Jaki Fanelli What are my benefits 100 financing No monthly mortgage insurance premiums VA mortgages are assumable Limited closing costs Buy a home a condominium unit in a VAapproved project ID: 809419
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Slide1
Veterans Affairs Mortgages
Jaki Fanelli
Slide2What are my benefits?
100% financingNo monthly mortgage insurance premiumsVA mortgages are assumable Limited closing costs
Slide3Buy a home, a condominium unit in a VA-approved project
Build a homeImprove a home by installing energy-related features or making energy efficient improvementsBuy a manufactured home and/or lotTo refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate or cash outTo refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home
How to use your VA home loan benefits
Slide4Myths
about VA Home Loans
Slide5Active Duty Military & Veterans
At least 90 days active duty during wartimeAt least 181* days continuous active duty during peacetimeYou have completed a total of six credible years in the Selected Reserve or National Guard (member of an active unit, attended required weekend drills and two-week active duty for training)Surviving Spouses
You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disabilitySurviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003You are a spouse of a Servicemember missing in action or a prisoner of warYou are a surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran's death was not service-connected
Slide6Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others
Other Eligible Beneficiaries
Slide7Request your Certificate of Eligibility for home loan benefits
Everyone has the same amount of initial benefitsDirect Mortgage Loans will pull this online for you at no cost to you – just contact usVA Loan Certificate of Eligibility can be very confusing. Having someone to walk you through can quickly help you identify your entitlement
Usually your COE is immediately available – if not we can request it be sent to you
Slide8What’s important for you?
Funding Fee – This lets your lender know the amount of funding fee you will pay. Exempt means you pay $0. Basic Entitlement - $36,000 is the basic entitlement every Veteran starts withIf you had a previous VA loan or an active loan you will see it listed under “Prior Loans charged to entitlement” section
Slide9Even if you have used all of your entitlement on previous homes, it will be restored once you sell that home
You do have additional entitlement available after the initial $36,000. The amount will vary slightly in different areasFind a professional that understands your benefits, your life, and your needsYou can use your benefits while serving during active duty You can close with a Power of Attorney while on active duty
Important Items to Note
Slide10Find a VA mortgage lending expert
Review Eligibility with your lenderGet pre-approved for a VA home loanFind a trusted realtor Find your dream home! Sign a ContractWork with your lender to process and close your loan – we will guide you through the entire processMove in!!!
Steps To Purchasing a Home with a VA Loan
Slide11Streamline – Interest Rate Reduction Loans
An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibilityNo appraisal is required Limited documentation needs An IRRRL may be done with "no money out of pocket" Refinance out of a VA ARMVeterans are strongly urged to contact qualified lendersYou may NOT receive any cash from the loan proceedsYou do not have to occupy the property. You must certify that you previously occupied and still own the home.
Refinancing Options: Take cash out of your home equityPay off debtCollege tuitionHome Improvements
Special options for Energy Efficient Improvements
Slide12FUNDING FEE TABLES – Purchase and Construction Loans
Slide13FUNDING FEE TABLES –
Cash Out Refinance
Slide14FUNDING FEE TABLES – IRRRL
Slide15DD214 Requests -
http://www.archives.gov/veterans/military-service-records/COE - eBenefits Portal – under Manage Benefits Certificate of Eligibility for Home Loan https://www.ebenefits.va.gov/ebenefits/homepageRESOURCES & TABLES
Slide16RESOURCES NGB22
for Reservists/National Guardsmen
Active Duty Personnel - Archives: 866-272-6272 OR www.archives.gov/veterans/military-service-records If an Army Veteran needs evidence of a discharge for disability, this is the agency to contact: US Army Physical Disability Agency - 1-877-577-3065
Slide17Questions?
Jaki Fanellijfanelli@directmortgageloans.com410-878-9743