Va home buyers education seminar
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VA. Military Mortgage 469-360-4952. VA Home Buyers Education Seminar. This seminar is designed to provide you education and knowledge on how to invest in yourselves and put equity into your future and above all, just to have a lot of fun today. VA. M ilitary Mortgage Mission Statement.

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Va home buyers education seminar

VA

Military Mortgage

469-360-4952

VA Home BuyersEducation Seminar

This seminar is designed to provide you education and knowledge on how to invest in yourselves and put equity into your future and above all, just to have a lot of fun today.


Va home buyers education seminar

VA

Military Mortgage

Mission Statement

First, we believe every military service member and spouse, whether active duty, veteran, or reservist should be aware of their entitlement to a VA home loan. Furthermore, interested service members should have access to a knowledgeable VA loan officer and specialist to educate them and guide them through the VA home loan process.


Gi bill of rights of 1944

GI Bill of Rights of 1944

  • The VA loan began in 1944 through the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights.

  • The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment.

  • This feature was designed to provide housing and assistance for veterans and their families and the dream of home ownership became a reality for millions of veterans and active duty soldiers.


Va guaranteed loans

VAGuaranteed Loans

  • These loans are made by private lenders, such as banks, credit unions, or mortgage companies to eligible veterans and active duty soldiers for the purchase of a home, which must be for their own personal occupancy.


Service eligibility

Service Eligibility

  • If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days.

  • Peacetime requirements are 181 days.

  • The guarantee means that the lender is protected if you fail to repay the loan.

  • The guarantee replaces the protection the lender normally receives by requiring a down payment.

  • Maximum loan amount of $417,000.00


Prepayment options

Prepayment Options

Right to prepay WITHOUT penalty (lenders may require that any partial prepayments be in the amount of at least 1 monthly installment of principal or $100, whichever is less).


No foreign properties

NoForeign Properties

The property must be located in the United States, its territories, or possessions. The latter consist of Puerto Rico, Guam, Virgin Islands, American Samoa, and Northern Mariana Islands.


Certificate of eligibility

Certificate of Eligibility

  • VA determines your eligibility.

  • Requests for a VA Certificate of Eligibility (COE) requires you must complete VA Form 26-1880.

  • It can be pulled online with a VA preferred lender while on active duty or with DD214 after discharge.


Funding fee

Funding Fee

  • A VA funding fee of 2.15% of the loan amount (2.75% for reservists) is payable at the time of closing.

  • The VA funding fee for 2nd, 3rd, etc. is 3.35%

  • This fee will be included in the loan and paid from the loan proceeds.


Credit requirements

Credit Requirements

  • The VA loan underwriter will analyze a borrowers credit in order to determine approval.

  • VA Home Loan approval is not completely driven by credit score but focuses on the borrower’s timely payments and credit history over the past 12 months.


No or limited credit history

No orLimited Credit History?

  • If the borrower and/or co-borrower have limited or no credit history (as determined by a credit report) then satisfactory payment history must be established, usually on 3 trade lines.

  • Trade-lines include: utilities, telephone bills, and rental history.


Rent vs own 100 000 00

VA

Military Mortgage

469-360-4952

Rent Vs. Own$100,000.00

Payment & Investment Considerations


Favorable way buying

FavorableWay“Buying”


Payment considerations

Payment Considerations


Payment considerations continued

Payment ConsiderationsContinued


Investment considerations

Investment Considerations


Veteran s administrations programs

VA

Military Mortgage

469-360-4952

Veteran’s Administrations Programs

Texas Veterans Land Board

VA Purchase Program

VA Cash-Out Refinance Program

VA IRRRL Loan Program


Va purchase program

VAPurchase Program

  • 100 % financing up to the conforming loan limit*

  • No Monthly MI

  • No front ratio

  • Up to 41% back & end ratio on a manual underwrite

  • No minimum credit score

  • More leniency on derogatory credit

  • Seller contributions allowed up to 4%

  • Owner occupied property only

* Loan amount must include the Funding Fee and veteran must have sufficient entitlement


Va irrrl loan program

VA IRRRLLoan Program

  • Used to pay off the existing VA loan plus any allowable closing costs

  • Must decrease the interest rate and P&I unless going ARM to fixed or decreasing the term

  • No appraisal required


My community 100

My Community100%

  • 100% Financing

  • No Prepayment penalty

  • Minimum 575 credit score

  • Reduced Monthly MI with homebuyers class

  • 30 year fixed rate

  • Step below VA


Texas veterans land board housing assistance

VA

Military Mortgage

469-360-4952

Texas Veterans Land BoardHousing Assistance

How the Housing Assistance Program Works


How the housing assistance program works

How the Housing Assistance Program Works

The Veterans Housing Association Program (VHAP) provides financing up to $325,000 toward the purchase of a home to qualified Texas veterans. Loans for $45,000 or less are originated through the Texas Veterans Land Board’s (TVLB) direct loan program.


How the housing assistance program works1

How the Housing Assistance Program Works

There is no maximum sales price with the VHAP; however, the TVLB can only loan up to $325k towards the purchase. The VHAP must be originated in conjunction with Federal Housing Administration (FHA), Veterans Administration (VA), or conventional financing. Loans over $45k must be originated by a participating lender.


How the housing assistance program works2

How the Housing Assistance Program Works

The VHAP is not a refinancing program. If you have an existing loan on your home, you cannot use the VHAP to lower your interest rate, nor can the VHAP be used as a down payment on a home. It can only be used as a first lien on your primary residence.

The term of the loan can be 15, 20, 25 or 30 years.


How the housing assistance program works3

How the Housing Assistance Program Works

VHAP loans typically require an escrow account to be set up for taxes and insurance.

Cosigners and guarantors may be accepted on the veteran’s behalf if the veteran has sufficient income to qualify for at least 60% of the monthly payments on the mortgage loan, including taxes and insurance.


How the housing assistance program works4

How the Housing Assistance Program Works

Two married, eligible veterans may have only one active VHAP loan at one time

All TVLB loans are subject to credit approval


Additional interest rate discounts

AdditionalInterest Rate Discounts

15 Year Term.250%

Veterans With Disability.350%

Qualified Service Era1.06%


Va home buyers education seminar

VA

Military Mortgage

Presents:

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972-739-7240


How it works

How It Works

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Prove it or remove it

Prove it or Remove it !

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What we do

What We Do

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