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Is Applying For VA Loans Difficult

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"Jimmy Vercellino, VA Loan Specialist helps veterans obtain the loans they are entitled to. 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. Be a proud homeowner today. For more details call 480-351-5904 or visit the site VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com" – PowerPoint PPT presentation

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Title: Is Applying For VA Loans Difficult


1
Is Applying for VA Loans Difficult?
2
Since its inception, more than 20 million people
have utilized the VA guaranteed home loan program
to help them afford a home loan at favorable
rates.
3
If youre wondering how to get a VA loan and
whether these loans are difficult to acquire,
read more about this helpful program for veterans
4
The VA Does Not Provide the Home Loans
5
The Veterans Administration does not provide the
funds for home loans.
6
Rather, the loan money is provided by many types
of lenders, who participate in the program and
know its requirements.
7
If you are looking for a mortgage for a new home,
always ask the lender if they participate in the
VA guaranteed home loan program.
8
Many institutions have special departments or
specially-trained personnel to help apply for
these loans.
9
A Certificate of Eligibility Is Required
10
VA loans require a Certificate of Eligibility
that documents your past or current military
service.
11
Lenders with trained personnel that work with the
VA home loan program can easily acquire this
document.
12
However, in some cases, the applicant must fill
out a DD form 26-1880 or other form online or by
mail to receive the document.
13
You Must Have A Reasonably Good Credit Record
14
Lenders generally require applicants for the VA
guaranteed home loan program to have a credit
score of 620 or above.
15
This requirement is to ensure that you are able
to repay the loan and have a record of repaying
your debts.
16
Certain Income Requirements Apply
17
You will have to provide documentation regarding
your income in order to assure the lending body
that you can repay the loan.
18
This information can be in the form of W-2s from
your place of employment, two years of past
income tax forms if you are self-employed, as
well as receipts from your military pension or
other sources of income.
19
You Will Pay A One-Time Funding Fee
20
A one-time funding fee is required to help pay
for the VA home loan program.
21
Currently, the funding fee is 2.15 percent if you
have a zero down payment.
22
This fee goes down to 1.25 percent if you put a
10 percent down payment on the home.
23
These fees can vary, depending on the division of
the military service and how often you use your
entitlement benefit.
24
A Down Payment Is Not Always Required
25
Your military service allows you a certain
entitlement toward the amount of the loan.
26
That is, the government will guarantee payment of
the loan calculated using the amount of your
basic entitlement, which is currently set at
36,000.
27
However, a bonus entitlements may also apply that
may allow you to get a home loan up to 417,000,
or more, depending on the area.
28
Generally, you can acquire a loan without a down
payment up to this amount.
29
The Home Must Be Appraised
30
An appraiser must physically visit the property
and determine its market value, based on the
structure itself, as well as other homes in the
area.
31
The VA provides a list of minimum property
requirements that must be included in the
appraisal report.
32
These requirements include adequate living
quarters whether it is a residential and not
commercial property electrical and water systems
in good working condition and other details.
33
If the property does not appraise at the value of
the selling price, the buyer may have to
re-negotiate the sale.
34
Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
35
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.
36
Be a proud homeowner today.
37
For more details call 480-351-5904 or visit the
site www.valoansforvets.com
38
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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