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
- 2. Since 1944, the Government has been approving companies to fund VA Loans and always guarantees the loan for the bank.
- 3. 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
- 4. $142 billion $225,000 630,000 went towards VA Loans was the average loan amount total VA Loans approved
- 5. 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
- 6. • 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
- 7. 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.
- 8. 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!)
- 9. 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
- 10. 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
- 11. IRRRL: • Copy of homeowners insurance • Copy of current mortgage monthly statement • Copy of current mortgage note