

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "It s easier than you think! Phoenix Regional Loan Center"

Transcription

1 It s easier than you think! Phoenix Regional Loan Center

2 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!

3 Agenda Types of loans Veterans Information Portal Eligibility Occupancy Loan Processing Credit and Income Allowable Fees & Charges

4 Types of Loans Prior Loans Purchase or Construction Refinance (Cash Out or IRRRL) Energy Efficient Mortgages Many More Lenders Handbook, Chapter 3, sec. 2

5 Prior Approval the Lender Originates Processes Submits to VA for underwriting approval Closes the loan after commitment from VA is issued

6 Prior Approval Loans Joint loans (vet/non-vet; two or more vets) Non-serviced connected VA pension Rated incompetent by VA Delinquent IRRRLs Others

7 Energy Efficient Mortgages (EEMs) Home improvements to reduce utility costs Add up to $6,000 to loan amount Section 7.03 of the Lenders Handbook

8 Adjustable Rate Mortgages Extended through % annual adjustments Rate increase capped at 5% MUST be underwritten at 1% above note rate

9 Hybrid ARMs Extended through 2012 Fixed a minimum of 3 years Underwritten at initial note rate Adjustments and interest rate cap are dependent on length of fixed term. VA Circulars &

10 Cash Out Refinance Maximum loan amount for Cash-Out Refinances can now be up to 100% of the reasonable value plus VA Funding Fee & Energy Efficient Improvements

11 Maximum Possible Loan Amount Is the lesser of Appraised Value or Purchase Price plus VA Funding Fee & Energy Efficient Improvements

12

13 Veterans Information Portal vip.vba.va.gov Help Desk Logins are user specific linked to SSN Contact VA re: change of employment Keep your info up to date! News and Announcements posted on home page

14

15 Portal Applications The Appraisal System (TAS) E-appraisal weblgy: - Automated Certificates of Eligibility (ACE) - Entering Prior Approvals - Guarantees - Prior Loan Validation (IRRRLs)

16 Eligibility Who is eligible? Active Duty Service Members Reserve/guard Members Unmarried Surviving Spouse Others Chapter 2, Sections 4 & 5 Veterans

17 Time Required 90 days wartime 181 days peacetime *Minimum 2 yr requirement for those enlisted after Sept. 7, 1980 Reserve/Guard 6 years total service **unless activated under USC Title 10

18 How to obtain COE WebLGY Eligibility Automated Certificate of Eligibility (ACE) Send application & proof of service to Winston Salem Eligibility Center For IRRRLs use Prior Loan Validation Refer to Chapter 2, sections 2 & 3

19 For an ACE transaction, enter data, then submit. You may get your certificate, or you may be unsuccessful

20 Link to the existing record An unsuccessful ACE attempt Link to Electronic Application

21 Add a New Application at any time This existing record shows the status is pending If needed, you can upload documents (DD-214, Paid-in-full, etc.)

22 You can search for an existing record by Reference Number, SSN, Service Number, or Name

23 For IRRRLs Use Prior Loan Validation in lieu of COE WebLGY Eligibility Prior Loan Validation LIN Search 1 st five letters of vet s last name SSN

24 Loan Identification Number is also called the VA Case Number Use for IRRRLS instead of COE

25 Sample Prior Loan Validation

26 Just the Facts Automated COE = Electronic Application System cannot automatically restore entitlement. Upload docs with a pending application. Use current legal name on application, previous name in Alternate Name blocks.

27 Using the Mail VA Form Proof of Service Documentation Any restoration documents Winston-Salem Eligibility Center P.O. Box Winston Salem, NC 27120

28 UNRESTORED ENTITLEMENT WILL LIMIT THE GUARANTY! Check your COE! If basic entitlement is less than $36,000 you may need a restoration! Regular Restoration One-Time Restoration Cash-out Refinance Restoration

29 Maximum Guaranty varies with property location. List on Website If the veteran has previously used entitlement and Maximum Guaranty/ County Loan Limits the new loan is less than $144,000---max guaranty is $36,000 minus the previously used entitlement; the new loan is more than $144,000 but less than $417,000---max guaranty is $104,250 minus the previously used entitlement; the new loan is more than $417,000---max guaranty is 25% of county limit minus the previously used entitlement.

