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Va quick guide

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A complete guide from application to closing for veterans to buy a house using their VA home loan benefit.

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Va quick guide

  1. 1. Introduction Thank you for downloading my Quick Guide which will help answer most of your basic questions concerning the VA home loan process. Some veterans may have some unique situations or a question that isn’t covered in the following information guide but I have made it easy for you to be able to get those answers. Besides being an educational guide the following information is designed to walk you through the following steps all the way to signing your closing paperwork and getting your new set of keys.  Answer Your Questions  How To Determine Your Credit Profile  Start The Pre-Approval Process  Get Your Pre-Approval Letter  Download The Mortgage App (Optional Tool For House Shopping)  Picking A Real Estate Agent & House Shopping For the veterans who have downloaded this Quick Guide and don’t know who I am my name is Chris Hatley and I’m a loan officer licensed in all 50 states who specializes in VA loans and also a veteran myself having served in the U.S. Army with the 25 th Infantry Division & the 101 st Airborne / Air Assault Division better known as the Screaming Eagles. My NMLS ID is 1033017 and I live and work in Cookeville, Tn about 3 hours from where I grew up and about 2 hours from my last duty station Ft. Campbell, KY and I am thrilled to be able to help you with your home buying experience using your VA loan benefit. Phone (931) 651-1378 Fax (800) 420-0401 vamilitaryhomeloans@gmail.com 2
  2. 2. Section One: Common Questions & Answers  What Is A VA Loan ………………………………………………………………………………………………………….4  What Are The Benefits Of A VA Loan ………………………………………………………………………………4-5  What Uses Are There For A VA Loan ……………………………………………………………………………….6  My Bank Said No To Manufactured Homes / No Problem Here ………………………………………6-7  The Importance Of Establishing Your Buying Power With A Pre-Approval Letter …………….8-10  Closing Cost & How To Get The Seller To pay ………………………………………………………………….10-12  Obtaining Your Certificate of Eligibility ………………………………………………………………………….12  What Are The Credit Requirements ………………………………………………………………………………..13  What Documentation Will I Need & What About Self Employment ……………………………….13-14  Will I Need Proof I’ve Been Paying Rent …………………………………………………………………………15-16  What About Special Circumstances Concerning My Finances …………………………………………17  How Do Rental Properties Affect My Qualification Status & My Debt To Income Ratio .....17  Why You Need To Look Over Your Bank Statements ………………………………………………………18  I Currently Have A VA Loan / Can I Get Another Or What Do I Do ………………………………….18  The VA Funding Fee & Who Is Exempt …………………………………………………………………………..19  What Should You Know When Making An Offer To A “For Sale By Owner” …………………...20  How To Find A Qualified Real Estate Agent Who Understands The VA Process ……………...21  The 4 C’s To Making Your Underwriter Happy …………………………………………………………….…22 Section Two: The 3 Action Steps You Need To Take Today 1. Evaluating Your Credit ………………………………………………………………………………………………….…...23 2. Submitting Your Application ………………………………………………………………………………………..…….24 3. Getting Your Pre-Approval Letter …………………………………………………………………………………..…..24 Section Three: The Mortgage App For Your Phone A Useful Tool I have Included To Help With Your House Shopping Experience ………………..…25-26 Section Four: The 1003 Residential Mortgage Application I have highlighted all the important fields so you can print and fill out at your convenience and then just follow the instructions on the instruction page for returning either by email or fax. 1003 Residential Mortgage Application / Print Pages 27-32 3
  3. 3. A VAHome Loan is a mortgage loan guaranteed by the U.S Department of Veterans Affairs and can be issued by qualified lenders. The loan enables qualified veterans to purchase a home without putting any money down or having to pay private mortgage insurance (PMI). Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program. VAwill guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. This figure can be more, even up to $517,000 in certain parts of the country. 7 Uniformed Services HaveVAHomeLoan Benefits  Army  Navy  Air Force  Marines  Coast Guard  Public Health Service Corps  National Oceanic & AtmosphereAdministration Corps Serving our country is commendable and those great individuals who do are allotted certain privileges. In return, the government has made the home buying or refinancing process a lot more flexible for veterans: 4
