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“This is chris the mortgage pro. I m ngonna introduce you to what is a a va loan. How does it work and 20 things you must nknow about a loan now any time throughout the video. Please like share and ncomment because i answer every question.
Personally and thank you for your nservice. Number one. If you have an honorable ndischarge or a general discharge. A general discharge basically is somebody nsometimes.
The military for one reason or another just lets you go early you ndidn t do anything wrong. But with a general discharge you can nalso get a va loan. If you have a less than honorable discharge nyou would not be entitled number two dd 214. I need your dd 214 and what i m ngonna do is i m gonna take that send it to the va and i m gonna get what s ncalled your certificate of eligibility that s gonna tell us how much you re nentitled to for a va loan.
Number. Three people often think i can only have one nva loan at a time. Well. That s not true either.
If the va loan that you might ncurrently have is for a small amount you have an added eligibility you re not ngoing to be able to buy too expensive homes with the va. But very often i see npeople with two va loans at the same time number four maximum loan amount well nfirst of all you can get a loan for a million dollars with a va loan. How does nthat work aren t there limits well kind of what nhappens is the va is going to. Guarantee 25 of the loan now if the limit is 453100 that s what it is right here in nsan bernardino.
County california if you want a house a hundred. 100000 more 553100 you d be required nto put as a downpayment 25 of that amount so 25 over a. 100000 you put a 25000. Now.
If nyou want a million. Dollar. Home you just put 25 of the amount over the n 453100. Now in every county in the ncountry.
The loan amounts are different the limits are different. So you d have nto check with you a county or you can reach out to me. And i d be happy to nfigure out wherever you are in the country. And tell you exactly what the nlimit is number five down payment.
Now. I just mentioned in the last one if you go nover the limit you have to put 25 of the amount over nthe limit for your county down otherwise. It is a zero down payment loan that s a nbig deal where else you gonna get a zero down payment loan with the lowest ninterest rate number six a funding fee now how a va loan works is there is a nfunding fee the first time you use it it s 215 of. The.
Npurchase price so. As an example a. 200000..
Loan. 215 is. 43000 if you use it for the first time nthey re gonna add 4300 to the loan amount if you do it nthe. Second time we re looking at.
33 so that would be. N. 6600. Added to your loan amount now.
There is one gotcha one nstipulation here one thing that s really really great is if you are a disabled nvet. What happens is that funding fee is a 100 waived doesn t exist nyou don t pay it number seven fico score fico stands for fair. Isaac s corporation nbasically. It s your credit score now with a va loan.
Some lenders all have ndifferent numbers. I do as low as a 554 in order to help you get approved with nzero down. Now the higher the fico score the more you save and fees and on ninterest rate. So we always want to take a look and see if we can raise your nscore easily and quickly in order to save you that extra money however very noften with a 555 go score.
I could get people approved nnumber eight. If we know what the fico score is and we know what we have to do nwe. Know what the approximate purchase price is we know what the approximate npayment is we re gonna do what s called a pre approval now many people hear of nit. It s not a pre qualification.
A pre qualification says. You told. Me the ninformation verbally over the phone and i ve been doing this for so long. I know nif you ve been approved or not.
But that s just a pre qualification. A npre approval requires me looking at all your documentation. And i m going to talk nabout. The documentation a minute or two but i m gonna look at nall your documentation.
I m gonna make sure your income is there i m gonna make nsure your assets are there your fico score is there your dd 214 all the npieces the certificate of eligibility. We re gonna put all those pieces ntogether we re gonna evaluate them now after all these years. I could pretty nmuch do it standing on my head. I know exactly what we need to do but i take it nto the next step.
What i m actually gonna do is i m gonna take those documents and ni m gonna number one i m gonna computerize them i m gonna put them into nthe system. I m gonna let the computer run your numbers and what s gonna happen nis we hope to get an approval and basically it ll come back saying approve neligible that means you re approved you re eligible. We do have to verify nevery little dot every i and cross every t now once in a while it doesn t come nback approve eligible. It may say refer eligible.
