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Phoenix Regional Loan Center

Phoenix Regional Loan Center. Opening Remarks. Jeffery L. Wilson Loan Production Officer Phoenix Regional Loan Center Home Buying/Awareness Briefing. Agenda. Introduction Advantages Steps Wrap-up. VA at a Glance. Loan Production Construction & Valuation

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Phoenix Regional Loan Center

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  1. Phoenix Regional Loan Center

  2. Opening Remarks Jeffery L. Wilson Loan Production Officer Phoenix Regional Loan Center Home Buying/Awareness Briefing

  3. Agenda • Introduction • Advantages • Steps • Wrap-up

  4. VA at a Glance • Loan Production • Construction & Valuation • Loan Administration • Special Adapted Housing • Native American Direct Loan Program

  5. Why use the VA Loan Program?

  6. Advantages • 100% Financing – no down payment • Competitive interest rates • Limited closing costs • No cash reserve requirements • No pre-payment penalties • No Private Mortgage Insurance

  7. Advantages • Energy Efficient Mortgages • Fast and easy processing • Easy to qualify – flexible credit standards • Interest Rate Reduction Refinance Loans available (No appraisal or credit qualifications required) • VA loans are assumable • VA Customer Service!

  8. Minimum Property Requirements (MPR’s) • Safe • Sanitary • Structurally Sound

  9. Underwriting Guidelines

  10. Income • Stable and reliable • Sufficient in amount • Reportable / verifiable

  11. Credit • Generally NO derogatory credit last 12 months • Paid / unpaid collections • Judgments satisfied or repayment plan

  12. VA HAS NO LOAN LIMITS VA maintains a maximum GUARANTY based on the HUD/FHA average property value chart located on VA’s web site:http://www.benefits.va.gov/HOMELOANS/documents/docs/2014_county_loan_limits.pdf

  13. VA’s Guaranty Here are some examples of how the maximum guaranty works:

  14. Steps • Certificate of Eligibility • Find a home • Select a lender • Appraisal • Qualification • Closing • VA guarantees loan

  15. Questions and Contact • RLC Telephone Number 888-869-0194 • Local Phone Number 602-627-3048 • Email Address LPGC.VBAPHO@va.gov • Web Address http://www.benefits.va.gov/phoenix/

  16. Thank You for your interest in the VA Home Loan Program and THANK YOU FOR YOUR SERVICE!

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