  4. 4. • Available to active military members, veterans and qualified surviving spouses • No Down Payment! (Finance 100% Of Purchase Price Plus VA Funding Fee) • No Mortgage Insurance required (Saves You Thousand's Long Term) • Easier Qualifying Standards Including Higher Debt To Income Ratios An example would be a family with a gross income of $50,000 applying for a VA loan. They will qualify for a monthly payment of about $209 more than someone applying for a conventional loan. They also will have more house for they’re money since there isn’t any Private Mortgage Insurance built into the payment. • Low VA interest rates, due in part because these loans are insured by the federal government. • A Loan That Is Assumable By Veterans Or Non-Veterans And Free counseling is available from the VA in case of financial difficulties. With all new home purchases an "Escape Clause" is required as a safety precaution for the VA loan applicant. This clause protects the buyer from being obligated to a VA mortgage loan when the appraised value of the home doesn’t match the selling price thus protecting your earnest money deposit. Just a quick comparison of a VA home loan versus a conventional mortgage shows a significant difference: VA LOAN CONVENTIONAL LOAN Money Down No Yes Primary Mortgage Insurance (PMI) No Yes Finance Funding Fee Into The Loan Yes No Prepayment Penalties No Some Do / Read Your Terms 5
  5. 5. Buying a condominium, manufactured or traditional style home, the choice is yours. Youcan even purchase up to a four apartment dwelling as long as you plan to live in one apartment and then you can rent out the rest of the apartments.  Building a new home.  Buying & improving a home with a cash out refinance up to 100% of the value.  Installing energy-efficient improvements to a home.  Refinancing an existing VA loan to get a better interest rate & lower your monthly payment. *Buying a manufactured home on a permanent foundation, even though Manufactured Housing is covered under VA guidelines the majority of banks & wholesale lenders have shyed away in recent years. Myself have stayed the course by acquiring licensing in all 50 states and approval with the number one lender of manufactured housing in the United States and I’m completely able to provide financing in this niche. Please feel free to Apply Online Now or call (931) 651-1378 or email me at vamilitaryhomeloans@gmail.com. Typically the buyer will pay for the appraisal which will cost about $375 to $500 depending on what state and community you are purchasing your home in and is paid outside of closing. With manufactured housing it is very possible that the lender may ask for a certified foundation egineer report. This isn’t something that’s part of your closing cost and is paid outside of closing as it isn’t part of the 4% seller concessions. ? 6
  6. 6. and typically cost around $400 and sometimes more. This cost is something that has to be paid in advance and if it isn’t negotiated up front when making the offer will usually come back on the buyer once the file makes it to underwriting. Your local bank want ask for this in your approval letter 100% of the time. The reason your bank want ask for this is because it’s not the banks job to customize approval letters for specific offers and include cost saving precautions for mortgage applicants. I do this because as a VA loan specialist I always try to anticipate and address any concerns or cost that might save you money in the home buying process. I Personally Customize Every Approval Letter For Your Specific Offer! Please take a look at the example approval letter included in the approval letter section of this Quick Guide, these are more detailed and customized than you will get from any ordinary bank and put you in a much better position for making an offer. These letters with the right real estate agent will get you more favorable terms and save you money at the closing table. 7
  7. 7. The Importance Of Establishing YourBuying Power With A Pre-Approval Letter I really like for people to understand that shopping for a home before talking to the bank is like going to a gun fight without any bullets. Everybody should take the time and find out exactly what amount of home they canqualify for and whatthat meansas far as a monthly payment after taxesand insurance is factored in. Another reason to do this is so when you and your agent decide on a property you wish to make an offer on you have some bargaining power that will give you an advantage over someone else who maybe interested in the property. And YouWant That Letter CustomizedFor That Particular Offer! Anapprovalletter is a very valuable toolto haveat your disposal when a seller is reviewing your offer! They will know they have someone who qualifies for financing and they will try extremely hard to come to an agreement so the transaction happens. I would like for you to take a moment and look at the example of an approval letter that I will issue for you. It is more detailed than you will get from an ordinary bank because it not only let’s the agents and seller know you are qualified for financing but it has safe guards written in to help the loan process run smoother and save you time and money. I Personally Customize Every Approval Letter For Your Specific Offer! Please take a moment to review the following Approval Letter for one of my clients: 8