And that s usually when the nincome is either a little tighter or the credit score is lower on the five fifty nfive eighty and under range. So it happens all the time. And what we do that npoint is we are allowed to do what s called a manual on the right instead of nthe computer underwriting we can send it to an underwriter who s gonna evaluate nall the numbers crunch the numbers and say does this meet va guidelines for a nva loan and very very often we still get you approved number nine we have you napproved the next step is an agent real estate agent is gonna take you out and nshow you properties maybe you ve already seen a property..
Maybe you haven t maybe nyou have an agent. If you don t i know all the top notch aides in the area who nare gonna help you take it to the next level show you the houses show you what nyou are interested in you re gonna tell them you know i m looking for this many nbedrooms this many bathrooms in this area. This is what i m the school ndistrict. I want i want to pull whatever.
It is their job is to find that house nand represent you number 10. We get an offer accept that means the real estate nagent. Who listed the house has presented your offer your price and your nfirms to the seller and the seller has accepted the terms now we re gonna do nwhat we call opening up escrow. We re ready to start the ball moving number neleven disclosures.
We are going to disclose all the financial numbers to nyou sometimes this takes a day or two because there s a lot of numbers every nfee every everything has to be covered. We have to figure out where is this ncoming from how much is it gonna cost you maybe nothing nso. We re gonna talk about that later too number twelve the appraisal. We re not nallowed to order the appraisal until the disclosures that i just talked about are nsigned once they re signed we have to order the appraisal on a va loan through nthe.
Va portal. And the va is going to assign an appraiser they randomly will npick an appraiser. We re not allowed to call them up hey harry i want you to go ndo. John s afraid it doesn t work that way we have to do this randomly and nthrough the va portal.
They re gonna order the appraisal which takes usually nabout a week or so they re gonna go visit the property they re gonna look at nevery little instance every little thing they re gonna take pictures of the house nmake sure it s safe they re gonna look at all different things to make sure and nvalue they re gonna show us what the value that they figure is they re gonna nsay okay here s a comparable home three blocks away nhere s another comparable home a half a mile away. That sold three months ago and nhere s one right down the block well this was the square footage here nthis is the square footage on this house and they re gonna compare they re gonna ncrunch all the numbers we don t get involved in that but it s gonna come nback and say this is the value of the house. We do that to ensure a couple of nthings. One the lender wants to be sure that they re lending.
You money for a nhouse that s worth what they re lending you number. Two we also want to protect nyou because what if you offer 300000 for a house. But it s only worth 275. That nwouldn t make any sense for you so it s there to protect you and there to nprotect the lender.
Number 13 income. We need documental provable income. If you ncan t prove it on paper. It doesn t exist if you started working njob last week.
A second job just because he did that doesn t mean we can use the nincome. We can use one job and all the income or two jobs. If he d been working nthat job for two years. So a lot of people try and buy a house so they just nwe started three months ago.
Well that s great that you save some extra money. But nwe can t use that income now. How do we determine income super. Important are you npaid how early are you paid salary salary is easy you could pay.
5000 a nmonth you 5000. A month. But if you get paid twenty dollars an hour okay how nmany hours do you work a 40 hour workweek nor do you work..
A fifty hour work week. Well. We re gonna use the 40 hour work nweek and the rest is going to be overtime. How we use over time is we naverage it over the last two years because if you started working overtime nsix weeks ago.
We can t use that also bonuses and commission. We have to naverage those also see it can t be brand new income with no history they need to nsee a history to determine can you really afford this if you re a disabled nvet and you receive disability income from the va. What happens is we can gross nthat up 25 let me explain if you are let s say a 50 disabled then you re ngetting roughly 1000. A month we get to add 25 of that so it s one thousand two nhundred and fifty dollars as your income.
Why can we do that well you don t pay ntaxes on that money so that s a big deal we evaluate your income taxes the family nnot just yours if if your wife or a husband is going on the loan with you we ncan use both incomes. But only a husband and wife can go on the same va loan or nto veterans. As an example you cannot have a fiance and and the veteran. It njust doesn t work that way they must be married or both of them would have to be nveterans true story.
