Presented by Chad Bowman

Size: px
Start display at page:

Download "Presented by Chad Bowman"

Transcription

1 Home Loans for Veterans Home Loans for Veterans Presented by Chad Bowman

2 [ class objective ] To increase your sales [ today s agenda ] Big Picture Loan Process Bonus Round Introduction VA Benefits Program Comparisons VA Myths Start to Finish Eligibility & Qualification Properties & Contracts Inspections & Repairs Reminders Texas Vet Loans VA Refinancing Quiz Questions Marketing Ideas Wrap up Q&A

3 [ the market ] Texas = 2 nd largest vet population Texas = most women veterans Over 12% of adults in Texas are vets Travis County = over 50, vets Numbers are growing daily! [ VA benefits ] $0 down and no mtg. insurance Credit scores as low as 620 Easier qualifying guidelines Assumable by vet or non vet Lower rates, especially > $417K

4 [ loans up to 1 million ] Sl Sales Price Pi = $517,000 $0 DP Limit = $417,000 Overage = $100,000 25% Down = $25,000 (less than 5% down) [ better jumbo rates ] $600, Loan VA Jumbo CONV Jumbo Interest Rate 3.75% 4.25% Payment $2,779 $2,952 Savings/Mo. $173 n/a Savings/Yr. $2,076 n/a

5 [ lower payments ] $200,000 Base Loan VA FHA CONV USDA Down Payment $0 $7,000 $6,000 $0 Upfront FF or MI zero to $6,600 $3,500 zero $4,000 Monthly MI zero $229 ~$167 $68 *Payment $955 $986 $1,201 $1,122 $1,042 *Assumes 4% rate [ long term savings ] VA FHA CONV USDA 1 month $246 $167 $87 1 year $2,952 $2,004 $1,044 5 years $14,760 $10, $5, years $29,520 $20,040 $10,440

6 [ more buying power ] Same Buyer FHA Loan VA, 33%FF 3.3% VA, No FF Buying Power $200K $230K $235K Commission $6K $6.9K $7K $35,000 more for your buyer! $1,000 more for you! [ benefits summary ] Lower payments Less cash out of pocket More buying gpower Easier qualifying

7 [VA myths ] Myth: VA loans can only be used once Fact: Vets can use VA multiple times Myth: VA loans cost the seller more Fact: Not if you use seller contributions Myth: VA loans take longer to close Fact: Not with a VA Specialist [ the loan process ] Application Pre Approval Contract & Inspections Underwriting Appraisal Disclosures Approval HUD 1 Closing

8 [ pre approval ] Eligibility ( earned it ) Entitlement ( available ) Qualification ( afford it ) [ VA eligibility ] Served Active Duty (or in Reserves) Not Dishonorable Discharge VA Certificate of Eligibility debriefing at time of ETS

9 [ DD 214 ] [ VA entitlement ] $417,000 Full Entitlement ($200,000) VA Loan #1 (no DP) $217,000 Remaining Entitlement $217,000 VA Loan #2 (no DP) foreclosure in Dallas

10 [ the $144K dilemna ] up to $417,000 up to $144,000 2 nd tier 1 st tier VA loan must exceed $144,000 to use full entitlement [ VA qualifying ] 620 min. credit score DTI < 41 to 50% Stable income, 2 yrs Income continuation Adequate residuals Enough cash to close Reserves for investment properties (3 to 6 mos) No co signers Include NPS debts DTI = debt to income ratio NPS = non purchasing spouse

11 [ derogatory events ] At least since: Bankruptcy discharge Foreclosure closing* Short sale closing Loan modification paid off CAIVRS w/ FHA [ common credit issues ] unpaid tax liens past due child support unpaid judgments recent late payments recent collections disputed accounts late pays after a maxed out credit limits derogatory event new or lack of credit open past due balances unreported accounts auto repossessions deferred student loans

12 [ FHA mortgage insurance ] Upfront tmi = 1.75% ($17/mo) Annual MI = 1.35% ($225/mo) Total MI = $242/mo ($200K loan) FHA as a VA funding fee = % As of 6/3/13, FHA MI is permanent! [ VA funding fee ] (purchase loans only) 0% Down, Prior Pi Loan 0% Down, 1 st Time Use* 5% Down Payment* 10% Down Payment* Disabled Veteran Vt (10% rating) % % % % % *Add.25% for Reserves/Nat l Guard not activated

13 [ funding fee reminders ] Majority of vets don t pay it Always rolled into loan Not in sales contract Appraisal sales price only [ 100% tax exemption ] 100% VA disability rating = NO property taxes

