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.

VA Home BuyersVA Home BuyersEducation SeminarEducation Seminar

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

VAMilitary Mortgage

469-360-4952

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

VAMilitary Mortgage

Mission Statement

GI BillGI Bill of Rights of 1944 of Rights of 1944

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

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

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

VAVAGuaranteed LoansGuaranteed Loans

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

Service Service EligibilityEligibility

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

Peacetime requirements are 181 days.Peacetime requirements are 181 days.

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

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

Maximum loan amount of $417,000.00Maximum loan amount of $417,000.00

Prepayment Prepayment OptionsOptions

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

NoNoForeign PropertiesForeign Properties

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

Certificate of Certificate of EligibilityEligibility

VA determines your eligibility.VA determines your eligibility.Requests for a VA Certificate of Requests for a VA Certificate of Eligibility (COE) requires you must Eligibility (COE) requires you must complete VA Form 26-1880.complete VA Form 26-1880.It can be pulled online with a VA It can be pulled online with a VA preferred lender while on active duty or preferred lender while on active duty or with DD214 after discharge.with DD214 after discharge.

Funding FeeFunding Fee

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

The VA funding fee for 2The VA funding fee for 2ndnd, 3, 3rdrd, etc. is 3.35%, etc. is 3.35%

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

Credit Credit RequirementsRequirements

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

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

No orNo orLimited Credit Limited Credit

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

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

Rent Vs. OwnRent Vs. Own$100,000.00$100,000.00

PPayment & ayment & IInvestment nvestment CConsiderationsonsiderations

VAMilitary Mortgage

469-360-4952

FavorableFavorableWayWay

“Buying”“Buying”

BuyingBuying vs.vs. RentingRenting

Average Monthly Payment SavingsAverage Monthly Payment Savings $292.03$292.03

Total Gain Over 5 YearsTotal Gain Over 5 Years $32,881.04$32,881.04

Payment Payment ConsiderationsConsiderations

RentRent OwnOwn

Initial Rent PaymentInitial Rent Payment $900.00$900.00

Renter’s InsuranceRenter’s Insurance $30.00$30.00

Mortgage PaymentMortgage Payment $632.07$632.07

Property TaxesProperty Taxes $250.00$250.00

Home Owner’s InsuranceHome Owner’s Insurance $25.00$25.00

Before Tax Monthly PaymentsBefore Tax Monthly Payments $930.00$930.00 $907.07$907.07

Annual Home MaintenanceAnnual Home Maintenance $500.00$500.00

Payment Payment ConsiderationsConsiderations

ContinuedContinued

RentRent OwnOwn

Total Payment Over 5 YearsTotal Payment Over 5 Years $60,296.28$60,296.28 $56,924.20$56,924.20

Total Tax Savings Over 5 YearsTotal Tax Savings Over 5 Years $14,149.80$14,149.80

Average After Tax Monthly PaymentAverage After Tax Monthly Payment $1,004.94$1,004.94 $712.91$712.91

Investment Investment ConsiderationsConsiderations

Home Selling Price After 5 YearsHome Selling Price After 5 Years $121,665.29$121,665.29

Minus Loans BalanceMinus Loans Balance ($93,610.81)($93,610.81)

Minus Costs to SellMinus Costs to Sell ($7,229.92)($7,229.92)

Minus Down Payment & Initial Closing Costs With Minus Down Payment & Initial Closing Costs With Unearned InterestUnearned Interest

($5,395.40)($5,395.40)

Investment Gain of Investment Gain of BuyingBuying vs. vs. RentingRenting $15,359.16$15,359.16

Total Payment Savings of Total Payment Savings of BuyingBuying vs. vs. RentingRenting $17,521.88$17,521.88

Combined Gain of Combined Gain of BuyingBuying vs. vs. RentingRenting $32,881.04$32,881.04

Veteran’s Administrations Veteran’s Administrations ProgramsPrograms

Texas Veterans Land BoardTexas Veterans Land Board•VA Purchase ProgramVA Purchase Program

