Page 2 - The Panozzo Team - VA Home Loan Guide
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TABLE OF CONTENTS:
Introduction .................................................................................................3
Benefits of the VA Home Loan ........................................................................4
Common Myths/Misconceptions of the VA Home Loan.....……………………........5
Lender Requirements ....................................................................................7
Certificate of Eligibility, “The Golden Ticket.” ...................................................7
The VA Home Loan Guaranty ..........................................................................8
Beginning the VA Home Loan Process ...........................................................8
National Guard and Reserve Eligibility .............................................................9
VA Home Loan Types ...................................................................................10
VA Loan Acceptable/Unacceptable Property Types ............................................11
VA Underwriting Requirements .....................................................................11
Income........................................................................................................12
Self-Employed Borrowers..............................................................................12
VA Disability and GI Bill Income ….………………………………………..........…13
Rental Income. ………………………………………………………………….........13
Boarder Income ….…………………………………………………...………...........13
Alimony, Child Support, Maintenance Income ……….………...…......................13
Other Types of Income ……………………………….……………...………............13
Debts and Other Obligations...……………………….………...…....…..……..........13
Closing Costs.......……………………………………..……………………………….14
Seller Credit/Concessions …………………………..……………………………......15
The VA Appraisal Process ……………………………..……………………………...16
Tidewater Notice ………………………………………………..…………….........…16
Reconsideration of Value ……………………………………..……………..........…17
Surviving Spouses…………………………………………………..………………….17
Occupancy………………………………………………………..……………………...17
Acronyms Used in VA Lending …………………………..…………………………....18