  8. 8. CHRIS HATLEY Mortgage Loan Officer OFFICE: 931-651-1378 CELL: 931-206-5662 EMAIL: chatley@peoplesbankusa.com Congratulations Mr. & Mrs. Jordan: I am pleased to notify you that your application for a VA home loan Pre‐ Approval has been reviewed an accepted. This approval is provided through the Freddie Mac Loan Prospector system and is based on a purchase price of $340,000. Your loan number is 2140715105, this assessment is based on your current credit history, income, assets and debt assuming that there are no changes in your financial situation. This pre-approval should not be considered a commitment to lend until the following as well as underwriting conditions are met. 1.) Acceptable Purchase Contract Signed By Buyer & Seller 2.) Satisfactory Appraisal Showing Proper Sufficient Value 3.) Title Search/Examination 4.) Satisfactory Pest Inspection Provided By Seller I wish you luck in the home buying process & thank you for choosing to use me in your quest for home ownership. Chris Hatley 9
  9. 9. NOTE: The Pre-Approval letter you just reviewed is the approval letter that I will issue for you and take note that it includes an actual loan number (Pre-Qualification letters you receive from most lenders want have a loan number and have very little value to real estate agents who have been in the business for a while). Once you and your agent find a property I will customize it for your agent so they can improve your offer. An example would be if you found a property for $275,000 you wouldn’t want to use the letter that says you’re pre-approved for $340,000. What I would do is reissue the letter to state whatever amount you need it to say for that particular offer. Also if there were any special circumstance such as the property was a manufactured home I would add a Certified Engineer Foundation Report to list for the seller to obtain so you don’t get asked to pay that bill later in the loan process. When interviewing real estate agents to represent you in the buying process you want to make sure you take your time and ask specific questions. Youwant to make sure they understand that you are wanting to come out of pocket as little as possible and that they know what the VAhome buying benefits are to you as the buyer so they makea great offer during the negotiating process to save you as much money as possible. A Good Approval Letter Will Help Your Agent Negotiate A Better Deal  Loan Origination Charge (Majority OfLendersIs Usually 1%)I use a networkof lenders andtypically will be less than1%on loanamountsabove$100,000. (Exampleof Savingsfrom thisdifferencewouldbe youpurchasingahomeof $280,000andyourtypical bankchargesyou1%or$2,800, through mynetwork of wholesalelendersyouwill probablyfindthis originationcharge tobeabout$1,000 whichsavesyou$1,800orinthe case whereyouhaveplentyofseller concessions 10
  10. 10. will leave a credit of $1,800 for buying down the rate or making sure you get reimbursed any expenses such as your earnest money deposit)  Credit Report Fee  Doc Stamp  Survey Fee  State Tax or Intangible Fee  Title Insurance and Title Examination  Flood Certification  Appraisal  VA Funding Fee - Is Typically Financed Into The Loan & Disabled Veterans Are Exempt  Pre-Paid Interest For The Following Month's Payment You Will Be Skipping  An Escrow Account Will Also Have To Be Built For Taxes And Insurance Now if you are working with a keen real estate agent and they are communicating with your mortgage consultant and they have a really good understanding of the local market and what the real value of the property is, it’s time to find that perfect home. The VA funding fee will be financed into the loan amount and unless your planning on paying closing cost you will need the seller to do that for you. The way this works is let’s say you’re looking at a home that is on the market for $200,000 and your closing cost and pre-paids are roughly $6,000. Let’s say that your agent feels comfortable the property will appraise for the full asking price through their own research they have done of comparable sales in the general area and thinks there is a good possibility of the homeowner may be willing to take $190,000 or maybe even a little less. 11 - This Is Paid In Advance Outside Of Closing Typically By The Buyer
