Home Loans for Veterans

Transcription

1 Home Loans for Veterans Mortgage Toolkit Beginners Guide to Home Financing 2655 Camino Del Rio North, Suite 450 San Diego, CA (619) NMLS# Prepared by Andrew Paul

2 Service you can bring home Table of Contents 3. Meet Andrew Paul 4. Meet Team Andrew 5. Meet Team Andrew (cont.) 6. VA Loan Process 7. Pre-Approval 8. Do s and Don ts of Home-buying 9. VA Loan Myths Debunked 10. Why Our Clients Trust Us 11. Where We Are Licensed 2655 Camino Del Rio North, Suite 450, San Diego, CA

3 Meet Andrew Paul Andrew is a former Navy SEAL and has now been in the mortgage business for over eleven years since leaving active duty. He is the Divisional Vice President of United Military Lending and specializes in VA Loans. Andrew has helped thousands of families get the best financing for their home loan. As a veteran, Andrew understands the unique challenges our active duty and veteran families face with buying a home. He is passionate about helping his fellow veterans. Andrew will discuss the current market conditions and advise you on the best time to lock your interest rate. He oversees the entire transaction to ensure an on-time close and communicates with all parties throughout the transaction to ensure everyone is informed of the status of the loan and closing timeline. This hands-on approach allows him to undoubtedly match each borrower with a loan product that fits their individual needs, every time. Andrew was raised in North Hampton, New Hampshire, and attended Vanderbilt University on a ROTC Scholarship, where he obtained his Bachelors of Engineering degree. After graduation and commissioning in 2001, he was ordered to Basic Underwater Demolition/SEAL training in Coronado, California. After several combat deployments he transferred to the reserves, so he could focus on raising his kids. In his free time he enjoys flying planes, tinkering in the garage, and spear fishing. TeamAndrew@UMLend.com C (619) W (619) ext (619) UMLend.com 3

4 Meet Team Andrew How we can better serve your needs: Each member of the Team is focused on a specific target during the loan process.they have an in depth understanding of how to get your loan through the process with efficency and effectiveness. The Team experience: Our Team works together to make sure your loan is perfect and you always have guidance. A fresg set of eyes ensures that nothing gets overlooked. Megan Henderson Loan Officer Initial Point of Contact: Pre-Approval Works with you during the pre-approval process to complete your application and collect your preliminary documentation. Set up pre-approval file for Andrew s review Checks in with you during your home search Ensure client is up to date on loan status W mhenderson@umlend.com (619) ext Camino Del Rio North, Suite 450, San Diego, CA

5 Laura Melendez Loan Partner to Andrew Paul Initial Point of Contact: Pre-Approval Works with you to complete application and collect preliminary support documents Set up appointment for you to meet with Andrew or phone consult Assist loan processor once file moves forward to processing and underwriting W (619) ext.1107 Shane Anderson Loan Processor Initial Point of Contact: After offer Acceptance Responsible for processing your file from contract to closing. Will review and work with you on collecting any items that will be a requirement to close your file per underwriting guidelines. Ensures that you are up to date on the status of your loan and keep all parties informed to ensure an on time closing W sanderson@umlend.com (619) ext Lauren Atkinson Relationship Manager Works closely with Andrew to communicate United Military Lending s product offerings and superior services to our referral partners and clients Outreach and relationship management with current and future referral partners and clients latkinson@umlend.com W (619) ext.1117 (619) UMLend.com 5

6 VA Loan Process The VA Loan is a unique loan product reserved for veterans and service members of our nation.it is designed to provide an accessible option for home ownership to our military service members. Benefits of using a VA loan: 100% financing. No money down required! No pre-payment penalties. No PMI - Lower monthly payments because there is no private mortgage insurance (PMI) included. VA IRRRL - There may not be an appraisal requirement for refinancing an original VA loan Camino Del Rio North, Suite 450, San Diego, CA 92108

7 Pre-Approval When should you get pre-approved? A serious home buyer should always start the process with their lender, not at an open house. Unlike a pre-qualification, a pre-approval with United Military Lending ensures that your file is ready for underwriting before you put an offer down. Obtaining a pre-approval with us BEFORE you find a home is imperative because we will determine the maximum amount of money you can borrow and find the right loan program that best suits your needs. In today s competitive real estate market, it is essential to include a property-specific pre-approval letter to strengthen your offer and prove to a seller that you can obtain financing! Start the process with one of our licensed financial professionals today and have the confidence to find your dream home! Pre-Approval Documents Below you will find the basic list of documents we will request for pre-approval! Additional documents may be required for your specific loan scenario. Our new user-friendly online system will custom tailor the documentation we need from you based on your answers on our online application. We suggest that you begin gathering the following documents to make this process as smooth and easy as possible! Two Most Recent Tax Returns - All Pages Two Most Recent W2 s Paystubs Most Recent 30 days Two Most Recent Month s Bank Statements - Checkings & Savings - Investment/Retirement Accounts Any additional Income - Two Most Recent Years Corporate Tax Returns (self-employed only) - Most Recent AMEX Statement (if applicable - DD VA loans only (if applicable) - Pension Statement - Social Security Copy of your driver s license or equivalent proof of identity (e.g., passport) Copy of your current property documents - Mortgage Statement - Insurance Declarations Page - HOA Statement Miscellaneous - DD214 (If Applicable) - AMEX Statement (If Applicable) (619) UMLend.com 7