14 [ pre approval notice ] Includes: Loan program(s) Max. sales price Min. down payment Min. seller contributions Contingency (if applicable) Items needed list [ properties ] Primary residence only 1 to 4 unit properties New or resale/existing VA approved condos VA in MLS listing

15 [ VA condos ] [ VA condos ]

16 [ sales contracts ] Closing dt date estimates t VA non allowable fees Min/max seller contributions Rolling in closing costs Sales contract example [ closing costs ] non allowable Lender fee Processing fee Underwriting fee Attorney fee Title escrow fee Courier fee Termite fee (always) allowable Origination fee up to 1% OR 1% in non allowable fees paid by buyer Paid with seller contributions or a lender credit Always required on a VA Texas Vet loan

17 [ sales contract ] 12a1b = MINIMUM $200,000 starting sales price + $2,000 seller contributions $202,000 final sales price* *Must appraise for $202,000 [ 3rd party financing ] A. Conventional Financing B. Texas Veterans Loan C. FHA Insured Financing D. VA Guaranteed dfinancingi

18 [ inspections ] Home inspection Termite inspection VA appraisal Termite treatment Septic inspection Well water test Not required by VA Yes, usually required (exceptions?) If lender requires it [ required repairs ] termite damage missing flooring warped siding wood rot peeling paint broken windows roof issues heating source water damage foundation issues

19 [ things to remember ] Confirm eligibility/entitlement bl l Use seller contributions Get termite inspection Clear conducive conditions Sign termite report at closing [ Texas Vet loans ] 3 loan programs 2 basic requirements 1 main purpose website:

20 [ loan programs ] Land donly Up to $100K Min. 5% down Min. 1 acre 30 yr fixed Rate = 6.75% Direct to TVLB Home Improvement poe e Up to $25K For substantial improvements Primary residence Same rate as VHAP Direct to TVLB [ VHAP ] Veterans Housing Assistance Program Primary residence, purchase only Minimum 620 credit score (ask lender) Up to $417K, including funding fee Used with VA, FHA, or Conv. loan Thru participating lenders only

21 [ 2 basic requirements ] Living in Texas at time of application (for at least ) AND 90 daysof activedutyservice (or min. VA requirement) [ Texas Vet forms ] Participating Lenders usually handle this for the veteran

22 [ property types ] primary residence in Texas single family attached or detached home town home or condominium multi family up to 4 units (> 5 yrs old) manufactured homes (must find lender) not for construction or refinancing [ new homes ] ENERGY STAR certified w/ certificate OR HERS Index Score of 75 *Not required if sales contract is signed after new home is 100% completed

23 [ this week s rates ] Texas Vet Base Rate = 30% Disabled Vet = Activated Reservist * = * Activated Reservist must obtain Texas Vet loan prior to receiving orders for Title 10 activation [ Texas Vet fees ] origination fee participation fee discount points Fees are in addition to standard lender fees Must use seller contributions with a VA loan

24 [ potential savings ] $200,000 Loan VA, no FF TxVet TxVet + DD Sample Rate 3.75% 3.25% 2.75% P&I Payment $926 $870 $816 Savings/Month n/a $56 $110 Add l Cost (1.50) n/a $3,000 $3,000 Payback Period n/a 4.5 yrs 2.3 yrs [ VA refinancing ] 3 types: Full doc VA refinance Streamline VA refinance (IRRRL) Cash Out VA refinance General requirements: Min. 640 credit score (lender dependent) No late mortgage payments (12 mos)

25 [ quiz questions ] #1 When would an FHA loan be a better option than a VA loan, assuming the veteran is eligible and qualifies for both programs? #2 If a Reservist has never been activated, how long must he or she serve to be eligible for a VA loan? #3 When are you not required to get a termite inspection for VA financing? #4 How long do you have to live in Texas to be eligible for a Texas Veteran home loan? #5 What is the objective of today s class?