•VA Cash-Out Refinance ProgramVA Cash-Out Refinance Program

•VA IRRRL Loan ProgramVA IRRRL Loan Program

VAMilitary Mortgage

469-360-4952

VAVAPurchase ProgramPurchase Program

100 % financing up to the conforming loan limit*100 % financing up to the conforming loan limit*

No Monthly MINo Monthly MI

No front ratioNo front ratio

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

No minimum credit scoreNo minimum credit score

More leniency on derogatory creditMore leniency on derogatory credit

Seller contributions allowed up to 4%Seller contributions allowed up to 4%

Owner occupied property onlyOwner occupied property only

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

VA IRRRLVA IRRRLLoan ProgramLoan Program

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

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

No appraisal requiredNo appraisal required

My CommunityMy Community100%100%

100% Financing100% Financing

No Prepayment penaltyNo Prepayment penalty

Minimum 575 credit scoreMinimum 575 credit score

Reduced Monthly MI with homebuyers classReduced Monthly MI with homebuyers class

30 year fixed rate30 year fixed rate

Step below VAStep below VA

Texas Veterans Land BoardTexas Veterans Land BoardHousing AssistanceHousing Assistance

How the Housing Assistance Program WorksHow the Housing Assistance Program Works

VAMilitary Mortgage

469-360-4952

How the Housing How the Housing Assistance Program Assistance Program

WorksWorks

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

How the Housing How the Housing Assistance Program Assistance Program

WorksWorks

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

How the Housing How the Housing Assistance Program Assistance Program

WorksWorks

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

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

How the Housing How the Housing Assistance Program Assistance Program

WorksWorks

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

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

How the Housing How the Housing Assistance Program Assistance Program

WorksWorks

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

All TVLB loans are subject to credit approvalAll TVLB loans are subject to credit approval

AdditionalAdditionalInterest Rate Interest Rate

DiscountsDiscounts

15 Year Term15 Year Term .250%.250%

Veterans With DisabilityVeterans With Disability .350%.350%

Qualified Service EraQualified Service Era 1.06%1.06%

VAMilitary Mortgage

Presents:Good Credit Happens

972-380-7230972-739-7240

How It WorksHow It WorksStudies show that most credit reports have Studies show that most credit reports have inaccuracies that may affect your credit score. inaccuracies that may affect your credit score. It's your right to demand the most accurate credit It's your right to demand the most accurate credit reports possible, and to benefit from the reports possible, and to benefit from the improved credit score which results from improved credit score which results from correction. If your credit reports are not correction. If your credit reports are not corrected and restored, any misinformation on corrected and restored, any misinformation on your accounts can cause you to pay higher your accounts can cause you to pay higher interest rates on everything from credit cards to interest rates on everything from credit cards to home mortgages or vehicle loans. home mortgages or vehicle loans.

Prove it or Remove Prove it or Remove it !it !

Helping clients use the laws to improve their Helping clients use the laws to improve their credit is a core credit is a core Good Credit HappensGood Credit Happens service. service. Any negative accounts on your credit reports Any negative accounts on your credit reports that you do not recognize or are inaccurate that you do not recognize or are inaccurate should be disputed and removed. The removal of should be disputed and removed. The removal of such information can increase your credit score such information can increase your credit score significantly. significantly. www.goodcredithappens.comwww.goodcredithappens.com

What We DoWhat We DoThat said deciphering and choosing what That said deciphering and choosing what information should be challenged could be information should be challenged could be difficult and not immediately obvious. Each difficult and not immediately obvious. Each "negative" on a credit report interacts with and "negative" on a credit report interacts with and may consist of multiple accounts and details and may consist of multiple accounts and details and cleaning up the details can mean the difference cleaning up the details can mean the difference between sub-prime credit and an accurate, between sub-prime credit and an accurate, optimized credit profile and an increase in the optimized credit profile and an increase in the scores. scores. www.goodcredithappens.comwww.goodcredithappens.com