VA Home Loans Simplified
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VA home loans are mortgages backed by the US Department of Veterans Affairs. They were designed to offer eligible American veterans a way to purchase a home. We created this Slideshare to help understand the benefits and requirements to get a VA home loan.
Transcript of VA Home Loans Simplified
State Licensing Information.
What is the VA Home Loan Program?• VA home loans are mortgages guaranteed by the U.S. Department of Veterans Affairs.
• They were designed to offer long-term financing to eligible American veterans or their spouses to purchase homes.
• VA loans are provided by approved lenders, like New American Funding.
• Since the Department of Veteran Affairs insures VA loans against default, interest rates and terms are better than other mortgage loans.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
VA Home Loans: By the NumbersThe VA Home Loan has helped more than 20 million veterans achieve the dream of homeownership. Created in 1944, the program continues to provide borrowers with mortgage and refinancing options with flexible requirements, lower fees and no required mortgage insurance or down payment for those who qualify.
630,000Total VA Loans
$225,000Average Loan Amount
$142 BillionIn VA Lending
17%Increase in Total Number of Loans
Source: 2013 Department of Veterans Affairs Report. Percentage change is calculated from the previous year.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Benefits of VA Home Loans• No down payment required
• Negotiable interest rates
• Adjustable & fixed rate mortgage options
• No monthly mortgage insurance premiums
• Right to prepay loan without penalty
• VA assistance to borrowers due
to financial difficulty
• Ability to finance the VA funding fee
• Reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
What Can I Finance with a VA Loan?
VA Loan
Buy a home, a condominium unit in a VA-approved project
Build a home
Simultaneously purchase and
improve a home
Improve a home by installing energy-related
features or making energy efficient improvements
Buy a manufactured home and/or lot.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Service RequirementsQualifying Wartime & Peacetime Periods
Qualifying Active Duty Dates Minimum Active Duty Service Requirements
WWII 9/16/1940 - 7/25/1947 90 total days
Post-WWII 7/26/1947 - 6/26/1950 181 continuous days
Korean War 6/27/1950 - 1/31/1955 90 total days
Post-Korean War 2/1/1955 - 8/4/1964 181 continuous days
Vietnam War 8/5/1964 - 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961
90 total days
Post-Vietnam War 5/8/1975 - 9/7/1980 *The ending date for officers is 10/16/1981
181 continuous days
24-month rule 9/8/1980 - 8/1/1990 *The beginning date for officers is 10/17/1981
24 continuous months, OR The full period (at least 181 days) for which
you were called or ordered to active duty
Gulf War 8/2/1990 - Present 24 continuous months, OR The full period (at least 90 days) for which
you were called or ordered to active duty
Veterans
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Service RequirementsActive DutyQualifying Wartime & Peacetime Periods
Qualifying Active Duty Dates Minimum Active Duty Service Requirements
Any Any 90 continuous days
National Guard and Reserve MembersQualifying Active Duty Dates
8/2/1990 - Present
Six years of service in the Selected Reserve or National Guard, AND• Were discharged honorably, OR• Were placed on the retired list, OR• Were transferred to the Standby Reserve or an element of the Ready Reserve other than the
Selected Reserve after service characterized as honorable, OR• Continue to serve in the Selected Reserve
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
The Process
Close the LoanNew American Funding is authorized by VA to approve and close the loan without waiting for the VA’s
review of the credit application.
Home AppraisalNew American Funding will order an appraisal from a VA assigned appraiser. We take care of the home
appraisal for you, so you get the most accurate evaluation of the home.
QualificationA New American Funding mortgage specialist will work with you to ensure you qualify for the best home
loan available. Then, we will refer you to a Real Estate agent in our preferred network.
Apply for a Certificate of Eligibility Our licensed mortgage specialists will help you gather the necessary forms.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
VA Home Loans Simplifed
Learn More About Home Financingand First-Time Homebuyer Programs
www.NewAmericanFunding.com
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
