VA MORTGAGE CONCIERGE Your Guide To The Ultimate VA Home Loan Experience

Transcription

1 VA MORTGAGE CONCIERGE Your Guide To The Ultimate VA Home Loan Experience THE DAN KELLER MORTGAGE TEAM New American Funding, a direct VA Lender Call/Text: (425) dan.keller@nafinc.com Office/Jason Hoskins, Pre-Approval Specialist: (425) Pre-Approval Page:

2 VA HOME BUYER GUIDE About Your VA Home Loan Specialist Hello my name is Dan Keller [MLO# ]. First, I want to thank you for your service to our great country! I am looking forward to shaking your hand and thanking you personally! I am the son, grandson, and great-grandson of Veterans of the United States Armed Forces. Since entering the mortgage industry in 2008, I ve centered my business philosophy around serving those who serve our great country. I ve built my webpage and this packet so that you have a better idea of the incredible benefits provided to you by the Dept. of Veteran Affairs. In addition to these great benefits, I work for a great mortgage bank (New American Funding). Their culture and structure for processing, underwriting, and servicing VA home loans is second to none! As a direct VA lender, we make a complicated process very simple for you! I am a husband to Jenny Keller (aka and a father to Ally and Hudson. Jenny and I own a bake shop in Lake Stevens ( and enjoy the providing baked goods for families and companies to enjoy as they celebrate special occasions! In my spare time, you can find me fishing on the Puget Sound, coaching baseball, or travelling with my family! Every summer I enjoy combining two of my passions fishing and working with our local Veterans. A friend and I volunteer our boat for a weekend and guide local disabled Vets fishing in the Salmon For Soldiers Fishing Derby. Always a great time! I am looking forward to assisting you on your journey to attaining a home loan and leveraging one of the great benefits the Dept. of Veteran Affairs offers you. Come on in, let s get started!

3 YOUR VA MORTGAGE CONCIERGE TEAM NMLS# Dan Keller Mortgage Loan Officer Dan has been a trusted resource in the Northwest for 8 years. He will meet with you, educate you, go over your loan options, and help you pick the program that is just right for you! Website: Cell/Text: (425) dan.keller@nafinc.com Jason Hoskins - Loan Partner I (Production Asst.) Jason will be your initial point of contact here at New American Funding. His job is to schedule your appointment and gather all of your information to help expedite the loan approval process. NMLS# Phone: (425) jason.hoskins@nafinc.com Brie Sidener - Loan Partner II (Production Mgr.) Brie will be your main point of contact once your file gets into processing. She will be calling you for information, following up on your needed items, contacting you every Friday to give you weekly updates, and navigating you into escrow at closing! Direct Line: (425) brie.sidener@nafinc.com Lori Larsh Senior Loan Processor Lori is the processor assigned to your loan. She has over 15 years of processing experience and is the BEST! Lori s job is to review your loan application & prepare it for underwriting & closing of escrow! Phone: (425) Direct Line: (425) lori.larsh@nafinc.com

4 VA HOME BUYER GUIDE Items Needed To Process Your VA Home Loan (1) Copy of your identification (driver s license or passport) (2) Copy of your social security card (3) Copy of your DD 214 (we will order your Certificate of Eligibility for you with this doc) (4) If active duty copy of your LES (Leave and Earning Statement) (5) Copy of your most recent 30-days paystubs (6) Copy of your last 2-yrs W2s (7) Copy of your last 2-yrs tax returns (all pages please) (8) Copy of your last 2 bank statements (all pages please/both checking and savings please) (9) Copy of your last 2 investment account statements (401k/Annuity,etc) (10) Copy of your current lease agreement (if you are renting) (11) Copy of your current mortgage statement (if you own a home or homes) (12) Name of preferred insurance agent (I can make a recommendation if needed) (13) Name of real estate agent (I can make a recommendation if needed) These documents can be scanned to thekellerteam@nafinc.com or faxed to (425) You can also drop them by our Everett Office at: New American Funding Colby Avenue Suite 1002 (10 th floor) Everett, WA or our Kirkland office - New American Funding th Ave NE Suite 120 Kirkland, WA If you have any questions, you can always reach us directly at (425)

