VETERAN FEES AND CHARGES Fees/Charges Veteran CAN Pay • • • • • •
1% Origination Fee PLUS Reasonable Discount Points (max 2% on IRRRL) Appraisal, Recording, Credit Report, Flood Certification, and Survey Fee Prepaid Items, Taxes, Assessments, and Insurance Hazard Insurance Premium, Title Insurance Courier Fee on Refinances
Fees/Charges Veteran CANNOT Pay • • • • • • • • •
Escrow Processing, Document, Underwriting Termite Report Tax Service Fees Notary Fees Appraisals requested by FMC or Seller for reconsideration of value Appraisals requested by parties other than FMC or the Veteran Attorneys Fees Brokerage Fees
ITEMIZED FEES AND CHARGES Veteran can pay any or all of the itemized fees and charges listed below in amounts that are reasonable and customary. If service is performed by a 3rd party, Veteran cannot pay any amount that exceeds the actual charge by the 3rd party. • • • • • •
Appraisal and compliance inspections Recording fees Credit report Prepaid items (taxes, assessments) Hazard insurance Flood determination
• • • • •
Survey Title examination Title insurance Special mailing (Refinance only) MERS fee
Give me a call today! New American Funding is an all-inclusive mortgage banker. From origination to funding, our underwriters, doc drawers and funders all work under one roof, creating a cohesive team that enables us to close your loans fast.
NMLS ID#6606. Veterans Affairs approved Lender. VA Lender ID # 900572-00-00. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Terms and conditions are subject to change without notice. © New American Funding. New American and New American Funding is a registered trademark of Broker Solutions, DBA New American Funding. All Rights Reserved. 11/2013
g ELIGIBILITY RULES
VETERANS WARTIME
PEACETIME
SERVICE DURING: WWII 9/16/1940 TO 7/25/1947 KOREAN 6/27/1950 TO 1/31/1955 VIETNAM 8/5/1964 TO 5/7/1975
SERVICE DURING: 7/26/1947 TO 6/26/1950 2/1/1955 TO 8/4/1964 5/8/1975 TO 9/7/1980 (ENLISTED) 5/8/1975 TO 10/16/1981 (OFFICER)
You must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.
You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.
SERVICE AFTER 9/7/1980 (ENLISTED) 10/16/1981 (OFFICER)
GULF WAR
If you were separated from service which began after these dates, you must have:
If you served on active duty during the Gulf War, you must have:
Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or
Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
Completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early Out), or have been determined to have a compensable service-connected disability, or
Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
Been discharged with less than 181 days of service for a serviceconnected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.
Been discharged with less than 90 days of service for a serviceconnected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.
SERVICE DURING: 8/2/1990 TO DATE TBD
ACTIVE DUTY PERSONNEL If you are now on regular duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.
SELECTED RESERVISTS/NATIONAL GUARD MEMBERS If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and: • Were discharged with an honorable discharge, or • Were placed on the retired list, or • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service, or • Continue to serve in the Selected Reserves Individuals who completed less than 6 years may be eligible if discharged for a service-connected disability.
SOME SURVIVING SPOUSES Are an unremarried spouse of a veteran who died while in service or from a service connected disability, or Are a spouse of a serviceperson missing in action or a prisoner of war Note: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.
ELIGIBILITY MAY ALSO BE ESTABLISHED FOR If you are now on regular duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service. United States Department of Veterans Affairs Viewed September 29, 2011 NMLS #6606 © New American Funding. New American and New American Funding is a registered trademark of Broker Solutions, DBA New American Funding. All Rights Reserved. 3/2012
g ELIGIBILITY RULES
ADJUSTABLE & FIXED RATE ITEMS
NEGOTIABLE INTEREST RATE
STEPS TO GET A VA LOAN 1. Apply for a Certificate of Eligibility. We will provide you with the necessary forms. 2. Our preferred real estate professionals will assist veterans and service personnel with finding the home of their dreams. 3. New American Funding will order an appraisal from a VA-assigned appraiser. 4. We are authorized by VA to approve and close your loan without waiting for the VA’s review of your credit application.