  11. 11. Well if everything we believe and know is true and the seller would be willing to settle for $190,000 then obviously the seller would except an offer for $196,000 and pay your closing cost and prepaids, it would be the same thing as taking another offer of $190,000 without paying anything. Your agent may even start out a little lower to test the waters on the first offer and then back off to get exactly what you need once there is a counter offer. I’ve been doing this for several years and the fact is most sellers already know they’re not going to get full asking price and already have a minimum number they plan to take so once you and your agent start making an offer and negotiating getting your closing cost and pre paids squeezed into the middle of the full asking price and that minimum number they’re willing to take isn’t that hard. Since I started originating VA loans in 2000 I can’t remember a single veteran who has paid all of their closing cost and the majority has been reimbursed their earnest money they placed as a deposit. * If you feel more comfortable with me finding you a qualified real estate agent in your area I can do that for you,just give mea call at 931-206-5662. To obtain your COE, you must have been discharged under conditions other dishonorable and meet the service requirements listed on the official VA benefits website by clicking here. The majority of my clients usually just supply me with a copy of their DD 214 which is a requirement to be in the loan package anyway and then I obtain it for them through the VA portal set up foe lenders. If you would like to learn more you can visit my blog post on VA Certificate of Eligibility and learn the four diiferent ways of obtaining it which the easiest Way is to just send me your DD214 once we have your pre-approval and I’ll have the processors Print it off from the lenders VA portal. 12
  12. 12. The VAdoesn't require a minimum credit score for approval but most banks will require at least a 620 credit score because most secondary market investors require that before they will purchase the loan on the secondary market. Some banks will look to see if there are any circumstances that have caused the lower credit score, and if they deem it not too risky they may manually underwrite the loan and approve it as long as it still stays within VAguidelines. I would suggest obtaining a free credit report and reviewing it if you have any concerns. If you have been making on time payments for the last two years and keep fairly low balances on your revolving debt and don't have anything in collections or any judgments you should have a good score and no concerns from a credit stand point. Applying Online Is Quick And EasyAnd I've WorkedWith VeteransAnd Active Duty Military Personnel Helping ThemPurchase Or Refinance Their VAHome Loans Since 2000. Allow Me ToHelp YouGet Qualified And Into YourDream Home. Here is a mini 1003application that will only takea minute but is enough to get started with the pre approval process. Apply Online Now  Last 30 days of paystubs for all jobs for the borrowerand co-borrower,if you are self employed wewill averageyourlast twoyearsincome based off your taxreturns. If you havebeen self employed for less than two yearsbut in the same field of work that should be fine also but each 13
  13. 13. situation is different. If youhaveanyquestions you can call meon mycell at 931-206-5662 or email me at chrishatley565@gmail.com.  Taxreturns and W-2's for the last twoyears(If borrower and co-borrower filed separatelyyouwill need both)  Last twomonthsbank statements for all bank accounts  If you are obligated to paychild support, alimony or separate maintenance or you receive anyof those you will need to supply a divorce degree and proof of timely payments.  Veteranswill need a copy of their DD-214 and Active military should provide their current active military id and an LES, a re-enlistment contractletterfromyourcommandingofficermaybenecessaryif youractiveduty obligationissettoexpirewithinthenext12months.  Last twoyearslandlord contactinformation  Last twoyears contact information to verify work history  If youarereceivingdisabilityorsocialsecurityor somethinglike caregiverincome fromthegovernmentyouwill needtogetthebenefitlettersstaingtheamountsyou receiveforthecurrentyear.  Ifyoureceiveretirementbenefitsyouwillneeddocumentationshowinghowmuch youreceivefromthedistributingagencysendingyoutheretirementincome.  IfyouhavehadaBankruptcyinthelast7yearsyouwillneedacopyofyour dischargepapers. Once you do have an executed contractyou will be askedfor the cost of an appraisal, this fee varies by geographic areas but averagesfrom about $375to$500dependingwhereyouare located. 14