5 VA HOME BUYER GUIDE Evidence Needed To Qualify For A VA Home Loan Once you have established that you are eligible for a VA Home Loan, you will need a Certificate of Eligibility (COE) or current Statement of Service form. These documents verify to the VA mortgage lender that you are eligible for a VA-backed home loan. The evidence you need depends of the nature of your service. Refer to the chart below: Veteran -OR- Category Evidence Needed To Apply DD Form 214 required to have a copy to show the nature of your service and reason for separation current or former National Guard or Reserve member who has been activated for Federal active service Active Duty Service Member -OR- Current or former National Guard or Reserve member who has never been activated for Federal active service (must have served at least 6 years or have been activated under Title 10) Discharged member of the National Guard who has never been activated for Federal service If you are a Surviving Spouse in receipt of DIC (Dependency and Indemnity Compensation) Benefits A current statement of service: - signed by (or by the direction of): the adjutant, personnel office, or commander of the unit or higher headquarters Showing: - Your full name - Social Security Number - Date of birth - Entry date on active duty - The duration of any lost time - The total # of credible years of service - The name of the command providing the information NGB Form 22, Report of Separation and Record of Service, for each period of National Guard service -OR- NGB Form 23, Retirement Points Accounting, and proof of the character of service Submit VA form and veteran s DD214 (if available) Include veteran s and surviving spouse s social security number on the form

6 VA HOME BUYER GUIDE Answers To Common Questions That I Get From Veterans Dan My Credit Isn t So Good, Can I Qualify If I Don t Have Great Credit? In many cases, the answer is YES. VA (and our bank) will allow you to qualify with a 580 credit score or higher. Dan Can I Qualify If I Had A Foreclosure Or Bankruptcy In the Past? Yes. VA requires that you wait 2-years following the discharge date of a bankruptcy. VA will require you wait 2-years following a foreclosure or short sale as well. I recommend allowing me to verify the accuracy of the discharge dates to confirm eligibility. Also the Veteran must show proof they have reestablished credit since such event. Dan Do I Need A Down Payment To Purchase A Home With VA? In general, No. VA will allow for you to purchase a home with $0 down up to the county conforming loan limit. For example, in King County and Snohomish County, you can finance a home with $0 down up to $540,500 (2016 guidelines). If you need to attain a loan amount higher than the county loan limit, then you will be required to put down a small down payment. Dan Is Monthly Private Mortgage Insurance Required Since I am Not Putting 20% Down? No. VA does not charge a monthly private mortgage insurance premium. VA does however charge an upfront VA Funding Fee. The Funding Fee is typically financed into the loan or paid out of the closing costs. For a first time use, the VA Funding Fee is 2.15% of the loan amount. For a second use (or subsequent use) it is 3.3%. However, the Funding Fee is waived if the Veteran receives a minimum of 10% disability rating. Also, if the Veteran chooses to make a 5% down payment, the VA Funding Fee is reduced to 1.5%. With a 10% down payment, the VA Funding Fee is reduced to 1.25%. This is often seen in subsequent use situations. Dan My Credit Union/Bank Said It Takes 60 Days To Close A VA Home Loan, Is That Right? No. Our typical VA home loans close in 30-days or less. Dan Can I Buy Raw Land and Build With A $0 Down VA Home Loan? No. Dan My Wife Has Bad Credit, Can I Omit Her From the Loan? Yes, she is considered a non-purchasing spouse. However, her monthly debt obligations must be use against the VA borrower s debt to income ratio (However, if she has a job, you can use her income to offset her debt only).

