A Complete Guide to Your VA Home Benefit

1,046 views

Published on

California Veterans are eligible for many benefits, one of which is the Home Loan guarantee program that allows qualified Veterans the ability to purchase without a down payment.

The purpose of this online class is to help Veterans prepare for the process of buying a new home. Educate yourself, be empowered, become a homeowner.

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,046
On SlideShare
0
From Embeds
0
Number of Embeds
564
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

A Complete Guide to Your VA Home Benefit

  1. 1. ! A Complete Guide to Your VA Home Benefit Thank you for Joining Us We will begin Shortly Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com
  2. 2. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender What We Will Cover in This Class ★ Basic Elements of VA Guaranteed Loan ★ Rules for Eligibility ★ Qualifying Basics - Getting Approved ★ Overcoming Credit Challenges ★ Additional Assistance & Tax Exemptions Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  3. 3. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Basic Elements of VA Guarantee ★ No Downpayment Required* ★ No Max Loan Amount - *County Limits ★ VA Guarantee vs Mortgage Insurance ★ Must Be Owner Occupied ★ Interest Rates & Closing Costs ★ Available to Purchase or Refinance a Home ★ Funding Fee Options Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  4. 4. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Loan Program Options Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit ★ Standard Balance 30,25,20,15,10 Year Fixed Rate ★ High Balance ($417,001+) 30 & 15 Year Fixed Rate ★ Purchase of 1-4 Units OK - Owner Occupied only ★ IRRRL - Interest Rate Reduction Refinance Loan
  5. 5. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Interest Rate Reduction Refinance Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit ★ Reduced paperwork, reduced cost refinance ★ Reduced VA funding fee of .50% (instead of 2.15%) ★ No Income or Asset documents required - No DTI ★ “Drive by” Appraisal waived in some cases ★ Must have paid VA loan on-time for past 12 months
  6. 6. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Funding Fee Options Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit Service Transaction Down Payment First Time Use Subsequent Use Purchase 0% to 4.99% 2.15% 3.30% Regular! Purchase 5% to 9.99% 1.50% 1.50% Military Purchase 10% or more 1.25% 1.25% Refinance Any 2.15% 3.30% Purchase 0% to 4.99% 2.40% 3.30% Reserves Purchase 5% to 9.99% 1.75% 1.75% Nat. Guard Purchase 10% or more 1.50% 1.50% Refinance Any LTV 2.40% 3.30% Exempt Refinance Any LTV 0.00% 0.00%
  7. 7. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender General Rules for Eligibility ★ Honorable Discharge 9/15/40 - 9/7/80 ★ 90 Days or more, any part during wartime, or ★ 181 continuous days or more during peacetime ★ Exceptions include Service Related Discharge Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit Army, Navy, Air Force, Marine Corp, Coast Guard
  8. 8. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender General Rules for Eligibility ★ 2 Year Requirement for Veterans who: ★ Enlisted (and service began) after 9/7/80, or ★ Entered service as an officer after 8/16/81 ★ 24 continuous months of active duty, or ★ Full period for which called or ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime) Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit Army, Navy, Air Force, Marine Corp, Coast Guard
  9. 9. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender General Rules for Eligibility ★ Completion of 6 years of Service unless, ★ Early release due to service related injury ★ Inactive status awaiting final discharge ★ Still serving in the Reserve Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit Reserves and/or National Guard
  10. 10. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender General Rules for Eligibility ★ Unmarried surviving spouse of Veteran who dies from service or service-connected causes ★ Surviving spouse of Veteran who dies from service or service-connected causes, who remarries on or after age 57 and on or after 12/16/2003 ★ POW/MIA Spouses - Listed for at least 90 days* *one time only use of VA Home Benefit Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit Eligibility for Spouses of Veterans
  11. 11. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Qualifying Basics - Getting Approved ★ Must live in Home as Primary Residence ★ Can only have One (1) VA Loan ★ No Non-Spouse, Non-Veteran Borrowers ★ All Borrowers need Social Security # ★ Must have minimum 1 Credit Score ★ Automated Underwriter Determines DTI Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  12. 12. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Qualifying Basics - Getting Approved ★ Min Credit Score 620 up to $417,000 ★ Min 660 over $417,000 or Manual UW ★ No Reserves Required for SFR ★ 6 Months Reserves for 2-4 O/O Units ★ Steady Employment - Work History ★ Ability to Repay - Residual Income Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  13. 13. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Manual Underwriting Approval ★ Min 660 Credit Score ★ Debt to Income Ratio Restricted to 41% ★ Underwriter will Review Complete File ★ NOT Easier to Qualify ★ Use for Credit Errors or Exceptions Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  14. 14. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender California Residual Income Chart ★ Family size of 1 = $491 ★ Family size of 2 = $823 ★ Family size of 3 = $990 ★ Family size of 4 = $1,117 ★ Family size of 5 = $1,158 ★ Family size over 5 = Add $80 for each additional member up to family of 7 Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit Loan Amounts of $80,000 and Above
  15. 15. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Overcoming Credit Challenges Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit ★ It’s NOT Always Bad Credit ★ Not Enough Good Credit is Most Common ★ Credit Cards are Actually Good ★ High Balances are Really Bad ★ FICO Boost Secret - www.OptOutPreScreen.com ★ Buy Again After BK, Foreclosure or Short Sale Common Credit Facts & Misunderstandings
  16. 16. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Overcoming Credit Challenges Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  17. 17. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Overcoming Credit Challenges Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit ★ 2 Years from Discharge of Bankruptcy ★ 2 Years from Foreclosure Date ★ 2 Years from Short Sale Date ★ 2 Years from Deed in Lieu of Foreclosure ★ High Balance - 7 Years from Foreclosure or BK ★ Default on VA Loan May Affect Entitlement Boomerang Buyer Waiting Periods
  18. 18. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Buyer Assistance & Tax Exemptions Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit ★ CalHFA CHDAP - Must use CHDAP income limits ★ CHF Platinum & SCHFA Homebuyer Grant ★ Mortgage Credit Certificates - MCC ★ County Property Tax Disabled Veteran Exemption ★ CalHFA Qualified Veteran Exemption
  19. 19. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender CalHFA Qualified Veteran Exemption Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit
  20. 20. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Disabled Veteran Tax Exemption Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com Your VA Home Benefit http://ocgov.com/gov/assessor/exempt/veterans Orange County Veteran & Disable Veteran Exemption LA County Veteran & Disable Veteran Exemption http://assessor.lacounty.gov/extranet/guides/exemptions.aspx Exemptions Reduce Tax AssessedValue of Home
  21. 21. ! A Complete Guide to Your VA Home Benefit Thank you for Attending Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 ! © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: VA@FindMyWayHome.com

×