  14. 14. Depending on your credit score and open lines of credit you have with more than 12 months reporting history you may or may not need proof of your rent payments. When you get ready to get pre-approved and I send your information through either Desktop Underwriter (Fannie Mae) or Loan Prospector (Freddie Mac) we will determine if a verification of rent is needed. Typically if you’re credit falls inside the 580-620 category there’s a good chance your approval status will come back as a refer status which means we will need to manually underwrite your file and a verification of rent will be necessary. This isn’t always the case as I’ve had several veterans with scores between 600- 620 to get full approvals through the electronic system with no verification of rent needed at all as it really depends on exactly what is on the credit as well as how old the accounts are and how your credit activity has been since. Basically if we run the electronic approval through desktop underwriter or loan prospector and get a refer status we will need to provide a verification of rent or sometimes if we get an approval a verification of rent may still be needed if your current credit report shows less than two trade lines with less than 12 months reporting history. In the event you need to provide a verification of rent and you pay rent to a management company or an apartment complex you don’t have to do anything as my processors will send them a form to fill out and send back and that will be sufficient. If you currently pay rent to a private landlord you will need to provide your last 12 months cancelled checks or if you have paid by money order you will need to provide proof of purchase of those money orders. Hand receipts from your landlord are no longer acceptable and underwriters aren’t allowed to make exceptions. In the event you are worried about this particular condition the best thing to do is apply for your pre-approval and see if this is going to be a requirement as this isn’t a requirement for all veterans. 15
  15. 15. This is Acceptable This isn’t Acceptable 16
  16. 16. ExamplesOf Special Circumstances:  YouReceive Child Support Or Alimony  YouHave A History Of Capital Gains Income  YouSell Avonor Mary KayOn The Side And Have For At Least 2 Years The first thing we need to do is collect the proper documentation that is needed and go from there. Typically these situations aren't a big deal it's just a matter of collecting all the paperwork to submit to the VA underwriter. Your gross monthly income or your debt to income ratio will be effected one way or the other depending on how you have filed your schedule E on your tax returns. Your VA underwriter is going to look at your tax returns and perform a schedule E worksheet to determine if they need to adjust your gross monthly income or add more debt to your monthly obligations. You can find several different schedule E worksheets online but most aren’t accurate. I will be more than happy to calculate this for you or if you email me I will send you an accurate schedule E worksheet that I got from a VA underwriter that takes all of five minutes to fill out and will give you the exact information you need and you don’t have to be a tax professional to fill it out. Just send me an email for a schedule E worksheet to vamilitaryhomeloans@gmail.com and I’ll be more than happy to send you a copy along with an example for you to see and perform your own quick analysis. 17
  17. 17. When you get ready to purchase a new home you will be asked for your last two months bank statements for any accounts you are claiming liquid assets in such as your primary checking & savings. Your VA underwriter will be looking at these to make sure they can source funds to close and also to check for any large deposits especially from cash. This is a federal requirement that all underwriters must abide by abide by through the U.S. Patriot Act. Any large deposits of 25% or more of your normal monthly income will be required to be sourced and smaller deposits may also be sourced if they look abnormal or suspicious. You can google the U.S. Patriotic Act if you want to know more but for now just remember to not be placing large cash deposits into your bank account unless you have a paper trail showing where it came from. (Example would be you deposited $4,200 cash into your bank account from the sale of your bass boat and you have a signed bill of sale that shows the source of funds) The best thing to know is just because you own a home now and it’s guaranteed through VA doesn’t mean you don’t have any eligibilty at the moment. What you need to do is request another certificate of eligibilty and see what you have remaining or give me a buzz and I will do the homework for you and see exactly what your qualifications are. 18
  18. 18. The VA Funding Fee ranges from 2.15% to 3.3% of the loan amount on purchases and .5% to 3.3% of the loan amount on refinances. The following table breaks down how the VA funding fee is determined. Purchases Type of Veteran Down Payment 1st Time Use Subsequent Use Regular Military None 2.15% 3.3% 5% to 10% 1.5% 1.5% 10% or More 1.25% 1.25% Reserves / Guard None 2.4% 3.3% 5% to 10% 1.75% 1.75% 10% or More 1.5% 1.5% Cash Out Refinances 1st Time Use Subsequent Use 2.15% 3.3% Interest Rate Reduction Refinance Loans (IRRRL) = .5% VA Funding Fee *Veterans receiving VA disability are exempt from the VA funding fee. 19
