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 LPGC.VBAPHO@va.gov• 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!