The Beginners Guide to VA Home Loans by Low VA Rates
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14-Sep-2014 -
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Transcript of The Beginners Guide to VA Home Loans by Low VA Rates
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Since 1944,the Government has been approving companies to
fund VA Loans and always guarantees the loan for the bank.
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Buy a home orresidential condominium
Build a home Repair, alter,or improve a home
Refinance an existinghome or VA Loan
Purchase and improve ahome simultaneously
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$142 billion $225,000 630,000
went towardsVA Loans
was the averageloan amount
total VA Loansapproved
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Zero downpayment
Guaranteed maximum: $417,000
No mortgage insurance required
Competitive interest rates
Backed by the US
Government
Easy to qualify No prepayment
penalties
Does not expire & is reusable
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• Option to ADAPT HOMES for veterans with service connected disabilities
• Many states offer property TAX DEDUCTIONS
• Eligible NATIVE AMERICAN VETERANS receive help financing homes on Federal Trust Land
• For new homes, 1-YEAR WARRANTY is required from builder
• Financial COUNSELING available for veterans
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You served 90+ days active duty during wartime
You served 181+ days active duty during peacetime
You were not dishonorably discharged
You are currently active duty
You are the surviving spouse of a veteran who died during service or because of service-related injuries and are not remarried.
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NEW HOME PURCHASE:
• NO minimum credit score needed at Low VA Rates!
• Two years of income evidence (military service or schooling is allowed)
• Proof of current employment
• Certificate of Eligibility (Get a free electronic one from Low VA Rates!)
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REFINANCE:(Current loan NOT a VA Loan)
• NO minimum credit score needed at Low VA Rates!
• Two years of income and employment history (if working)
• Copy of home owners insurance
• Appraisal
Note: Cash can be used for any reason
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STREAMLINE:(IRRRL have VA Loan now)
• NO minimum credit score needed at Low VA Rates!
• NO verification of employment or income needed at Low VA Rates!
• No appraisal needed at Low VA Rates!
• Must be current on your VA Loan
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IRRRL:
• Copy of homeowners insurance
• Copy of current mortgage monthly statement
• Copy of current mortgage note
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