30 Underwriting Objective Four basic tenets of a VA loan Use reasonable judgment and flexibility Occupancy Income Eligibility Credit

31 Occupancy Veteran must occupy within 60 days Exception: - IRRRLs - Active duty service person s spouse - Active duty on temporary status - Specific future event Chapter 3, Section 5

32 Processing the loan Obtain COE Request Appraisal (Order LIN) Initiate CAIVRS Determine if VAFF exempt Determine Occupancy requirement is met Credit Report & Verifications VA Specific Certifications

33 VA Certifications Addendum to URLA VA Form A Interest Rate and Discount Disclosure Statement Lender Quality Certification Counseling Checklist VA Form (active duty only) Report & Certification of Loan Disbursement VA Form For IRRRLs: 30 day Prior Loan Cert Comparison Statement w/ # of months to Recoup Cost of Loan IRRRL Worksheet (VA Form ) Federal Collection Policy Notice Cash Out Refi Statement POA / Alive and Well Late Reporting

34 Verification of Benefits VA Form Ask the veteran 1. Do you receive benefits? 2. Are you entitled to receive them? 3. Have you received them in the past? 4. Are you an unmarried surviving spouse? If yes, to any of these questions, submit the form to the appropriate VA Regional Loan Center

35 Verification of Benefits VA Form Submission procedures for the Phoenix RLC: Fax (602) E-Fax (215) Turnaround time is 24 to 48 hours.

36 Contractual Issues Escape Clause (a.k.a. VA Option Clause) Cash assets may be used for difference Value less than purchase price Refund of Earnest Money if VA Financing cannot be obtained New Construction: option item deposits may not be refundable Pest Inspection

37 Income Stable and reliable Anticipated to continue Sufficient in amount Reportable/verifiable

38 2 Year History Required! Consider Type Training/Education/Qualifications Past History Likely to continue EXPLAIN GAPS!

39 Income Verification VOE VA Form Employment Verification Services (TALX or VIE) Alternative Documentation - Verbal Verification - Pay stubs for most recent 30 days - W-2 s for previous 2 years Less than 120 days (180 days for new construction)

40 Other Types Self Employed - Income Tax Returns - YTD Profit and Loss - Balance Sheet Commissions - Frequency & basis - YTD payments

41 Part Time/Overtime Verified for at least 2 year history Regular and predictable Likely to continue Less than 2 years but at least 12 months, use to offset debts

42 Rental Income Multi Unit (Securing Loan) Vet must occupy one of the units 6 months reserves PITI Property management & rental experience May use 75% as effective income Other Property (Investment Property/Not Securing VA Loan) 3 months reserves PITI 2 years tax returns documenting rental income Must be verified as stable and reliable

43 Rental of property previously occupied by borrower May NOT be used as a source of income Offset existing mortgage payment Need signed lease agreement

44 Active Duty Check ETS date BAH/BAS non-taxable Allotments/ debt repay

45 Income less than 12 months Generally not stable and reliable Carefully consider - Special training/education & skill required - Employers probability of continued employment Explain why you are using!!!

46 Credit History 3-File Merged (MCR) Residential Mortgage Credit Report (RMCR) Spouse s history in community property state Rent/Mortgage history

47 What we weigh Overall picture/pattern Greatest weight on most recent 12 months Collection Accounts Charge Offs Federal Debt Absence of credit history/ Non-traditional

48 Chapter 7 Bankruptcy Consider Reasons, develop facts Re-established credit Discharged over 24 months disregard Discharged over 12 months beyond control of borrower Chapter 4, sec. 7 of Lender s Handbook

49 Chapter 13 Bankruptcy & Consumer Credit Counseling Borrower effort to pay Acceptable with 12 month payment history Approval of trustee or agency

50 Foreclosures Develop facts/circumstances Treat same as Chapter 7 VA Loan: - Ensure no debt to government - Entitlement Restored

51 Debts and Obligations Childcare Alimony/child support Explain allotments on LES/pay stubs Any debts with significant payment

52 You may disregard Student loans deferred 12+ months 401K loans (may not include with assets) Co-obligor on another s loan - evidence payments made by someone else - no reason to believe the borrower will need to make payments in the future Insignificant debts with <10 months

