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The Beginners Guide to VA Home Loans by Low VA Rates

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This slide deck review the basics every active military or Veteran should know about getting a VA Loan to purchase their new home.

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The Beginners Guide to VA Home Loans by Low VA Rates

  1. 1. Since 1944, the Government has been approving companies to fund VA Loans and always guarantees the loan for the bank.
  2. 2. Buy a home or residential condominium Build a home Repair, alter, or improve a home Refinance an existing home or VA Loan Purchase and improve a home simultaneously
  3. 3. $142 billion $225,000 630,000 went towards VA Loans was the average loan amount total VA Loans approved
  4. 4. Zero down payment 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
  5. 5. • 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
  6. 6. 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.
  7. 7. 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!)
  8. 8. 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
  9. 9. 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
  10. 10. IRRRL: • Copy of homeowners insurance • Copy of current mortgage monthly statement • Copy of current mortgage note

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