Veterans Affairs Mortgages Jaki Fanelli

What are my benefits? 100% financing No monthly mortgage insurance premiums VA mortgages are assumable Limited closing costs

How to use your VA home loan benefits Buy a home, a condominium unit in a VA-approved project Build a home Improve a home by installing energy-related features or making energy efficient improvements Buy a manufactured home and/or lot To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home

Myths about VA Home Loans You can only have 1 VA loan at a time VA rates are higher All lenders can offer VA loans

Active Duty Military & Veterans At least 90 days active duty during wartime At least 181* days continuous active duty during peacetime You have completed a total of six credible years in the Selected Reserve or National Guard (member of an active unit, attended required weekend drills and two-week active duty for training) Surviving Spouses You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003 You are a spouse of a Servicemember missing in action or a prisoner of war You are a surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran's death was not service-connected

Other Eligible Beneficiaries Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others

Request your Certificate of Eligibility for home loan benefits Everyone has the same amount of initial benefits Direct Mortgage Loans will pull this online for you at no cost to you – just contact me VA Loan Certificate of Eligibility can be very confusing. Having someone to walk you through can quickly help you identify your entitlement Usually your COE is immediately available – if not we can request it be sent to you

What’s important for you? Funding Fee – This lets your lender know the amount of funding fee you will pay. Exempt means you pay $0. Basic Entitlement - $36,000 is the basic entitlement every Veteran starts with If you had a previous VA loan or an active loan you will see it listed under “Prior Loans charged to entitlement” section

Important Items to Note Even if you have used all of your entitlement on previous homes, it will be restored once you sell that home You do have additional entitlement available after the initial $36,000. The amount will vary slightly in different areas Find a professional that understands your benefits, your life, and your needs You can use your benefits while serving during active duty

Steps To Purchasing a Home with a VA Loan Find a VA mortgage lending expert Review Eligibility with your lender Get pre-approved for a VA home loan Find a trusted realtor Find your dream home! Sign a Contract Work with your lender to process and close your loan – we will guide you through the entire process Move in!!!

Refinancing Options: Streamline – Interest Rate Reduction Loans Take cash out of your home equity Pay off debt College tuition Home Improvements Special options for Energy Efficient Improvements Streamline – Interest Rate Reduction Loans An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility No appraisal is required Limited documentation needs An IRRRL may be done with "no money out of pocket" Refinance out of a VA ARM Veterans are strongly urged to contact qualified lenders You may NOT receive any cash from the loan proceeds You do not have to occupy the property. You must certify that you previously occupied and still own the home.

FUNDING FEE TABLES – Purchase and Construction Loans

FUNDING FEE TABLES – Cash Out Refinance

FUNDING FEE TABLES – IRRRL

RESOURCES & TABLES DD214 Requests - http://www.archives.gov/veterans/military-service-records/ COE - eBenefits Portal – under Manage Benefits Certificate of Eligibility for Home Loan https://www.ebenefits.va.gov/ebenefits/homepage

for Reservists/National Guardsmen RESOURCES NGB22 for Reservists/National Guardsmen Active Duty Personnel - Archives: 866-272-6272 OR www.archives.gov/veterans/military-service-records  If an Army Veteran needs evidence of a discharge for disability, this is the agency to contact: US Army Physical Disability Agency - 1-877-577-3065

Questions? Jaki Fanelli jfanelli@directmortgageloans.com 410-878-9743