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RE73R11: Veterans Administration (VA) Loans

Approved Sept. 29, 2011
  1. Veterans Administration Benefits for Dependents & Survivors - Information on VA Benefits (15  Minutes )
  1. Health Care & Service-Connected Disabilities
  2. VA Pensions
  3. Home Loan Guaranty
  4. Reserve & National Guard
  5. Dependents and Survivors
  6. Military Records and Eligibility
  1. Who is eligible for a VA Loan? (15 Minutes)
  1. How Veterans obtain Certificate of Eligibility?
  2. What is a VA Loan?
  3. How it can be used?
  4. List of uses for a VA loan
  5. Special Grants for disabled vets
  1. Credit Requirements (10 Minutes)
  1. Minimum FICO Score
  2. Federal Debts and impacts
  3. Bankruptcy and Foreclosure
  4. Judgments
  5. Collection accounts minor & major
  1. VA Loan Income Qualification Ratio’s (20 Minutes)
  1. No Income Limits for Veteran eligibility
  2. No down payment requirements
  3. Single qualification ratio
  4. Strong files ratio can be higher
  5. Compensating factors
  6. Qualification Ratio example
  1. VA loan safeguards for veterans (20 Minutes)  
  1. Family and Housing requirements
  2. Residual Income for family shelter expenses
  3. Example of how residual calculated
  4. House maintenance requirement and example of how calculated
  1. VA Funding Fees for eligible veterans (10 Minutes)
  1. VA Funding Fees Chart
  2. What is a funding fee?
  3. Who pays it?
  4. How much is it?
  5. Who is exempt?
  1. Seller Contributions, Closing Costs and Loan Assumptions (10  Minutes)
  1. What monies can be contributed by the seller?
  2. What are eligible closing costs?
  3. VA loans can be assumed and by whom
  1. The VA Appraisal Process (10 Minutes)
  1. Who conducts the appraisal and what they look for?
  2. Eligible properties
  3. Ineligible properties
  4. Red flags-condition, safety and habitable
  5. Private roads
  1. Processing, Underwriting and Closing the VA Loan (10  Minutes)
  1. Application & processing by VA approved lenders
  2. Prior VA approvals needed for loan
  3. Underwriting approvals needed for loan
  4. Appraisal reviews and conditions corrected
  5. Title work reviewed
  6. Closing and final package requirements

Handouts:

  1. United States, Dept of VA – Eligibility Frequently Asked Questions
  2. VA – Home Loan Guaranty Benefits
  3. VA Form 26-1880, APR 2008
  4. VA Borrower Checklist
  5. VA Funding Fee Chart
  6. SF 180 – request for military records

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