I once went to a wedding where i did a loan for my nfriends. They wanted to buy this house. But they weren t married yet so what i ndid was i told them you have to be married if you re going to nthis house cuz you need both incomes. I went to their weddings six months later nand.
My wife and i were the only people. There who knew they ve been married for nsix months number fourteen documentation. Super. Important you know but most people nit s pretty straightforward if it s a va loan.
We always start the most important ndocuments to start with is we need your dd 214 nwe start there we re gonna order your certificate of eligibility so you don t nhave to next we re gonna look at your income. We need one month s pay stubs if nyour spouse is also on the loan one month. Obviously for both if you have njobs. We also need two years of income taxes and two years of w.
2s. Nvery. Often when we run the approval. It will not require income taxes.
But we do nask for them upfront because in most cases. It will we re also going to ask nyou for two months of bank. Statements. Every single page please don t blacken neverything out.
They won t accept that we need two months of bank statements. We nneed. A social security card and a driver s license. Now.
If you have a 401k. Nor. You have some kind of other income or documentation for savings of some kind nwhether it s retirement savings or whatever it just makes you a case nstronger so give us that too if you ve had a bankruptcy in the recent past nwe re gonna need bankruptcy documentation..
Also so these things nchange with everybody everybody like a fingerprint has a little bit of a ndifferent situation. So we stop there and then the underwriter is gonna ask for a nlittle. Bit more a little bit more to prove little things sometimes a little ncan of worms opened up with a deposit that you made or something so they re nalways gonna ask for more get used to it that s how it works nnumber. Fifteen termite report you know with an fha loan conventional loans.
Nother types of loans. We very. Often do not need a termite report on a va loan. Nit is mandatory every single time they are meant to protect you as the consumer nyou as the veteran who s buying this home they want to make sure you don t nhave a ton of termite damage or even a little termite damage that we don t want nyou to be responsible for now 4 16.
It s starting to get exciting now nyou re finding the house that you re looking for we ve gone through the npre approval process. We ordered the appraisal. We ordered the termite it goes nto the underwriter and the underwriter reviews all the documents and we get the napproval and that is one of the most exciting things we re at the stage. Where nwe have the approval now what happens is they re always going to say i need this nother piece of documentation or that piece of documentation that is very nnormal stuff.
But at least. We know this is exactly what we need to get you in nyour own home number 17. You meet those conditions. The nconditions that the underwriter asked for he may say let me see the homeowners ninsurance or i don t like this or i don t like that let me just prove that nyou give us all those conditions hopefully you gave it to us very quickly nbecause the quicker you give us the documents the quicker we close your loan nnumber 18 closing disclosures.
These are the final numbers that is going to be nused for the closing. It s gonna say this is your interest rate. This is what this ncost this is what that cost there s a lot of different ways to do this. But nthese are the final numbers.
If you have to come in with any money and we re nstill going to talk about if you do or not this is how it works. They re gonna ngive you the final numbers number 19 along the way there were a couple of nthings that have happened one is you know that you had usually a zero down npayment loan with the va. However there are still closing costs now there are nthree ways to pay closing costs. One is we ask the seller to pay and sometimes nwe do get them to.
Pay and sometimes you ask them for. 8000 for closing costs. Nand they say we re gonna pay 3000. So it s a negotiation back and forth nsometimes you pay you can pay the rest or sometimes.
I can raise the interest nrate up just a little bit and by doing that i get what s called the lender. Ncredit and we could apply that to closing costs now sometimes the seller nsays. I ll pay three we raise the interest rate a little bit we get 3000. Nin the lender.
It and you pay two thousand dollars out nof your pocket see could be any combination of those things. But this is nhow a va loan works yes zero down payment. But somebody s still got to pay nthose closing costs number twenty you sign the documents you sign the ndocuments you and whoever is on title your spouse or whoever it is you sign nthe documents and then usually sometimes the same day if it s done real early or nthe next day. We fund.
The loan that means the money has been wired to pay off your nthe other loan to pay off the purchase and now the house is yours with one nsmall exception. The county has to record it once they put their stamp of approval nit is recorded with the county you have ” ..
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