Download - Phoenix Regional Loan Center
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VETERANS BENEFITS ADMINISTRATION
Phoenix Regional Loan Center
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VETERANS BENEFITS ADMINISTRATION
Jeffery L. WilsonLoan Production Officer
Phoenix Regional Loan Center
Home Buying/Awareness Briefing
Opening Remarks
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VETERANS BENEFITS ADMINISTRATION
Agenda
Introduction
Advantages
Steps
Wrap-up
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VETERANS BENEFITS ADMINISTRATION
VA at a Glance
Loan Production
Construction & Valuation
Loan Administration
Special Adapted Housing
Native American Direct Loan Program
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VETERANS BENEFITS ADMINISTRATION
Why use the VA Loan Program?
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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
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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
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VETERANS BENEFITS ADMINISTRATION
Safe
Sanitary
Structurally Sound
Minimum Property Requirements (MPR’s)
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VETERANS BENEFITS ADMINISTRATION
Underwriting Guidelines
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VETERANS BENEFITS ADMINISTRATION
Income
Stable and reliable
Sufficient in amount
Reportable / verifiable
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VETERANS BENEFITS ADMINISTRATION
Credit
Generally NO derogatory credit last 12 months
Paid / unpaid collections
Judgments satisfied or repayment plan
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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
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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
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VETERANS BENEFITS ADMINISTRATION
Steps
Certificate of Eligibility
Find a home
Select a lender
Appraisal
Qualification
Closing
VA guarantees loan
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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/
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VETERANS BENEFITS ADMINISTRATION
Thank You for your interest in the VA Home Loan Program and THANK YOU FOR YOUR SERVICE!