A Complete Guide to Your VA Home Benefit Thank you for Joining Us We will begin Shortly Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 © Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062 or email: [email protected]
A Complete Guide to Your VA Home Benefit
Jan 23, 2015
California Veterans are eligible for many benefits, one of which is the Home Loan guarantee program that allows qualified Veterans the ability to purchase without a down payment.
The purpose of this online class is to help Veterans prepare for the process of buying a new home. Educate yourself, be empowered, become a homeowner.
The purpose of this online class is to help Veterans prepare for the process of buying a new home. Educate yourself, be empowered, become a homeowner.
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A Complete Guide to Your VA Home Benefit
Thank you for Joining Us We will begin Shortly
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
What We Will Cover in This Class
★ Basic Elements of VA Guaranteed Loan
★ Rules for Eligibility
★ Qualifying Basics - Getting Approved
★ Overcoming Credit Challenges
★ Additional Assistance & Tax Exemptions
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Basic Elements of VA Guarantee★ No Downpayment Required*
★ No Max Loan Amount - *County Limits
★ VA Guarantee vs Mortgage Insurance
★ Must Be Owner Occupied
★ Interest Rates & Closing Costs
★ Available to Purchase or Refinance a Home
★ Funding Fee Options
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Loan Program Options
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
★ Standard Balance 30,25,20,15,10 Year Fixed Rate
★ High Balance ($417,001+) 30 & 15 Year Fixed Rate
★ Purchase of 1-4 Units OK - Owner Occupied only
★ IRRRL - Interest Rate Reduction Refinance Loan
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Interest Rate Reduction Refinance
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
★ Reduced paperwork, reduced cost refinance
★ Reduced VA funding fee of .50% (instead of 2.15%)
★ No Income or Asset documents required - No DTI
★ “Drive by” Appraisal waived in some cases
★ Must have paid VA loan on-time for past 12 months
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Funding Fee Options
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Service Transaction Down Payment First Time Use Subsequent Use
Purchase 0% to 4.99% 2.15% 3.30%
Regular! Purchase 5% to 9.99% 1.50% 1.50%
Military Purchase 10% or more 1.25% 1.25%
Refinance Any 2.15% 3.30%
Purchase 0% to 4.99% 2.40% 3.30%
Reserves Purchase 5% to 9.99% 1.75% 1.75%
Nat. Guard Purchase 10% or more 1.50% 1.50%
Refinance Any LTV 2.40% 3.30%
Exempt Refinance Any LTV 0.00% 0.00%
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
General Rules for Eligibility
★ Honorable Discharge 9/15/40 - 9/7/80
★ 90 Days or more, any part during wartime, or
★ 181 continuous days or more during peacetime
★ Exceptions include Service Related Discharge
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Army, Navy, Air Force, Marine Corp, Coast Guard
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
General Rules for Eligibility
★ 2 Year Requirement for Veterans who: ★ Enlisted (and service began) after 9/7/80, or ★ Entered service as an officer after 8/16/81 ★ 24 continuous months of active duty, or ★ Full period for which called or ordered to active
duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime)
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Army, Navy, Air Force, Marine Corp, Coast Guard
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
General Rules for Eligibility
★ Completion of 6 years of Service unless,
★ Early release due to service related injury
★ Inactive status awaiting final discharge
★ Still serving in the Reserve
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Reserves and/or National Guard
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
General Rules for Eligibility
★ Unmarried surviving spouse of Veteran who dies from service or service-connected causes
★ Surviving spouse of Veteran who dies from service or service-connected causes, who remarries on or after age 57 and on or after 12/16/2003
★ POW/MIA Spouses - Listed for at least 90 days*
*one time only use of VA Home BenefitQuestions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Eligibility for Spouses of Veterans
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Qualifying Basics - Getting Approved
★ Must live in Home as Primary Residence
★ Can only have One (1) VA Loan
★ No Non-Spouse, Non-Veteran Borrowers
★ All Borrowers need Social Security #
★ Must have minimum 1 Credit Score
★ Automated Underwriter Determines DTI
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Qualifying Basics - Getting Approved
★ Min Credit Score 620 up to $417,000
★ Min 660 over $417,000 or Manual UW
★ No Reserves Required for SFR
★ 6 Months Reserves for 2-4 O/O Units
★ Steady Employment - Work History
★ Ability to Repay - Residual Income
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Manual Underwriting Approval
★ Min 660 Credit Score
★ Debt to Income Ratio Restricted to 41%
★ Underwriter will Review Complete File
★ NOT Easier to Qualify
★ Use for Credit Errors or Exceptions
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
California Residual Income Chart
★ Family size of 1 = $491 ★ Family size of 2 = $823 ★ Family size of 3 = $990 ★ Family size of 4 = $1,117 ★ Family size of 5 = $1,158 ★ Family size over 5 = Add $80 for
each additional member up to family of 7
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Loan Amounts of $80,000 and Above
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Overcoming Credit Challenges
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
★ It’s NOT Always Bad Credit
★ Not Enough Good Credit is Most Common
★ Credit Cards are Actually Good
★ High Balances are Really Bad
★ FICO Boost Secret - www.OptOutPreScreen.com
★ Buy Again After BK, Foreclosure or Short Sale
Common Credit Facts & Misunderstandings
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Overcoming Credit Challenges
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Overcoming Credit Challenges
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
★ 2 Years from Discharge of Bankruptcy
★ 2 Years from Foreclosure Date
★ 2 Years from Short Sale Date
★ 2 Years from Deed in Lieu of Foreclosure
★ High Balance - 7 Years from Foreclosure or BK
★ Default on VA Loan May Affect Entitlement
Boomerang Buyer Waiting Periods
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Buyer Assistance & Tax Exemptions
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
★ CalHFA CHDAP - Must use CHDAP income limits
★ CHF Platinum & SCHFA Homebuyer Grant
★ Mortgage Credit Certificates - MCC
★ County Property Tax Disabled Veteran Exemption
★ CalHFA Qualified Veteran Exemption
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
CalHFA Qualified Veteran Exemption
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Disabled Veteran Tax Exemption
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
Your VA Home Benefit
http://ocgov.com/gov/assessor/exempt/veterans
Orange County Veteran & Disable Veteran Exemption
LA County Veteran & Disable Veteran Exemption
http://assessor.lacounty.gov/extranet/guides/exemptions.aspx
Exemptions Reduce Tax Assessed Value of Home
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A Complete Guide to Your VA Home Benefit
Thank you for Attending
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Questions about Qualifying? Call (562) 394-0378 or (888) 808-8062
or email: [email protected]
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