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VETERANS BENEFITS ADMINISTRATION
Phoenix Regional Loan Center
VETERANS BENEFITS ADMINISTRATION
Jeffery L. WilsonLoan Production Officer
Phoenix Regional Loan Center
Home Buying/Awareness Briefing
Opening Remarks
VETERANS BENEFITS ADMINISTRATION
Agenda
Introduction
Advantages
Steps
Wrap-up
VETERANS BENEFITS ADMINISTRATION
VA at a Glance
Loan Production
Construction & Valuation
Loan Administration
Special Adapted Housing
Native American Direct Loan Program
VETERANS BENEFITS ADMINISTRATION
Why use the VA Loan Program?
VETERANS BENEFITS ADMINISTRATION
100% Financing – no down payment
Competitive interest rates
Limited closing costs
No cash reserve requirements
No pre-payment penalties
No Private Mortgage Insurance
Advantages
VETERANS BENEFITS ADMINISTRATION
Energy Efficient Mortgages
Fast and easy processing
Easy to qualify – flexible credit standards
Interest Rate Reduction Refinance Loans available (No appraisal or credit qualifications required)
VA loans are assumable
VA Customer Service!
Advantages
VETERANS BENEFITS ADMINISTRATION
Safe
Sanitary
Structurally Sound
Minimum Property Requirements (MPR’s)
VETERANS BENEFITS ADMINISTRATION
Underwriting Guidelines
VETERANS BENEFITS ADMINISTRATION
Income
Stable and reliable
Sufficient in amount
Reportable / verifiable
VETERANS BENEFITS ADMINISTRATION
Credit
Generally NO derogatory credit last 12 months
Paid / unpaid collections
Judgments satisfied or repayment plan
VETERANS BENEFITS ADMINISTRATION
VA HAS NO LOAN LIMITS
VA maintains a maximum GUARANTY based on the HUD/FHA average property value chart
located on VA’s web site: http://www.benefits.va.gov/HOMELOANS/documents/docs/2014_county_loan_limits.pdf
VETERANS BENEFITS ADMINISTRATION
MSA/City Gty’d Loan Amt MSA/City Gty’d Loan Amt
Contra Costa $1,050,000 All of Arizona $417,000
San Mateo Cnty $1,050,000 Sacramento $474,950
Los Angeles $687,500 Orange Cnty $687,500
Riverside Cnty $417,000 San Diego Cnty $546,250
All of NM $417,000 All of NV $417,000
Here are some examples of how the maximum guaranty works:
VA’s Guaranty
VETERANS BENEFITS ADMINISTRATION
Steps
Certificate of Eligibility
Find a home
Select a lender
Appraisal
Qualification
Closing
VA guarantees loan
VETERANS BENEFITS ADMINISTRATION
Questions and Contact
• RLC Telephone Number 888-869-0194• Local Phone Number 602-627-3048• Email Address [email protected]• Web Address http://www.benefits.va.gov/phoenix/
VETERANS BENEFITS ADMINISTRATION
Thank You for your interest in the VA Home Loan Program and THANK YOU FOR YOUR SERVICE!