The Ins And Outs Of VA Loans - PowerPoint PPT Presentation

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The Ins And Outs Of VA Loans

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Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site – PowerPoint PPT presentation

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Title: The Ins And Outs Of VA Loans


1
The Ins and Outs of VA Loans
2
The Veterans Affairs Department of the U.S.
government has offered guaranteed home loans for
veterans for over 70 years.
3
Both active duty military people and veterans can
acquire financing to purchase homes through the
VA home loan program.
4
These mortgages offer benefits that make them a
good option for many homebuyers.
5
About the VA Guaranteed Home Loan
6
VA home loans are guaranteed by the U. S.
government.
7
This guarantee means that, if you are unable to
pay the loan, the government will ensure that the
lending institution receives its payment.
8
However, this guarantee of repayment is a
desirable feature for lenders, who will be more
inclined to provide the loan to the applicant.
9
Most of the usual requirements for a loan apply,
but the applicant must also provide documentation
of their service record.
10
Advantages of VA Guaranteed Home Loans
11
Home buyers find that a home loan through the VA
program offers a number of advantages
12
No down payment is required if the price of the
home does not exceed the appraised value.
13
Private mortgage insurance is not required,
which keeps monthly mortgage payments low.
14
Closing costs may be paid by the seller of the
property.
15
Closing costs are limited by VA rules.
16
No early payment penalty can be imposed.
17
The VA can offer advice and practical help if
you have trouble paying for your home mortgage.
18
Eligibility Requirements
19
Applicants are required to provide a certain
amount of documentation, just as they would for a
conventional loan, such as
20
Social security numbers and valid ID
21
Certificate of Eligibility that provides
information on your current service, dates of
previous service, discharge papers, or service
benefits statements
22
Proof of employment, names of employers for the
last two years. If self-employed, you must
provide the last two federal income tax returns.
23
The last 60 days of statements from checking
and savings accounts
24
The purchase contract
25
The appraisal of the property
26
Assurance that you will occupy the property
yourself
27
Credit record
28
Credit card statements
29
Child care expenses
30
Corrections or clarifying information on
negative credit reports
31
Lending Institutions That Offer VA Loans
32
Not all lending institutions offer VA home loans.
However, many do, and these lenders may have
departments or personnel who are trained in the
special requirements of the VA program.
33
The lending institution is not obligated to
provide a loan to those who apply. However, these
institutions understand that having the loan
amount guaranteed by the government makes it an
attractive risk.
34
Refinancing A Home Through the VA Home Loan
Program
35
The VA loan program also has a method of
refinancing home loans to make your mortgage more
affordable.
36
The Interest Rate Reduction Refinance Loan, often
called the IRRRL, is a streamlined process that
allows homeowners who have VA guaranteed loans to
refinance at a lower interest rate, without
having another appraisal or credit underwriting
to qualify.
37
Any costs of the refinancing can be rolled into
the new loan, so that the applicant does not have
to provide out-of-pocket money during the
process. Both fixed rate and adjustable rate
mortgages are available.
38
Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
39
He served in the United States Marine Corps, and
now devotes himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion of his
while at the same time helping others achieve
home ownership.
40
Be a proud homeowner today.
41
For more details call 480-351-5904 or visit the
site www.valoansforvets.com
42
VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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