1. VA Guaranteed Home Loan Program To care for him who shall have borne the battle, and for his widow and his orphan. Abraham Lincoln, 1865 To care for him who shall have borne the battle, and for his widow and his orphan. Abraham Lincoln, 1865 Department of Veteran Affairs Atlanta Regional Loan Center

2. VA HOME LOAN PROGRAM Why VA Types of Loans Loan Purposes Eligibility Occupancy Credit underwriting Miscellaneous VA Training Topics

3. VA HOME LOAN PROGRAM Why VA Loans?

4. VA HOME LOAN PROGRAM No down payment required No down payment required Borrow up to 103.3% Borrow up to 103.3% No mortgage insurance premium No mortgage insurance premium Why VA Loans Why VA Loans Cont.

5. VA HOME LOAN PROGRAM Loans up to $417,000 Loans up to $417,000 Servicing assistance if needed. Servicing assistance if needed. Assumable loans Assumable loans Why VA Loans Why VA Loans Cont.

6. VA HOME LOAN PROGRAM Types of Loans Purchase Cash out Refinance IRRRL

7. VA HOME LOAN PROGRAM Loan Purposes To Purchase/ Build To improve To refinance/ Lower Rate

8. VA HOME LOAN PROGRAM Where To begin

9. VA HOME LOAN PROGRAM Pre-Approval Pre-Approval Reputable Lender Where to Begin

10. VA HOME LOAN PROGRAM Pre-Approval Eligibility COE (Certificate of eligibility) Occupancy Must be met VA REQUIREMENTS for COE

11. VA HOME LOAN PROGRAM Eligibility-COE XXXXXXXXXXXX XXXXX Certificate of Eligibility

12. VA HOME LOAN PROGRAM1944 If discharged - Must serve 2 years Active duty - 90 days(war)/181 Peacetime National Guard/ Reservists - 6 years or 90 days if called to Active Duty Un-married spouse of veteran (form 26-1817) Eligibility COE Requirements Certificates of Eligibility Do not Expire

13. VA HOME LOAN PROGRAM1944 Eligibility BASIC & BONUS Entitlement Full Entitlement is 104,250.00 Subtract Amount Used - 36,000.00 Remaining Entitlement $68,250.00 Multiply $68,250.00 X 4 = $273,000.00 max loan

14. VA HOME LOAN PROGRAM1944 Eligibility Documents for upload into webLGY Statement of Service if on active duty Member 4 copy of the DD-214 VA Form 26-1880* Proof of loan payoff

15. VA HOME LOAN PROGRAM Eligibility-COEwww.homeloans.va.gov http://vip.vba.va.gov VETERANS WEBSITES

16. VA HOME LOAN PROGRAM Occupancy Occupancy Veteran or wife must occupy 60 days to occupy Specific future event

17. VA HOME LOAN PROGRAM Occupancy by SPOUSE Occupancy by SPOUSE A spouse can satisfy occupancy when: 1. Veteran is on active duty or 2. Due to distant employment. Only the spouse can satisfy this requirement

18. VA HOME LOAN PROGRAM VA FUNDING FEE Purchase /Cash out Refinance 2.15% 1 ST time use 1.5% (5% down) 1.25% (10% down) 3.3% Subsequent usage 2.4% Reservist 1.75% (5% down) 1.5% (10% down)

19. VA HOME LOAN PROGRAM VA FUNDING FEE Cont. IRRRL/ ASSUMPTION.5% You DO NOT have to pay a funding fee if you are receiving VA benefits. (Form 26-8937)

20. VA HOME LOAN PROGRAM Veteran Financial Portfolio Credit Employment Verify Income

21. VA HOME LOAN PROGRAM Interest rate Loan costs Shop around Can you Negotiate? Where to Begin

22. VA HOME LOAN PROGRAM Find a Home Find a Real Estate Agent

23. VA HOME LOAN PROGRAM Return to the Lender Return to the Lender Valid Contract FHA/VA Amendatory Clause Termite Inspection Funding Fee

24. VA HOME LOAN PROGRAM Non-allowable fees

25. VA HOME LOAN PROGRAM Lender Completes Process Lender Completes Process Order an appraisal Order an appraisal Arrange closing Arrange closing Obtain the Loan Guaranty Obtain the Loan Guaranty Submit the File for Audit Submit the File for Audit

26. VA HOME LOAN PROGRAM Contact Information Contact Information www.benefits.va.gov/homeloans/ www.benefits.va.gov/homeloans/ Atlanta RLC 888- 768-2132, #2 Atlanta RLC 888- 768-2132, #2 Winston-Salem Eligibility Center Winston-Salem Eligibility Center 888-244-6711 option 1-1-2 888-244-6711 option 1-1-2 Fax # 404-929-5401 Fax # 404-929-5401 888-768- 2132

27. VA HOME LOAN PROGRAM Thank You

28. VA HOME LOAN PROGRAM QUESTIONS ? ? ?? ? ? ? ?