26 [ 3 Step action plan ] LEARN these programs MARKET these programs HELP vets find a VA Specialist [ marketing ideas ] Letters you can send to your database templates you can use to attract vets Content to use online to promote VA loans Resources to help you when working with vets Flyers you can use to explain the benefits Link to a VA Loan Specialist on your website Go to (password = )

27 [ what we do ] online applications 24 hour PQ turnaround in person meetings pre approval letters contract assistance quick responses disclosures in person or with Docusign updates to all parties from appraisal through funding attend closings whenever possible post closing follow up 1 st payment reminders homestead exemption forms in January presented by Chad Bowman, VA Loan Specialist The VA Team at United Lending Phone: Fax: Web: LinkedIn: FB/Twitter: Office: chadbowman hdb chadbowmantx 3429 Exec. Center Dr. #200 Austin, Texas 78731

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

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

Sponsored by: EQUITY RESOURCES, INC. mortgages

Sponsored by: EQUITY RESOURCES, INC. mortgages Sponsored by: EQUITY RESOURCES, INC. mortgages Who is Equity Resources, Inc? Direct mortgage banker - Fannie Mae and Ginnie Mae Seller Servicer FHA/VA/Conventional/RD loans Underwrite in our main office

More 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

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

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

NON CREDIT QUALIFYING WITHOUT APPRAISAL, STANDARD & HIGH BALANCE, FIXED & ARM

NON CREDIT QUALIFYING WITHOUT APPRAISAL, STANDARD & HIGH BALANCE, FIXED & ARM NON CREDIT QUALIFYING WITHOUT APPRAISAL, STANDARD & HIGH BALANCE, FIXED & ARM Occupancy Maximum LTV/CLTV # of Units MAX Base Loan* High MIN Base* Min FICO Max Ratios Mortgage History** Primary 125% Non

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

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

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

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

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 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

What s s New With FHA?

What s s New With FHA? What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html

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

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

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

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

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

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

Which Home Loan is Right for You?

Which Home Loan is Right for You? Conventional Which Home Loan is Right for You? Minimum down payment: 3% for Primary Residences/ investors minimum of 20%, unless condo the down payment = 25% Co-Signers allowed in specific situations Options

More 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

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

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 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

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

My HOME. My HOME II. Buy Suitland

My HOME. My HOME II. Buy Suitland My HOME My HOME II Buy Suitland 1 $8,235,000 Available Federal HOME Investment Partnerships Program (HOME) Maryland Mortgage Servicing Settlement Fund 2 Maximum Flexibility &Targeting All parts of the

More information

Understanding Down Payment Assistance Programs. Sponsored by

Understanding Down Payment Assistance Programs. Sponsored by Understanding Down Payment Assistance Programs Sponsored by A Word of Thanks About ANDP Celebrating 25 th Year in 2016 Affordable Housing Advocacy Piece by Piece Foreclosure Response Initiative ANDP Loan

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 Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after January 26, 2015 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information

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 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 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

EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT

EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT Appraisals Attached PUDs Automated Findings Condominiums Credit History VA: Form 2055 Appraisal dated prior to the Note Date required on IRRRLs if current VA loan is not serviced by BB&T. FHA: Property

More information

How To Get An Fha Loan

How To Get An Fha Loan FHA Financing - All You Need to Know 2 Hour Continuing Education Course Presentation by: Ashley Brint Patrick Axford Date: August 22, 2012 2012 Regions Bank. Member FDIC. Regions is a registered service

More information

USDA Guaranteed Rural Housing Product Profile

USDA Guaranteed Rural Housing Product Profile Appraisals LTV/CLTV 100%* Purchase Maximum LTV/FICO Requirements Min FICO Rate and Term Refinance LTV/CLTV Min FICO 620 100%* 620 *exclusive of financed guarantee fee A full appraisal (e.g. form 1004 or

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

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 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

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

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

Loan Product Guide (Matrix)

Loan Product Guide (Matrix) Loan Product Guide (Matrix) 1 FHA Page 2 FNMA 3 USDA 4 VA 1.1 Streamline...2 1.2 Purchase 203 (B)...3 1.3 Refinance 203 (B)...4 2.1 Purchase...5 2.2 Refinance...6 3.1 Purchase...7 3.2 Refinance/Streamline...8

More information

FAQ s in general VA Loans

FAQ s in general VA Loans Oscar Castillo - REALTOR - Broker Associate (858) 775-1057 CalBRE lic# 01140298 www.oscarsellshomes.com FAQ s in general VA Loans General questions regarding the VA Loan program. What is the History of

More information

Single Family Bond Program Lender Training PROGRAM OVERVIEW

Single Family Bond Program Lender Training PROGRAM OVERVIEW Single Family Bond Program Lender Training PROGRAM OVERVIEW What this program ISN T NOT A DOWN PAYMENT ASSISTANCE PROGRAM NOT FOR BUYERS WITH POOR CREDIT DOES NOT PROVIDE A SUBPRIME PRODUCT NOT FOR LOW

More 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

Welcome! How five mortgage products of today can help you sell homes!