8 Do s and Don ts of Home-buying Consult your loan officer before you make any decisions involving your credit during this escrow period. We are always available to help! DO DO NOT Contact your insurance agent early in the process and inform them of your newhome purchase. Apply for any new credit of ANY kind. DO NOT finance anything. Promptly provide all documents (ALL PAGES) requested by your loan officer and processor to speed up your closing. Make large deposits into your bank account. Your down payment should be seasoned. (Sitting in your account for at least two months). Make sure your employment asset and personal information are correct on your loan application. Have any inquiries made on your credit report. Don t co-sign on another person s loan or change your name or address. Be prepared to explain/account for all non-payroll deposits into each account you intend to use toward your transaction. Make changes with your employment or income. Respond to any requests for information from your loan officer as soon as possible. DO NOT QUIT YOUR JOB! Continue to make all payments on time. Spend your down payment Camino Del Rio North, Suite 450, San Diego, CA

9 VA Loan MYTHS DEBUNKED Get to Know Your Benefits. VA loans are intended to help veterans and service members transition to home ownership easier. I Already Used My VA Loan You can reuse a VA loan if you pay off the loan each time. I Had a Forclosure On a Previous VA Loan You could qualify for another loan. I Want to Buy an Investment Purchase Property With My Benefits VA loans can ONLY be used for a Primary residence. There are other programs available to buy an investment property. The regulations are set up to ensure you get the most out of your benefits. Lenders Will Increase My Rate Because of the VA Loan Your loan is guaranteed by the government. This can secure your terms and low rates. I Want to Buy a Fixer-Upper With My Benefits VA requires that a home meet minimum property requirements (MPR), but some fixers might work. Talk with a lender that understands VA loans inside and out to find out more. If I Payoff My Loan Early, I Will Be Penalized Paying off your loan early is encouraged! This could save you on long term interest over the duration of the loan. My Loan Comes From the Government Your loan is done by a mortgage bank. The VA insures/guarantees the loan. (619) UMLend.com 9

10 Why Our Clients Trust Us This is the first time I have ever purchased a home and let me say Andrew and his team made it seem so easy. They answered all my questions and explained everything to me. They made signing every document that much easier to sign. Going with his team to purchase my home was one of the best decisions I made. I highly recommend him and his team to anyone looking to buying a home. Especially new home buyers. Thank you Andrew for helping me purchase my new home! Reviews submitted through User: Natalie P. City: Oceanside Best VA Lender in San Diego! Came highly recommended and lived up to the hype and then some. Presented all options up front based on mortgage recipient s situation and did not press one option over another. Executed the consolidated loan efficiently and flawlessly. Always available during and after business hours for consultation. Would recommend him to all Veterans and non-vets alike! Thanks Andrew! User: Kevin R. City: San Francisco I have been a mortgage Planner going on 16 years and I met Andrew Paul in In these past five years, he has been my San Diego go-to and my VA Q&A sound board. I have visited him and his staff on numerous occasions in SD and we get together throughout the country a few times a year. Whenever I need a true expert on the VA loan requirements and procedures - this is the guy I turn to. User: Nick E City: Louisville 2655 Camino Del Rio North, Suite 450, San Diego, CA

11 Where We Are Licensed WA OR ID WI CA NV AZ UT CO NM NE KS AR IL IN TN AL GA PA VA NC MD TX FL Alabama Consumer Credit License License# Georgia Georgia Mortgage Lender License License# Nevada Nevada Mortgage Broker License License# 4024 Utah Utah Mortgage Entity License DRE License# Arizona Arizona Mortgage Brokers License License# Idaho Idaho Department of Finance License #MBL-9042* New Mexico Mortgage Loan Company License License# None Virginia Virginia Lender License License# MC-5673 Arkansas Combination Mortgage Banker-Broker-Servicer License License# California California - DBO Finance Lenders Law License License# 603K249 California Real Estate Corporation License Endorsement California BRE License# Colorado Colorado Mortgage Company Registration SML Mortgage Banker Florida Florida Mortgage Lender License License# MLD1510 *United Military Lending is not an authorized name in Idaho. Idaho business is conducted only under Cstone Mortgage, Inc. Illinois Residential Mortgage License License# MB Indiana Mortgage Lending License License# Kansas Mortgage Company License License# MC Maryland Maryland Mortgage Lender License License# Nebraska Mortgage Banker License License# None North Carolina North Carolina Mortgage Lender License License# L Oregon Mortgage Lender License License# ML-5155 Pennsylvania Mortgage Lender License License# Tennessee Tennessee Mortgage License License# Texas Texas Mortgage Banker Registration SML Mortgage Banker Washington Washington Consumer Loan Company License License# CL Wisconsin Wisconsin Mortgage License License# BA* *United Military Lending is not an authorized name in Wisconsin. Wisconsin business is conducted only under Cstone Mortgage, Inc. (619) UMLend.com 11

12 2655 Camino Del Rio North, Suite 450 San Diego, CA (619) wwwumlend.com 2018 United Military Lending. United Military Lending is a dba of Cstone Mortgage, Inc. All Rights Reserved. NMLS ID # This is for informational purposes only and should not be relied upon. This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Terms, rates and/or fees are subject to change without notice. Offer of credit is subject to credit approval. Cash reserves may be required for some conventional loans. Equal Housing Lender.