7 VA HOME BUYER GUIDE Dan Can I Use My BAH To Qualify For A Home Loan? Yes. Absolutely. Dan I Have A Disability. Does That Impact My VA Loan Approval? Yes. For the better. 70% of all Veterans are given a disability of 10% or more. With a minimum 10% disability, the Veteran will not have a Funding Fee assessed to the loan amount. Dan Can I Use A VA Loan To Buy A Multi-Family Home With $0 Down? Yes. A Veteran can buy up to a 4-plex and must occupy one of the units. Dan I ve Used My VA Benefits In the Past To Buy A Home, Can I Used VA To Purchase Again? Yes. I will order form to verify your eligibility. Dan My Real Estate Agent Says That The Seller has To Pay Extra Fees To Sell To A Vet. True? That is not true. VA has what is called, Non-Allowable Fees that the Veteran is not allowed to pay. However, since 2013 when many of the mortgage compliance guidelines were re-written, banks that DO NOT CHARGE a loan origination fee (we do not) allow the Veteran to pay the customary closing costs associated with a loan. So that myth is false. Have your real estate agent talk to me. Dan How Do I Know If I Qualify For A VA Home Loan? (1) You must be currently serving active duty w/ at least 90 days of continuous service. (2) You must be a Veteran who served 90 days active duty during war time or 181 days during peace time. (3) You must be a reservist or national guard member who has served at lease 6-years or one who was activated under title 10 who has served the full term of that activation which must be greater tan 90 days and discharged honorably (4) You must be un-remarried surviving spouse of a Veteran who died on active duty or from a service connected disability. Dan My Fiancé and I Want To Buy A Home, Can We Use My VA Benefits To Do So? No. In order to use VA to purchase a home with a co-borrower, you must be married. Dan What Types of VA Home Loans Are There? There are 4 types of VA Home Loans: (1) VA $0 Down Purchase Loan (2) VA Streamline Refinance (no appraisal needed) (3) VA Cash out Refinance (4) Rate and Term Refinance from Conventional Loan To VA Home Loan

8 VA HOME BUYER GUIDE Steps To Qualifying For A VA Home Loan STEP 1 Complete the secure online application (link provided here STEP 2 Submit your financial documents requested STEP 3 Dan Keller and Team will review your credit, debt, eligibility, income and issue pre-approval findings STEP 4 Jason Hoskins will schedule an in-office Mortgage Planning Meeting with Dan to review your credit, help you dial-in your mortgage budget, review your pre-approval, as well as the next steps in the home buying/va mortgage approval process. You will leave with a Certified VA Pre-Approval Letter. STEP 5 You shop for a home and are ready to make an offer with your real estate agent STEP 6 Once a contract is accepted on a home, we issue VA loan disclosures and order your appraisal through the VA. This can take up to 12-days. During this time period, your loan is submitted to underwriting for conditional approval, your rate is locked, and another set of disclosures are sent. STEP 7 Appraisal is back, loan is sent back to final approval; and within 2-3 days a clear to close is issued. STEP 8 Final closing disclosures are ed to you. Dan will call you to conduct a Pre-Closing Review of your final numbers to insure they are exactly as you planned for them to look. STEP 9 You sign you closing documents at the Title and Escrow office. STEP 10 We fund your VA Home Loan and you become a valued client for life!

9 VA HOME BUYER GUIDE The Do s and Don ts When Applying For A VA Home Loan These tips will help avoid delays with your loan approval. MOST IMPORTANTLY, DO NOT GIVE YOUR SOCIAL SECURITY # OUT FOR THE NEXT 30 DAYS! DO continue to make your mortgage or rent payment on time. DO stay current on all existing accounts (even if you are paying them off) DO continue to work for the same employer- try not to switch jobs or get fired DO continue to use the same insurance company DO continue to live at the same residence DO continue to use your credit cards as normal DO call us if you have ANY questions! DON T make any major purchases (car, boat, furniture, jewelry, student loans ) DON T apply for new credit PLEASE CALL ME IF YOU FEEL THE NEED TO OPEN NEW CREDIT DON T open any new accounts gym memberships, etc DON T transfer any balances w/o letting us know first DON T pay off any collections or accounts past due w/out first consulting with us first DON T close any credit card accounts DON T change banks or open new bank accounts DON T max out or overcharge your credit accounts DON T draw on an open line of credit for closing costs or down payment money DON T consolidate your debt onto other open credit accounts w/o consulting us first DON T take out a new auto loan or lease DON T open a new cell phone account If you encounter a special situation, it s best to mention it to us right away so that we can help you determine the best way to handle it in order to achieve your financial goals! If you have any questions, you can always reach us directly at (425) We are here to help!