53 Assets Sufficient in amount VOD form Alt docs: Last 2 bank statements Gift letters

54 Loan Analysis, VA Form Maintenance & Utilities = $.14/sq. foot Gross up to Calculate DTI ratio only! Back out grossed up amount in other deductions field to get actual residual. Use Remarks Section: List compensating factors Resolve discrepancies

55 Residual Income Guidelines (Loans over $80,000) Add $80 for each additional family member up to a family of 7. Family Size Ratio 45% or below Over 45% 1 $491 $589 2 $823 $988 3 $990 $ $1117 $ $1158 $1390

56 Automated Underwriting Systems Approved Systems Loan Prospector Desktop Underwriter Clues (Countrywide/BofA) and Zippy (Chase) Garbage In = Garbage Out Data Integrity Follow Feedback Certification Risk Calculator Reduced Documentation Requirements Refer does NOT mean denial

57 VA Underwriting Summary 2 basic questions: Can the applicant pay? Will the applicant pay? Use flexibility and sound judgment Case by case basis, not an exact science Basic VA tenets

58 Remember Income should be predictable Documents should support calculations used Gross up only when calculating the ratio Reconcile any discrepancies List compensating factors Complete and include all necessary forms and certifications

59 VA Funding Fee

60 Allowable Fees & Charges Appraisal Report & Compliance Inspections Credit Report Prepaid Taxes and Hazard Insurance Title Exam and Title Insurance Fees Flood Zone Determination Environmental Endorsements (3.0, 8.1,103.5) Recording Fees Special Mailing Fees (Refinance only) Reasonable Discount Points (*2 points on IRRRL)

61 Origination Fee (1%) 1% Origination Fee Covers: Application or Processing Fees Doc Prep Fees Loan Closing/Settlement Fees Notary Fees Interest Rate Lock-In Fees Tax Service Fees Not an all inclusive list! Refer to Lenders Handbook, Chapter 8, Sec. 1

62 Unallowable Fees & Charges Pest Inspection Attorney s Fees Brokerage/Commission Fees Prepayment Penalties HUD/FHA Inspection Fees for Builders Loan Origination in excess of 1%

63 Seller Concessions Limited to 4% of Reasonable Value Include: Payment of the buyer s VA Funding Fee Prepayment of buyer s property taxes and insurance Gifts (television, microwave, car, etc.) Payoff of debts and judgments Do Not Include: Payment of typical closing costs Payment of discount points appropriate to the market

64 For More Information VA Lenders Handbook Online training courses Satellite broadcast and video training subscription service VA Regional Loan Center

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

Chapter 5. How to Process VA Loans and Submit Them to VA Overview

Chapter 5. How to Process VA Loans and Submit Them to VA Overview Chapter 5. How to Process VA Loans and Submit Them to VA Overview In this Chapter This chapter contains the following topics. Topic Topic name See Page 1 Refinancing Loans 5-2 2 Processing Procedures 5-3

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 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

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

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

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

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

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

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

A Simplified Overview of FHA Loan Origination

A Simplified Overview of FHA Loan Origination Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility

More information

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

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

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 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

Chapter 8. Borrower Fees and Charges and the VA Funding Fee Overview

Chapter 8. Borrower Fees and Charges and the VA Funding Fee Overview 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

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

VA RATE REDUCTION REFINANCE (VAFX)

VA 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 information

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

VA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country VA Loan Guaranty Program Serve the mortgage lending needs of borrowers who serve our country Jaime A Garcia 626.768.0700 NMLS 290316 DRE 01148553 Desktop Underwriter is a registered trademark of Fannie

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

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

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

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

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

FHA STREAMLINE REFINANCE PRODUCT PROFILE

FHA STREAMLINE REFINANCE PRODUCT PROFILE Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015

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

Understand 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 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 information

Non-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines.

Non-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 information

6176 VA IRRRL. DW0114 Page 1 of 8

6176 VA IRRRL. DW0114 Page 1 of 8 6176 VA IRRRL Interest Rate The loan must be to reduce the interest rate. If refinancing an adjustable rate mortgage (ARM) loan to a fixed rate loan, an exception is made allowing the new interest rate

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

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

VA IRRRL Offering 5/7/15

VA IRRRL Offering 5/7/15 VA IRRRL Offering 5/7/15 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

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

VA Allowable Closing Costs

VA Allowable Closing Costs VA Allowable Closing Costs VA limits the closing costs that the veteran can pay to obtain a home loan. Strict adherence to the limitations on borrower paid fees and charges is required on all VA loans.

