VA Guaranteed Home Loan Program To care for him who shall have borne the battle, and for his widow and his orphan. Abraham Lincoln, 1865 To care for him who shall have borne the battle, and for his widow and his orphan. Abraham Lincoln, 1865 Department of Veteran Affairs Atlanta Regional Loan Center

VA HOME LOAN PROGRAM Why VA Types of Loans Loan Purposes Eligibility Occupancy Credit underwriting Miscellaneous VA Training Topics

VA HOME LOAN PROGRAM Why VA Loans?

VA HOME LOAN PROGRAM No down payment required No down payment required Borrow up to 103.3% Borrow up to 103.3% No mortgage insurance premium No mortgage insurance premium Why VA Loans Why VA Loans Cont.

VA HOME LOAN PROGRAM Loans up to $417,000 Loans up to $417,000 Servicing assistance if needed. Servicing assistance if needed. Assumable loans Assumable loans Why VA Loans Why VA Loans Cont.

VA HOME LOAN PROGRAM Types of Loans Purchase Cash out Refinance IRRRL

VA HOME LOAN PROGRAM Loan Purposes To Purchase/ Build To improve To refinance/ Lower Rate

VA HOME LOAN PROGRAM Where To begin

VA HOME LOAN PROGRAM Pre-Approval Pre-Approval Reputable Lender Where to Begin

VA HOME LOAN PROGRAM Pre-Approval Eligibility COE (Certificate of eligibility) Occupancy Must be met VA REQUIREMENTS for COE

VA HOME LOAN PROGRAM Eligibility-COE XXXXXXXXXXXX XXXXX Certificate of Eligibility

VA HOME LOAN PROGRAM1944 If discharged - Must serve 2 years Active duty - 90 days(war)/181 Peacetime National Guard/ Reservists - 6 years or 90 days if called to Active Duty Un-married spouse of veteran (form ) Eligibility COE Requirements Certificates of Eligibility Do not Expire

VA HOME LOAN PROGRAM1944 Eligibility BASIC & BONUS Entitlement Full Entitlement is 104, Subtract Amount Used - 36, Remaining Entitlement $68, Multiply $68, X 4 = $273, max loan

VA HOME LOAN PROGRAM1944 Eligibility Documents for upload into webLGY Statement of Service if on active duty Member 4 copy of the DD-214 VA Form * Proof of loan payoff

VA HOME LOAN PROGRAM Eligibility-COEwww.homeloans.va.gov VETERANS WEBSITES

VA HOME LOAN PROGRAM Occupancy Occupancy Veteran or wife must occupy 60 days to occupy Specific future event

VA HOME LOAN PROGRAM Occupancy by SPOUSE Occupancy by SPOUSE A spouse can satisfy occupancy when: 1. Veteran is on active duty or 2. Due to distant employment. Only the spouse can satisfy this requirement

VA HOME LOAN PROGRAM VA FUNDING FEE Purchase /Cash out Refinance 2.15% 1 ST time use 1.5% (5% down) 1.25% (10% down) 3.3% Subsequent usage 2.4% Reservist 1.75% (5% down) 1.5% (10% down)

VA HOME LOAN PROGRAM VA FUNDING FEE Cont. IRRRL/ ASSUMPTION.5% You DO NOT have to pay a funding fee if you are receiving VA benefits. (Form )

VA HOME LOAN PROGRAM Veteran Financial Portfolio Credit Employment Verify Income

VA HOME LOAN PROGRAM Interest rate Loan costs Shop around Can you Negotiate? Where to Begin

VA HOME LOAN PROGRAM Find a Home Find a Real Estate Agent

VA HOME LOAN PROGRAM Return to the Lender Return to the Lender Valid Contract FHA/VA Amendatory Clause Termite Inspection Funding Fee

VA HOME LOAN PROGRAM Non-allowable fees

VA HOME LOAN PROGRAM Lender Completes Process Lender Completes Process Order an appraisal Order an appraisal Arrange closing Arrange closing Obtain the Loan Guaranty Obtain the Loan Guaranty Submit the File for Audit Submit the File for Audit

VA HOME LOAN PROGRAM Contact Information Contact Information Atlanta RLC , #2 Atlanta RLC , #2 Winston-Salem Eligibility Center Winston-Salem Eligibility Center option option Fax # Fax #

VA HOME LOAN PROGRAM Thank You

VA HOME LOAN PROGRAM QUESTIONS ? ? ?? ? ? ? ?