VA Loans

Who are VA loans guaranteed by?

Veterans Benefits Administration

What is the max guarantee on VA loans?

25% of purchase price or appraised value (whichever is lower)

What are the two borrower docs required for eligibility to receive a VA loan?

• DD-214 (discharge papers)

• COE (tells the max amount they will be qualified for)

What is max DTI ratio for VA loans?

41% - only use back end

Two types of VA appraisals are:

1. CRV (Certificate of Reasonable Value)

2. NOV (Notice of Value)

VA loans have a non refundable variable fee called the…

Who is the fee waived for?

VA Funding Fee - one time fee

Disabled Vets and Surviving Spouses

VA loan move in and stay requirements:

Move in within first 60 days and stay at least 1-year (same as what other type of loan?)

Is residual income required for a VA loan?

Yes

What is the max origination fee a lender can charge on a VA loan?

1%

How much is the late fee?

4% of the P&I only (same as what else?) – can’t charge late fee on the taxes & insurance portion

Is there a prepayment penalty for VA loans?

No