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

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

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 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

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

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 Chapter 11: Refinances 11.1 Overview 11.2 Tribal Trust Land Documentation 11.3 No Cash-Out Refinance 11.4 Cash-Out Refinance

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

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

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

EFFECTIVE SEP 14, 2015. FHA Rule Changes. www.greenpathfunding.com

EFFECTIVE SEP 14, 2015. FHA Rule Changes. www.greenpathfunding.com EFFECTIVE SEP 14, 2015 FHA Rule Changes www.greenpathfunding.com FHA Changes: Assets 2015 1 Any single deposit that exceeds 25% of the total monthly qualifying income on the loan. Additionally, any questionable

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

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

Chapter 5. How to Process VA Loans and Submit Them to VA Overview

Chapter 5. How to Process VA Loans and Submit Them to VA Overview Chapter 5. How to Process VA Loans and Submit Them to VA Overview In this Chapter This chapter contains the following topics. Topic Topic name See Page 1 Refinancing Loans 5-2 2 Processing Procedures 5-3

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

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

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

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

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

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

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

QUICK MORTGAGE GUIDE

QUICK MORTGAGE GUIDE QUICK MORTGAGE GUIDE TABLE OF CONTENTS FNMA CONVENTIONAL LOANS - Page 3 FHA LOANS - Page 7 VA LOANS - Page 11 ADJUSTABLE RATE MORTGAGES - Page 15 CONTACT INFORMATION - Page 16 FNMA CONVENTIONAL LOANS The

More information

CREDIT QUALIFYING NO CASH OUT WITH AN APPRAISAL REFINANCE MORTGAGE CREDIT ANALYSIS WORKSHEET #1

CREDIT QUALIFYING NO CASH OUT WITH AN APPRAISAL REFINANCE MORTGAGE CREDIT ANALYSIS WORKSHEET #1 APPENDIX 5 CREDIT QUALIFYING NO CASH OUT WITH AN APPRAISAL REFINANCE MORTGAGE CREDIT ANALYSIS WORKSHEET #1 Use the Mortgage Credit Analysis Worksheet, HUD-53036 Fully Credit Qualifying with Appraisal The

More information

BankSouth Mortgage Direct VA Fixed Rate and Adjustable Rate Guidelines

BankSouth Mortgage Direct VA Fixed Rate and Adjustable Rate Guidelines BankSouth Mortgage Direct VA Fixed Rate and Adjustable Rate Guidelines BSM Direct guidelines have been created to provide guidance and consistency in determining credit decisions. The guides are not all

More information

More VA loan approvals and more closings

More VA loan approvals and more closings More VA loan approvals and more closings VA loans remain a very desirable and profitable product. As with most loan applications, a good submission equals a good approval. Here are some tips specific to

More information

VA IRRRL. Presented by: Michelle Mottet

VA IRRRL. Presented by: Michelle Mottet Presented by: Michelle Mottet 3/25/2014 1 Table of Contents Eligibility Closing Costs Maximum Loan Amount Calculation VA Funding Fee VA Form 26-8923 Appraisal Requirements Resources 3/25/2014 2 Eligibility

More information

VA Refresher April 10, 2013 Presented by Jeff Harmon

VA Refresher April 10, 2013 Presented by Jeff Harmon Contents Eligibility... 2 Borrower Eligibility... 3 Co-Borrowers... 3 Certificate of Eligibility (COE)... 3 Obtaining the COE... 3 Analyzing the COE... 4 Entitlement Code... 4 Exempt/Non-Exempt... 4 Charged

More information

13 DOWNPAYMENT PROGRAMS

13 DOWNPAYMENT PROGRAMS 13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can

More information

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score

Cash-Out Refinance Maximum Cash Back $50,000 Primary LTV/CLTV Loan Minimum Credit Score PROGRAM NAME: REVISION DATE: 08/26/2015 5/1, 7/1, 10/1 Libor ARMs Jumbo OPTION I 15-Year Fixed Jumbo PRODUCT DESCRIPTION: MAXIMUM LOAN AMOUNTS: Note All loan amounts must be even dollar amount (i.e., $100,000.01

More information

FHA Streamline Refinance Guidelines

FHA Streamline Refinance Guidelines The following guidelines apply to all DIRECTORS MORTGAGE s FHA Streamline Refinance loan program. All loans must adhere to the criteria of these guidelines or the individual loan programs. While DIRECTORS

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 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

May I Increase My Debt Load While I am in Process for My VA Loan?

