Purchasing a New Home using a VA Loan

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2 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

3 VA Loan Eligibility Service Length Eligibility Credit & Income Requirements You must have served at least 90 days during wartime, or: The VA does not have a minimum credit score requirement. You must have served at least 181 days during peacetime. Most lenders require a credit score of at least 620. Members of the Reserves or National Guard must have served at least six years. Veterans must have discharged from service under conditions other than dishonorable. Your debt to income ratio should be around 41%. You must meet a minimum residual income, the amount of which depends on your family size and location. t VA Loan Tip: Disabled veterans may receive additional benefits, such as having the usually required funding fee waived. Special Circumstances If you were discharged because of a disability due to service, the service length requirement will most likely be waived. If you are the spouse of a deceased veteran, you may be eligible for a VA home loan if the veteran died from service related causes. If you are the spouse of a veteran who is Missing in Action or has had Prisoner of War status for at least 90 days, you may also be eligible for a VA home loan. 1

4 VA Home Loan Benefits t VA Loan Tip: You can use the money you save with a VA loan to pay for other home expenses, other bills or just for your personal enjoyment! VA loans have been available for 65 years and are guaranteed by the VA, making it easier for applicants to be approved. They have numerous benefits that make them the best loan choice for qualified applicants. All of these benefits will save you money every month, as well as over the life of the loan. VA Loan Advantages VA loan interest rates can be fixed or adjustable and are typically low compared with other loan types. VA loans have low closing costs that can be financed into the loan. There is no prepayment penalty. VA loans do not require mortgage insurance. VA loans have no down payment. 2

5 First-Time Homebuyers There are many VA loan benefits available to veterans and current men and women serving in the military who are buying their first home. These benefits will save you money that you can use for other expenses for your new home. Benefits Available to First-Time Home Buyers VA loans have no down payment. VA loans require no mortgage insurance. VA loans have low interest rates. It is easy to qualify for a VA Loan. t VA Loan Tip: If you are buying your first home and need assistance finding a reputable real estate agent, we can help you! Speak with a VA loan specialist today!

6 VA Loan Process Steps The steps toward purchasing a home are similar whether you use VA financing or another type of loan. These steps can be interchangeable, depending on your situation. The VA loan purchase process steps include: Get pre-qualified for a VA loan. Get a real estate agent and find a home. Finalize a purchase agreement. Apply for the VA loan. Underwriting and loan approval. Loan closing and title transfer. 4 t VA Loan Tip: To make the VA loan process more streamlined, obtain pre-approval for your VA loan before looking for a home. Once you begin your search, let us know if you need help finding a real estate agent!

7 VA Loan Charges & Fees Non-allowable fees include: Lender inspections (except Allowable fees include: Origination Appraisal Compliance Inspections Recording Fees Credit Report Title Fees Flood Zone Survey Special Mailing Fees VA Funding Fee construction loans) Appraisals required for reconsideration of values Loan settlement fees Document preparation fees Notary fees Commitment fees Application/processing fees Tax service fees 5

8 VA Loan Documentation In order to be eligible for a VA home loan purchase, you will need to prove your service, as well as some other details. The documentation you will need includes: DD-214 or other statement of service. Pay stubs to verify your income. W2s for the past two years or tax returns. Copy of your driver's license. Bank statements from the last two months or other asset used for down payment (if applicable). Homeowner s insurance policy. Purchase contract. Copy of social security card. 6

9 Refinancing with a VA Loan Cash-Out Refinance page 7 Streamline Refinance page 8 Non-VA to VA Refinance page 9

10 VA Loan Cash Out Refinance A cash out refinance allows you to take out a loan for more than the value of your existing mortgage and receive the difference in cash. The cash can be used for anything you choose, including debt consolidation, home repairs, daily expenses, or anything else you need. 7 The VA recently granted a temporary increase on the loan to value limits for cash out refinances. This increase allows you to refinance up to 100% of your house's value! Please note that the loan to value limits vary by lender, with most lenders allowing you to refinance up to 90% of your home's value.

11 VA Streamline Refinance or IRRRL This loan is exclusively available to homeowner who already have a VA loan. It allows you to take advantage of better loan terms with an easy streamlined process. You are not required to get an appraisal and your income does not need to be verified. Advantages of the IRRRL Reduce your interest rate. Reduce the term of your loan. Lower your payment. Switch from an adjustable rate mortgage to a fixed rate mortgage. *You can also receive up to $500 cash back from the IRRRL, to be used at your discretion. 8

12 Non-VA to VA Refinance You can refinance from a non-va loan to a VA loan in order to receive cash back, lower your interest rate, reduce your payments and more! Homeowners choose to refinance with a VA loan rather than other types of loans because of all of the advantages that VA loans offer. There is no mortgage insurance required or prepayment penalty. VA loans are guaranteed by the Department of Veteran Affairs, which allows them to offer low, fixed rates. These loans also allow homeowners to cash out more equity than other types of home loans. 9

13 Why Choose Midcontinent Financial Center? Midcontinent Financial Center has been helping Americans achieve their financial goals for over 42 years. Our experienced VA loan specialists keep your interests in mind and strive to make the loan process simple and efficient, while keeping you well informed along the way. Midcontinent Financial Center, Inc. 610 Buttonwood Drive, Suite 00 Columbia, MO (877) We are licensed in over 0 states and centrally located in Columbia, MO. We provide flexible hours and work with your schedule to better meet your needs. Let our professional specialists help you with your VA loan today! 10

14 Midcontinent Financial Center, Inc. 610 Buttonwood Drive, Suite 00 Columbia, MO (877)

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