  19. 19. What you have to remember here is you don't have the knowledge that a good agent would have but you do have a powerful situation that you can take advantage of. That situation is the fact the seller isn’t paying a real estate commission of 6% of the sales price at closing. Typically the seller once they list their home with a real estate broker they are agreeing to pay 6% for the exposure their home will get by being listed in the MLS and then they know on average they are going to be negotiated down even more once someone makes an offer. Now that you know thay aren’t paying the 6% sales commission you can really push to get your full 4% seller concessions included in your purchase contract. Most sellers aren’t expecting to get full price for their home and expect to have to reduce their price some when negotaiting so you can almost always expect the seller to agree to pay these. Also don’t be afraid to low ball your first offer and let the seller counter. As a rule of thumb, if the seller says yes to your first offer you paid too much. You can do some online research through sites like www.zillow.com to help you get an idea for what the property is actually worth. (Note) I don't trust these sites for complete accuracy but they should get you in the ballpark. 20
  20. 20. Remember the farther you live from a military base the more difficult it becomes to find the best representation for your home buying experience. I personally can guide you through this experience by interviewing agents in your area since I am also a veteran and have years of experience with VA home loans and working with real estate agents. No matter what town your planning to make your purchase in I have the ability to have several agents living right in that particular community contact me for your business and will personally talk to them about your approval and then match them up with you so you can give them your details as far as what your looking for in a home so you can begin your home shopping experience. Just send me a quick email at vamilitaryhomeloans@gmail.com or send me a direct message from the Mortgage App you downloaded to your phone. I can also be reached at my office at (931) 651-1378. *Get Started Today & Quit Making Your Landlord Rich! *Every Dollar You Pay In Rent Is A Dollar You Could Be Investing In Your Future! 21
  21. 21. 1. Credit refers to the financial history of all borrowers involved; that is, what kind of "financial citizen" have you been? Credit is most often determined by looking at such things as:  Do You Have Late Payments (We Can Sometimes Overcome These With A Letter Of Explanation)  Do You HaveAny Delinquent accounts (Medical Bills We May Be Able To Work Through)  How Much Revolving Credit Do You Have (Try To Maintain Low Balances)  How Much TotalDebt Do You Presently Have (Any installment debt obligations that are less than $100 monthly and will be paid in full in the next 10 months do not have to be included in your debt to income ratio) 2. Capacity refers to your ability to pay back your home loan, lenders will look at your income (factor your debt to income ratio)and your employment history. 3. Capital refers to your assets and property you have that if needed you could sell to pay your debt, savings in your bank accounts, 401k's, stocks and bonds, insurance policy's, ect. 4. Collateral refers to the value of the property you are wishing to purchase, in some cases if the property doesn't appraise for the full amount of the seller's asking price you would need to make up the difference since the VA will only loan the value of the asking price or appraised value (whichever is less) plus the VA funding fee. 22
  22. 22.  Below 580 (Need Credit Assistance)  580 To 619 (Challenged)  620 To 659 (Average)  660 To 719 (Good)  720 Plus (Great) *If you already know your credit is 580 or above you need to proceed straight to step 2 and submit your application. If you know you fall inside of the first category we need to start thinking about a plan of action to rebuild your credit. If you’re unsure and would like to see your credit first you can go online and get a Tri-Merge credit report that will include all three credit bureaus. A couple of good ones are identityguard.com & myscore.com. Once you obtain your credit report you will want to cancel the service before the free trial ends unless you wish to keep the monthly monitoring service. If you know for sure you are in need of rebuilding your credit I urge you to please take the time and have a one on one consultation with Tim Palmer or one of his associates as to where to start. Tim is a former Marine who now helps veterans work through they’re credit issues and you can reach him at (972) 231-0452 X128. You can also send him your contact information through my website by clicking the following link. http://vamilitaryhomeloans.com/credit-assistance/ Everybody’s situation is different and some issues are easier to repair than others but the consultation is free and the advice is sound so please feel free to contact Tim and see what your options are as rebuilding your credit is your first step to home ownership. 23