Welcome! How five mortgage products of today can help you sell homes! Welcome! How five mortgage products of today can help you sell homes! Add contiguous numbers (horizontally and vertically) so that they total 38. Each number may be used only once. 4 5 3 2 1 8 7 6 9 Replace

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

203K Streamline. Help qualified borrowers purchase or refinance AND renovate..with a single loan!

203K Streamline. Help qualified borrowers purchase or refinance AND renovate..with a single loan! 203K Streamline Help qualified borrowers purchase or refinance AND renovate..with a single loan! Why FHA 203K Streamline Offers a solution that helps borrowers obtain financing that covers both the acquisition

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

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments Mortgage- and Lender-Related Settlement Costs Charges for Establishing and Transferring Ownership Amounts Paid to State and Local Governments "All-in-One" Pricing of Settlement Costs Estimates of Settlement

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

Renovate your home your way. The FHA 203(k) Renovation Loan

Renovate your home your way. The FHA 203(k) Renovation Loan Renovate your home your way The FHA 203(k) Renovation Loan Agenda What is an FHA 203(k) Renovation Loan? Advantages of an FHA 203(k) Renovation Loan FHA 203(k) Renovation Loan: Standard vs. Streamline

More information

SECTION 7004 STREAMLINE REFINANCE PROGRAM

SECTION 7004 STREAMLINE REFINANCE PROGRAM SECTION 7004 STREAMLINE REFINANCE PROGRAM.01 INTRODUCTION The Streamline Refinance Program allows applicants to obtain new financing secured by property that is currently financed by AHFC (including previous

More information

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing.

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot

More 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

An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes

An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes An Introduction to CalSTRS, CalPERS and CHDAP Loan Programs Homeownership Education Workbook and Notes Slide 1 An Introduction to CalSTRS, CalPERS & CHDAP Homebuyer Programs We will begin in a moment Homeownership

More information

FHA LOAN PROGRAM Conforming and High Balance Loan Amounts

FHA LOAN PROGRAM Conforming and High Balance Loan Amounts FHA PRODUCT MATRIX Purchase Rate and Term Cash Out Units LTV/CLTV Fico* Units LTV/CLTV Fico Units LTV/CLTV Fico 1 4 96.5/105 620 1 4 97.75/97.75 620 1 4 85/85 620 FYIs: Complete HUD guidelines can be referenced

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

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE

RATE/TERM REFINANCE AND CASH-OUT - FIXED RATE 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%

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

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

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

WHOLESALE FHA 580 619 PRODUCT PROFILE

WHOLESALE FHA 580 619 PRODUCT PROFILE Maximum LTV/CLTV & Minimum Credit Score Requirements LTV CLTV MIN CREDIT 2 INVESTOR CODES PURCHASE 96.50% 96.50% 580 I-12, I-15 1 NO CASH-OUT REFINANCE 97.75% 97.75% 580 I-12, I-15 1 CASH-OUT REFINANCE

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

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department Home Finance Seminar Presented by Commonwealth Credit Union Mortgage Department Times have changed Then Any employee could provide mortgage loan information 100% financing was an option The disclosure

More information

VA Home Loans 101 An Easy Reference Guide

VA Home Loans 101 An Easy Reference Guide VA Home Loans 101 An Easy Reference Guide Website: Email: www.valoans.com assistance@valoans.com Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information

More information

Introduction. We have divided the webinar in 4 sections

Introduction. We have divided the webinar in 4 sections Introduction We have divided the webinar in 4 sections Our Loan Products Get Paid for Escrow Coordination How to Submit Scenarios and Files to Us and a Q and A session Questions during the Webinar Type

More information

Loan Type Comparison. FHA, VA, Conventional, and RD

Loan Type Comparison. FHA, VA, Conventional, and RD Loan Type Comparison FHA, VA, Conventional, and RD Loan Type Comparison Mortgage loan insured by the Federal Housing Administration, a government agency A mortgage loan that must meet Fannie Mae or Freddie

More information

City of Miramar. Neighborhood Stabilization Program (NSP)

City of Miramar. Neighborhood Stabilization Program (NSP) City of Miramar Neighborhood Stabilization Program (NSP) Q. What type of assistance is available? HOME BUYERS Frequently Asked Questions The City will assist with the purchase and qualified repairs of

More information

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15 1. PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions DESCRIPTION Fixed Rate 5 to 30 year term in annual increments Fully amortizing