May 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 information

FHA HECM OVERVIEW & SUBMISSION PROCESS May 25, 2011 Presen Pr t esen e t d By

FHA HECM OVERVIEW & SUBMISSION PROCESS May 25, 2011 Presen Pr t esen e t d By FHA HECM OVERVIEW & SUBMISSION PROCESS May 25, 2011 Presented By HECM (Home Equity Reverse Mortgage) DEFINITION: A loan against home equity providing cash advances to the borrower No repayment until a

More information

FHA STREAMLINE REFINANCE GUIDELINES

FHA STREAMLINE REFINANCE GUIDELINES Table of Contents FHA STREAMLINE REFINANCE GUIDELINES Maximum Mortgage Amount Calculations... 1 Streamline With Appraisal... 1 Streamline Without Appraisal... 2 Underwriting and Eligibility Criteria...

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

E3 CODES VA15, VA30, VA 5/1

E3 CODES VA15, VA30, VA 5/1 PRODUCT PCM VA E3 CODES VA15, VA30, VA 5/1 (PCM) guidelines have been created to provide direction and consistency in determining a credit decision. The intention of these guidelines is to describe the

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

FHA STREAMLINE REFINANCE GUIDELINES

FHA STREAMLINE REFINANCE GUIDELINES Table of Contents FHA STREAMLINE REFINANCE GUIDELINES Maximum Mortgage Amount Calculations... 1 Underwriting and Eligibility Criteria... 2 Documentation Requirements... 4 Appraisal Requirements... 5 Maximum

More information

Max LTV/CLTV. Units. Max Debt Ratio Purchase or Refinance. 700 1 70% $1,500,000 40% Rate/Term Refinance Cash-Out N/A

Max LTV/CLTV. Units. Max Debt Ratio Purchase or Refinance. 700 1 70% $1,500,000 40% Rate/Term Refinance Cash-Out N/A Jumbo Series 3 Summary Product Types Minimum Loan Amount 5/1 and 7/1 ARMs $417,001 or Fannie/Freddie loan limits 5/1 ARM qualifies at the greater of the fully indexed rate or Note rate +2%. 7/1 ARM qualifies

More information

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960 FIRST MORTGAGE LENDER INSTRUCTIONS Maximum Home Sales Price Home sale prices cannot exceed 95% of the area median home value for Soledad (see Table 1: Maximum Purchase Price per Unit). Maximum Loan-to-Value

More information

VA FAQs ULC. Contents

VA FAQs ULC. Contents ULC Contents General Information... 3 Application... 3 Maximum Loan Amount... 3 Multiple VA Loans... 4 Occupancy... 4 VA Case Number... 5 VA Eligibility/Entitlement... 5 VA Funding Fee/Guarantee Fee...

More information

The VA Loan and Guaranty

The 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 information

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

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended. 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 FHA guidelines. Users are expected to know and comply

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

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS In this packet... Introduction... 2 TDHCA s Homebuyer Assistance Options... 2 My First Texas Home (MFTH)... 2 Texas Mortgage Credit Certificate (MCC)... 2 Features of TDHCA s Homebuyer Assistance Programs...

More information

PORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents

PORTFOLIO 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 information

A LENDER S TUTORIAL 1

A LENDER S TUTORIAL 1 A LENDER S TUTORIAL 1 Table of Contents Page How to Navigate the Eligibility Links........ 3 How to Navigate the Eligibility Links In Detail.........3 Search Link.......... 4 Automated Certificate of Eligibility

More information

Managing FHA Loans In Point Correctly processing FHA loans emphasizing the MCAW

Managing FHA Loans In Point Correctly processing FHA loans emphasizing the MCAW Managing FHA Loans In Point Correctly processing FHA loans emphasizing the MCAW Presented By Calyx Online Training Stephen Breden February 2008 Email: steve3030@msn.com FHA Loans Are Different. They are

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