  23. 23. 2. You can start the application process one of three ways:  Call me (Chris) at (931) 651-1378 and do a phone application / takes about 15 minutes  Click the following link and fill in the information for the mini-application and I’ll call you to get the remaining information that I don’t have online for security reasons. http://vamilitaryhomeloans.com/apply-online-now/  Print the full application at the end of this Quick Guide and fill in the highlighted fields and then email or fax back to me and I will start processing your application and call you once credit is back. This is usually same day service unless it’s late in the evening or a holiday or weekend in which case I will have everything ready next business day. Print & Complete Pages 27-32. 3. Once I have your credit back I will then give you a call and review your credit profile and your approval status. At this point I may issue an approval letter or decide to run an electronic approval first if your debt to income ratio is outside of the standard guidelines for the purchase price you would like to be approved for. We will determine this together on the phone when I call and once you have the letter in hand it’s time to start house shopping and sign a contract. 24
  24. 24. Download You’re Mortgage App Today If You Haven’t Done It Already (Click Here To Download VA Loan Calculator) Reasons To Have App: 1. You Can Work Up Various Payment Scenarios 2. You Can Do Property Searches 3. You Can Send Questions Directly To My Cell Phone & Get Answers (Ex. ……. Hey Chris, this is Lisa and I just seen a property at 321 Baker Street in Dextor, Co, can you look up the annual taxes and let me know what interest rate to calculate my payment.) 4. You Can Start The VA Pre-Approval Process With Just The Tap Of A Button. 25
  25. 25. Using The VA Loan Calculator 1. Click The Calculator Tab At Bottom Of Screen 2. Then Click The VA Tab At Top Of Screen 3. Then Input Purchase Amount Along With Taxes & Estimated Insurance and Current Market Rate For VA Loans. If You Need Information Concerning Taxes or Rates Or Have A Specific Question Concerning The VA Process Just Click The “ Ask A Question” Tab & I Will Answer You First Opportunity I Get. Do Property Searches Or Start Your Approval Process *Click “Get Pre-Approved Tab” & Fill In The Basic Information. Depending On Loan Volume I will Call You Same Day Or Next Business Day To Gather Any Additional Information 26
  26. 26. Instructions For Completing The 1003 Mortgage Application Please complete the highlighted areas on pages 1-4 of the application, page 5 is for any notes or anything you need to list due to there not being enough space in the area of the application you were completing. Page 1: Please make sure to complete a full two year residency and employment history. The employment does carry over to the top of page two. If you have any gaps in your employment history please list the time period and reason on page 5 of the application. Page 2: This page you will list all your income, at the bottom you will list checking / savings with ballpark balances but do not list account numbers. Page 3: If you have other liquid assets or anything else such as retirement funds you can list these at the top of this page. If you have other real estate to list we will get this information later when we get ready to disclose. The bottom part of this page are declarations and you just need to answer these as Yes or No. Page 4: Here are declarations that have carried over from the previous page and you just need to finish answering these as Yes or No. At the bottom of the page is a government monitoring question that you do not have to legally answer should you decide to leave blank but is placed on the application by law and is used by the government to ensure lenders are compliant with the equal credit opportunity act. Page 5: This page is blank and is for you to use to add anything we may need to know or to add any details you didn’t have space for on the first four pages. Please Forward Application To: Email To vamilitaryhomeloans@gmail.com (Scan as PDF file) OR Click Here To Download Black & White Copy For Fax (Print Pages 1-5) (Use The Highlighted Copy As A Guide) Fax To: (800) 420-0401 (No Cover Needed) Mor tgage Application (Print) Pages 27-32