More information

Homeownership Division

Homeownership Division Michigan Credit Union League & Affiliates Annual Convention and Exposition Helping Credit Unions Serve, Grow and Remain Strong #mculace MSHDA s Homeownership Programs Delivering the Dream to Michigan Families

More information

FHA Streamline (Full Credit and Non-Credit Qualifying)

FHA Streamline (Full Credit and Non-Credit Qualifying) . 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

Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance

Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2016 Guidelines - At A Glance Government Loans Loan Products FHA, VA, USDA HFA Advantage Freddie

More information

Down Payment Assistance Programs

Down Payment Assistance Programs Down Payment Assistance Programs Schedule an Appointment 6 8 hour Homebuyers Education Course 2-hour Pre-Purchase Counseling The Homeowners Employment Corporation SunTrust Bank Building - A 1530 Georgia

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

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

Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12!

Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12! Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12! WHAT YOU RE GOING TO LOVE ABOUT THIS PROGRAM? NEW! THIS ISN T A BOND PROGRAM THIS PROGRAM

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information

Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Published October 15, 2012 Revised 3-25-15 Revisions are shown on Page 3

Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Published October 15, 2012 Revised 3-25-15 Revisions are shown on Page 3 ! Administrator s Guidelines Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Published October 15, 2012 Revised 3-25-15 Revisions are shown on Page 3!! 5 STAR TEXAS ADVANTAGE

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information

Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA)

Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA) Chapter 42 Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA) INTRODUCTION Besides conventional loans discussed

More information

Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance

Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance Southeast Texas Housing Finance Corporation (SETH) 5 Star Texas Advantage Program (US Bank as Servicer) HFA 2015 Guidelines - At A Glance Government Loans Freddie Mac HFA Advantage Loans Loan Products

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

VA LOAN Reference Guidance

VA LOAN Reference Guidance VA LOAN Reference Guidance This guide offers a quick look at vital information you need in the process of buying or refinancing a home using your VA benefits. Through it, we intend to give you quick answers

More 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

FHA Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after June 3, 2013 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information you

More information

Overcoming the Down Payment Hurdle. Course #: 01 00 067 28889 Provider #: 0001

Overcoming the Down Payment Hurdle. Course #: 01 00 067 28889 Provider #: 0001 Overcoming the Down Payment Hurdle Course #: 01 00 067 28889 Provider #: 0001 Meet Ann & Doug Foxworth About TSAHC The Texas State Affordable Housing Corporation (TSAHC) is a nonprofit housing corporation

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

HOMESTYLE RENOVATION. Look at the possibilities

HOMESTYLE RENOVATION. Look at the possibilities HOMESTYLE RENOVATION Look at the possibilities HOMESTREET: WHO ARE WE? Based in the Northwest, HomeStreet Bank if one of the largest community banks in the Northwest and Hawaii. HomeStreet began in 1921

More information

April 2010. FHA FAQs/HOT TOPICS. www.hud.gov 1-800-CALL FHA. Servicing the American Homebuyer Since 1934

April 2010. FHA FAQs/HOT TOPICS. www.hud.gov 1-800-CALL FHA. Servicing the American Homebuyer Since 1934 April 2010 FHA FAQs/HOT TOPICS 1 Presenters CONNIE SCHOENWALD LAURA ARUNDEL LINDA THOMPSON PAVLINA KUSNIERZ 2 AGENDA Occupancy Income/employment Credit Miscellaneous Property FHA Connection Refinances

More information

FHA Purchase and Refinance Loans

FHA Purchase and Refinance Loans FHA Purchase & Refinance Loans Also known as a "government loan," an FHA loan is guaranteed by the Federal Housing Administration (FHA). The FHA provides mortgage insurance on loans made by FHA-approved

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. sm Getting started For most of us, buying our first home is a dream come true. It s also a lengthy process where potential and sometimes very

More information

Preparing for homeownership

Preparing for homeownership Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership

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

The VA Streamline Refinance (irrrl) Loan The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (irrrl).

The VA Streamline Refinance (irrrl) Loan The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (irrrl). VA STREAMLINE LOANS Update (August 8, 2015) : This VA Streamline Refinance information has been revised to include new information. Loan guidelines change constantly. If you get your VA Streamline Refinance

More information

SUBORDINATION REQUIREMENTS

SUBORDINATION REQUIREMENTS SUBORDINATION REQUIREMENTS KEY ITEMS 1. Green Tree account must be current as of due date. Grace Periods do not apply. 2. All late payments, late fees, legal fees and miscellaneous fees must be paid. 3.

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information