10 COM HOME MORTGAGE CONCIERGE PROGRAM Mortgage Planning Questionnaire 1 Purpose of Loan: Purchase Refinance (cash out) Refinance (no cash out) Borrower Full Name Soc. Security #: Date of Birth Phone (cell) (w) married unmarried divorced Years of school # of dependents Ages Present address Co-Borrower Full Name Soc. Security #: Date of Birth Phone (cell) (w) married unmarried divorced Years of school # of dependents Ages Present address own rent Years at this address Rent/Mortg. Pmnt own rent Years at this address Rent/Mortg. Pmnt Previous Address (if less than 2 yrs. Above) Employer Address Position Work Phone Years on this job Years in this line of work Gross Monthly Income Annual Bonuses Current Housing Expenses: Rent Mortgage Taxes Insurance Mtg. Insurance H-O Dues Assets: Checking/Savings/Other Investment Accounts Bank Name Balance Bank Name Balance Bank Name Balance Approx. Value of Retirement Accounts (401K, etc) Automobiles owned (year, make, model) Please list any other assets owned, real estate owned, or additional money earned (stocks, bonds, real estate, boats, time shares, child support, etc). address Previous Address (if less than 2 yrs. Above) Employer Address Position Work Phone Years on this job Years in this line of work Gross Monthly Income Annual Bonuses Current Housing Expenses: Rent Mortgage Taxes Insurance Mtg. Insurance H-O Dues Assets: Checking/Savings/Other Investment Accounts Bank Name Balance Bank Name Balance Bank Name Balance Approx. Value of Retirement Accounts (401K, etc) Automobiles owned (year, make, model) Please list any other assets owned, real estate owned, or additional money earned (stocks, bonds, real estate, boats, time shares, child support, etc). address For questions contact: Dan Keller cell: (425) / dan.keller@nafinc.com

11 COM HOME MORTGAGE CONCIERGE PROGRAM For questions contact: Dan Keller cell: (425) / dan.keller@nafinc.com Mortgage Planning Questionnaire 2 NEW LOAN INFORMATION: Names (full) that will appear on title: How do you wish to be communicated with: phone text mail / preferred Have you served in the US Armed Forced? yes no Are you a disabled Veteran? yes no Have you owned a home in the last 3 years? yes no Have you ever owned a home? yes no Are you wanting to purchase a home as: Primary residence 2 nd Home Investment Property 6. Term of mortgage that you request (30, 25, 20, 15, 10, 5 years): or undecided Type of mortgage you prefer: Fixed ARM Interest Only Princ./Interest Pay-off Undecided Would you prefer to pay taxes and insurance with your monthly mortgage payment? yes no Do you prefer to have the seller pay your closing costs? yes no 10. If you rent, please provide the following information: Name of Landlord Phone Date of Current Lease 11. Please rate your credit score as poor, just ok, excellent - If applicable, would you like information on credit restoration yes no 12. Have you had any judgments, lawsuits, bankruptcies (last 10 yrs.), foreclosures (last 7 yrs.)? yes no 13. Purchase price range $ Desirable monthly mortgage payment $ 14. Down payment amount $ or percent down % Down payment will come from (ex. checking, savings, investments, sale of stock, sale of home, 401(K) loan, gift funds, bonus, etc.) If owned, is your current resident listed for sale? yes no If listed, with whom Under contract? yes no Sale price $ Original purchase price $ Year built Bedrooms Bathrooms Sq. Feet Who can we thank for referring you to meet with Dan Keller and his team? Is there anything that you would like to know about me before allowing us to serve you?

12 COM HOME MORTGAGE CONCIERGE PROGRAM Mortgage Planning Questionnaire 3 MORTGAGE ANALYSIS 1. As a Mortgage and Credit Consultant, my goal is to ensure that you and your realtor receive nothing less than an exceptional lending experience working with me and my team. In the end, I am confident that I will be able to help you to secure the best rate at the lowest cost. In saying that, what is most important to you in working with a mortgage and real estate professional? Amount of monthly payment that you are comfortable with? $ What is the best estimate for how long you will have this loan or live in this home? 1-3 years 3-5 years 7-10 years 10 years+ Do you currently have plans for a major purchase in the next 12 months including a car, college tuition, home improvements, or rental properties? yes no If yes to the above question, how much do you expect to need? $ In how many years do you plan to retire? Are you working with an experienced realtor? yes no Name If no, would you like me to refer one? yes no 7. Are you currently working with an experienced financial planner? yes no Name If no, would you like me to refer one? yes no 8. Do you have insurance to protect your family and home? yes no If yes, what type of policy do you have and how much coverage do you have? What are your hobbies? Do you have children? If so, what are their names and b-days? What is your favorite restaurant? What is your favorite dessert? For questions contact: Dan Keller cell: (425) / dan.keller@nafinc.com