ELIGIBILITY
NO DOWN PAYMENT REQUIRED
FOR THE HEROES OF OUR COUNTRY The VA Home Loan is designed to make the dream of home ownership a reality for millions of veterans and their families by providing housing and assistance opportunities.
This special home loan has many advantages : • • • • • •
No down payment required Negotiable interest rate Adjustable & Fixed Rate mortgages No monthly mortgage insurance premiums No penalty for pre-paying loan VA assistance to veteran borrowers in default due to temporary financial difficulty • VA funding fee can be financed • Reduced funding fees with a 5% or more down payment • Exemption from funding fees for veterans receiving VA compensation
Give me a call today!
All veterans, active duty personnel, Reservists/ National Guard members, and surviving spouses that do not remarry are eligible for a VA Home Loan.
NMLS ID#6606. VA Lender ID #900572-00-00. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. © New American Funding. New American and New American Funding is a registered trademark of Broker Solutions, DBA New American Funding. All Rights Reserved. 7/2013
VA Interest Rate Reduction Refinance Loan WITH NO APPRAISAL! If you currently have a VA Mortgage, you may be eligible for the Veterans Administration Interest Rate Reduction Refinance Loan. (IRRRL)
This loan is guaranteed by the Veteran’s Administration Program benefits: • No appraisal required • No income verification
Even if you lost equity in your home, you may still benefit with this program. Call to lock in your lower rate today, and start putting more dollars in your pocket!
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CONVENTIONAL & JUMBO LOANS
FHA LOANS
Fixed & Adjustable
Up to 96.5% LTV 3.5% Down Payment
Purchase or Refinance
Fixed & Adjustable
EXCEPTIONAL SERVICE
VA LOANS
24-48hr. Turn Times
No PMI
14 Day Close Guarantee *
No Down Payment
Preferred Realtor Program
Lower Cost
*14 business day guarantee only applies to purchase transactions. This guarantee does not apply to Reverse Mortgages, FHA 203k, loans that require prior approval from an investor, brokered loans, or loans with a 2nd td. The guarantee does not apply if events occur beyond the control of NAF, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that cannot be met by any party. The 14 day trigger begins when your initial application package is complete and you have authorized credit card payment for your appraisal. If NAF fails to perform otherwise, a credit of $250 will be applied toward closing costs. NMLS #6606. This information is to inform the real estate industry only and is not to be provided to consumers. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. Š New American Funding. New American and New American Funding are registered trademarks of Broker Solutions, DBA New American Funding. All Rights Reserved. 1/2013
VA STREAMLINE
COMPETITIVE RATES
LOWER MONTHLY PAYMENTS
BENEFITS OF THE IRRRL • • • • •
Easy to qualify Competitive rates Lower your monthly mortgage payment and interest rate Underwriting process is simplified No money out of pocket! All closing costs can be included in your new loan up to 100% LTV!
UNDERWRITING SIMPLIFIED
VA INTEREST RATE REDUCTION REFINANCE LOAN The VA Interest Rate Reduction Refinance Loan (IRRRL), often referred to as the VA Streamline, is part of a federally insured loan program to help veterans refinance their existing VA home loan into a lower interest rate loan. The underwriting process is fast and simplified. This means you can get a lower monthly mortgage payment without going through the pain of submitting bank statements, W2s, paychecks, etc.
PROGRAM ELIGIBILITY
Give me a call today!
You must be a current holder of a VA mortgage and have already used your VA eligibility on the property you intend to refinance. Our mortgage specialists can help you determine your eligibility and explain the loan process.
NMLS ID#6606. Veterans Affairs approved Lender. VA Lender ID # 900572-00-00. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Terms and conditions are subject to change without notice. © New American Funding. New American and New American Funding is a registered trademark of Broker Solutions, DBA New American Funding. All Rights Reserved. 7/2013