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A Sneak Peak into 8 Important Elements

This PPT is about a sneak peak into 8 important elements of a VA loan

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A Sneak Peak into 8 Important Elements

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  1. A Sneak Peak into 8 Important Elements of a VA Loan NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  2. Introduction: VA Loans • Easiest way to secure a home for veterans • Procure mortgage loans with zero down payment • Facility to finance the funding fee • Helped 21 million veterans purchase home since 1944 • Evaluating monthly installments is easy with VA loan calculator 2

  3. 8 Important Elements of a VA Loan • Reusability • Types of Home • Occupancy • Lender • Bankruptcy and Foreclosure • Mortgage Insurance • Limit on Co-borrowers • Prepayment Penalty 3

  4. Reusability Offers a sum of $104,250 of entitlement in US Divided into primary and secondary entitlement You continue to pay loan, and can use this entitled amount again If you default on first loan, you can apply for a second VA loan NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  5. Types of Home Primary idea to purchase Condo Single-family home Multi-unit property Modular housing But also Downtown food shop Working farm Fixer-upper NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  6. Occupancy VA backed home For : personal use : Primary residence (needs veterans to certify) Not for : purchasing investment properties vacation homes Veterans to occupy home within 60 days of purchase NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  7. Lender The U.S. Department of VA covers a quarter of the loan amount Qualified & approved VA loan lenders take care of the mortgage process Lenders require 620 credit score (FICO Model) Lenient figure WRT Conventional loans NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  8. Bankruptcy and Foreclosure Bankrupt account on credit report doesn’t matter VA loan benefits still available if you experience foreclosure NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  9. Mortgage Insurance Mortgage insurance is monthly fee when down payment is less than 20% No down payment required No mortgage insurance required NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  10. Prepayment Penalty Flexibility in increasing the size of monthly installments No Fixed Monthly installment Can pay lumpsum and save on interest NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.

  11. Conclusion While • Government backs VA loans • Allows securing a second loan even if you defaulted on the first Take steps that help you settle your payments on time • Understand the terms and conditions • Learn about your funding fee • Use VA loan calculator • Call your lender and ask for more information 11

  12. Thank you

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