The Top 5 Frequently Asked Questions About VA Loans

Views:
 
     
 

Presentation Description

VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 602-908-5849 Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com

Comments

Presentation Transcript

slide 3:

A VA loan is a guaranteed loan issued by: • Banks • Savings and loans • Mortgage companies • Private lenders

slide 4:

VA loans are given only to eligible veterans for the purchase of a home they intend to occupy.

slide 5:

You cannot obtain a VA loan if you are planning to purchase a home as a rental property. There are several beneficial reasons why you should apply for a VA loan.

slide 6:

Not only are the financing terms favorable you are not required to come up with a down payment. This is a great option for those veterans who are first time home buyers.

slide 7:

Private mortgage insurance is also not required. There is a limit on the amount of closing costs you are required to pay and they may be required to be paid by the seller.

slide 8:

You will not be charged a penalty fee if you decide to pay off your loan early by selling or refinancing.

slide 9:

If you are having a financial hardship the VA can provide assistance so you do not lose your home. You can also reuse your benefit over and over.

slide 10:

You qualify for a VA loan if you have served 90 consecutive days of service during a war or if you have served 181 days during peace.

slide 11:

You also qualify if you have more than 6 years of service in the Reserves or National Guard.

slide 12:

A VA loan is certainly an attractive option. However many veterans dont necessarily understand how it works.

slide 13:

Here are 5 frequently asked questions concerning VA loans.

slide 14:

IF I AM ON DISABILITY CAN I STILL APPLY FOR A VA LOAN

slide 15:

No one wants to lose their disability benefits. If you are a disabled veteran you can still obtain a VA loan and keep your disability benefits.

slide 16:

And if your disability is service-connected the funding fee required when obtaining any loan is waived.

slide 17:

Your spouse can also apply for a VA loan if you die due to your service-related disability.

slide 18:

MY SPOUSE IS NOT A VETERAN CAN THEY STILL BE A CO-BORROWER ON MY VA LOAN

slide 19:

Absolutely. You would especially want to add them as a co-borrower if they have good credit.

slide 20:

Both of your credit scores will be taken into consideration to give you the best interest rate possible.

slide 21:

If your spouse works both incomes will be considered which increases your ability to qualify for a higher loan amount.

slide 22:

If your co-borrower is not your spouse they must be a veteran to receive the 25 guarantee.

slide 23:

If they are not a veteran or a spouse your guarantee drops to only 12.5.

slide 24:

IVE HAD A VA LOAN IN THE PAST CAN I STILL RECEIVE MY BENEFIT IN PURCHASING ANOTHER HOME

slide 25:

You can use your benefit one more time to purchase another home with your VA loan.

slide 26:

The stipulation is you must have paid off your current VA loan and still own the same property.

slide 27:

If you have paid off the current VA loan and no longer own your property you can reuse your benefit as many times as you like.

slide 28:

WHAT DO I NEED TO SUBMIT TO START THE QUALIFICATION PROCESS

slide 29:

You are required to provide a Certificate of Eligibility. You can apply for one by completing the necessary forms online.

slide 30:

Just like any loan you will have to submit your: • Pay stubs • Complete a loan application

slide 31:

• Employment verification • Obtain a credit report • Provide Bank statements

slide 32:

I RECEIVE BASIC ALLOWANCE FOR HOUSING CAN I USE THAT INCOME TO QUALIFY FOR A VA LOAN

slide 33:

Your Basic Allowance for Housing counts as income that helps your debt-to-ratio income.

slide 34:

Keeping a low debt-to-income ratio is what lenders look for to decide if you qualify for any loan.

slide 35:

Mortgage Originator Jimmy Vercellino specializing in VA loans helps veterans use their VA loan benefit to their greatest advantage.

slide 36:

Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com

slide 37:

VA Loans for Vets 7600 E. Doubletree Ranch Road 200 Scottsdale AZ 85258 Phone: 480 351-5904 Email: jimmyvfcbmtg.com

authorStream Live Help