Phoenix Regional Loan Center
VETERANS BENEFITS ADMINISTRATION
Opening Remarks
Jeffery L. Wilson
Loan Production Officer
Phoenix Regional Loan Center
Home Buying/Awareness Briefing
VETERANS BENEFITS ADMINISTRATION
Agenda
Introduction
Advantages
Steps
Wrap-up
VETERANS BENEFITS ADMINISTRATION
VA at a Glance
Loan Production
Construction & Valuation
Loan Administration
Special Adapted Housing
Native American Direct Loan Program
VETERANS BENEFITS ADMINISTRATION
Why use the VA Loan Program?
VETERANS BENEFITS ADMINISTRATION
Advantages
100% Financing – no down payment
Competitive interest rates
Limited closing costs
No cash reserve requirements
No pre-payment penalties
No Private Mortgage Insurance
VETERANS BENEFITS ADMINISTRATION
Advantages
Energy Efficient Mortgages
Fast and easy processing
Easy to qualify – flexible credit standards
Interest Rate Reduction Refinance Loans available
(No appraisal or credit qualifications required)
VA loans are assumable
VA Customer Service!
VETERANS BENEFITS ADMINISTRATION
Minimum Property Requirements (MPR’s)
Safe
Sanitary
Structurally Sound
VETERANS BENEFITS ADMINISTRATION
Underwriting Guidelines
VETERANS BENEFITS ADMINISTRATION
Income
Stable and reliable
Sufficient in amount
Reportable / verifiable
VETERANS BENEFITS ADMINISTRATION
Credit
Generally NO derogatory credit last 12 months
Paid / unpaid collections
Judgments satisfied or repayment plan
VETERANS BENEFITS ADMINISTRATION
VA HAS NO LOAN LIMITS
VA maintains a maximum GUARANTY
based on the HUD/FHA average property value chart
located on VA’s web site:
http://www.benefits.va.gov/HOMELOANS/documents/docs/2014_county_loan_limits.pdf
VETERANS BENEFITS ADMINISTRATION
VA’s Guaranty
Here are some examples of how the maximum
guaranty works:
MSA/City
Gty’d Loan Amt
MSA/City
Gty’d Loan Amt
Contra Costa
$1,050,000
All of Arizona
$417,000
San Mateo Cnty
$1,050,000
Sacramento
$474,950
Los Angeles
$687,500
Orange Cnty
$687,500
Riverside Cnty
$417,000
San Diego Cnty
$546,250
All of NM
$417,000
All of NV
$417,000
VETERANS BENEFITS ADMINISTRATION
Steps
Certificate of Eligibility
Find a home
Select a lender
Appraisal
Qualification
Closing
VA guarantees loan
VETERANS BENEFITS ADMINISTRATION
Questions and Contact
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RLC Telephone Number 888-869-0194
Local Phone Number 602-627-3048
Email Address LPGC.VBAPHO@va.gov
Web Address http://www.benefits.va.gov/phoenix/
VETERANS BENEFITS ADMINISTRATION
Thank You for your interest in the VA Home Loan
Program and THANK YOU FOR YOUR SERVICE!
VETERANS BENEFITS ADMINISTRATION