Whats Inside:

1. Loan Program Summary

2. The VA Home Buying Process
3. VA Home Loan Programs
4. VA Eligibility
5. VA Funding Fee
6. VA Non-Allowable Fees
7. VA Property Requirements
8. VA Appraisal Process
9. VA vs. FHA and Conventional
10. VA Defaulted Property Products
V A M o r t g a g e G u i d e S u mma r y
LOAN PROGRAM SUMMARY
VA Loan Highlights
Frimory rsidnc purchoss only
$721,0S0 lor 100% lnoncing
0% Down
3yr or Syr ARM, 1S, 20, 2S, ond 30 yor lxd
No monrhly morrgog insuronc !"" $%& '()*+), '""-
Ys !"" $%& ./01"/23 4"5(+/"6")27-
No minimum or moximum incom limirs
S.% 893 :" ;+,;"/ <+2; "=>"12+0)7
00
Ys - up ro o moximum ol 4% ol sol pric
Ys - Lorrowrs con rciv gilrs lor down
poymnr ond closing cosrs
Whor con o vA Loon L usd ro Luy?
Moximum loon omounr (voris Ly counry):
Down poymnr rquirmnr:
AvoiloLl loon rrms:
s morrgog insuronc rquird?
Ar rhr proprry ligiLiliry rquirmnrs?
ncom ligiLiliry rquirmnrs:
Moximum dLr ro incom rorio:
Minimum rquird crdir scor:
Ar sllr poid closing cosrs ollowd?
Ar gilr lunds ollowd?
Basic Rules and Regulations of a VA Loan
Th oLLrviorion vA sronds lor "vrrons Alloirs." Th Unird Srors vA
dporrmnr Lgon insuring hom loons lor our milirory vrrons in 144
os porr ol o plon ro comLor rh dvosroring olrrmorh ossociord wirh wor.
Th vA dporrmnr dos nor lund, opprov or clos vA Hom Loons
rhmslvs. Thy do howvr sr lorrh rh guidlins rhor morrgog lndrs
musr lollow whn originoring vA morrgogs. n oddirion, vA insurs och
ond vry loon mod ro o vrron which mo|s ir possiLl lor morrgog
lndrs ro ollr vrrons such on omozing hom lnoncing oprion.
To dor, rh vA hos insurd ovr 18 million hom loons mod ro
vrrons. Th loon rrms xrndd ro our milirory vrrons provid rhm
wirh on oursronding oprion whn purchosing o nw hom or rlnoncing
o currnr hom loon.
No Down Payment Required
Flexible Debt to Income Ratio
Flexible Credit Guidelines
Competitive Interest Rate
VA Loan Can Be Used Multiple Times
No Pre-Payment Penalty
LAN FRCRAM SUMMARY FACE 1
Secure a Real Estate Professional
SrvicmmLrs ond vrrons should lnd o rol sror
prolssionol ro wor| wirh. Somon who hos o Losic
|nowldg ol rh ormd lorcs ond vA Hom Loon
Frogrom. Th rol sror prolssionol is ssnriol ond will
guid rh srvicmmLr or vrron rhrough rh moz
|nown os rh hom Luying procss.
Find a Participating VA lender
Locor o lnding insrirurion rhor porricipors in rh vA
progrom. Borrowrs moy wonr ro gr "pr-quolild" or
rhis poinr - rhor is, lnd our how Lig o loon you con ollord.
Lndrs sr rhir own inrrsr rors, discounr poinrs, ond
closing poinrs, so Lorrowrs moy wonr ro shop oround.
Get a Certificate of Eligibility (COE)
Th Crrilcor ol EligiLiliry (CE) vrils ro rh
lndr rhor rh Lorrowr mrs rh ligiLiliry
rquirmnrs lor o vA loon.
Find a Home and Sign a Purchase Agreement
Wor| wirh o rol sror prolssionol ond ngorior o
purchos ogrmnr. Mo| sur rh purchos ond sols
ogrmnr conroins o "vA prion Clous." Hr's o
sompl ol o "vA prion Clous":
1.
2.
3.
4.
5.
6.
7.
$?2 +7 "=1/"77@3 9,/""* 2;92A )02<+2;729)*+), 9)3 02;"/ 1/0B+7+0)7 0C 2;+7 >0)2/9>2A 2;" 1(/>;97"/ 7;9@@ )02
+)>(/ 9)3 1")9@23 :3 C0/C"+2(/" 0C "9/)"72 60)"3 0/ 02;"/<+7" :" 0:@+,92"* 20 >061@"2" 2;" 1(/>;97" 0C 2;"
1/01"/23 *"7>/+:"* ;"/"+)A +C 2;" >0)2/9>2 1(/>;97" 1/+>" 0/ >072 "=>""*7 2;" /"970)9:@" B9@(" 0C 2;" 1/01"/23
"729:@+7;"* :3 2;" D"19/26")2 0C %"2"/9)7 &CC9+/7E F;" 1(/>;97"/ 7;9@@A ;0<"B"/A ;9B" 2;" 1/+B+@"," 9)* 012+0)
0C 1/0>""*+), <+2; 2;" >0)7(6692+0) 0C 2;+7 >0)2/9>2 <+2;0(2 /",9/* 20 2;" 960()2 0C 2;" /"970)9:@" B9@("
"729:@+7;"* :3 2;" D"19/26")2 0C %"2"/9)7 &CC9+/7E-
Apply for a VA Loan
Wor| wirh rh lndr ro complr o loon opplicorion ond gorhr rh ndd documnrs,
such os poy sruLs ond Lon| srormnrs.
Loan Processing
Th lndr ordrs o vA opproisol ond Lgins ro "procss" oll rh crdir ond incom inlormorion.
Closing
Th lndr chooss o rirl compony, on orrorny, or on ol rhir own rprsnrorivs ro conducr rh closing. This
prson will coordinor rh dor/rim ond rh proprry is rronslrrd. l rh Lorrowr hos ony qusrions during rh
procss rhor rh lndr con'r onswr ro sorislocrion, plos conrocr rh vA rhrough rh vA Rgionol Loon Cnrr.
THE vA HME BUYNC FRCESS FACE 2
THE VA HOME BUYING PROCESS
Its a Great Time to Buy!
VA HOME LOAN PROGRAMS
Choose a Program for Your Situation
Purchase and Cash-Out Refinance Home Loans
Th vA Furchos Hom Loon hlps purchos o hom
or o compririv inrrsr ror olrn wirhour rquiring o
down poymnr or privor morrgog insuronc. Wirh o
Furchos Loon, vA con hlp you purchos o hom vn il
rh Lorrowr hos lound ir dillculr ro lnd orhr lnoncing.
Th vA Cosh-ur Rlnonc Loons or lor homownrs
who wonr ro ro| cosh our ol rhir hom quiry ro ro|
cor ol concrns li| poying oll dLr, lunding school, or
mo|ing hom improvmnrs. Th Cosh-ur Rlnonc
Loon con olso L usd ro rlnonc o non-vA loon inro o
vA loon. Th vA will guoronry loons up ro 100% ol rh
volu ol your hom.
Streamline Refinance Loan
Th nrrsr Ror Rducrion Rlnonc Loon (RRRL)
olso colld rh "Srromlin Rlnonc Loon" con hlp
oLroin o lowr inrrsr ror Ly rlnoncing on xisring
vA loon. By oLroining o lowr inrrsr ror, your monrhly
morrgog poymnr should dcros. You con olso
rlnonc on od|usroLl ror morrgog (ARM) inro o
lxd ror morrgog.
Housing Grants for Disabled Veterans
vA provids gronrs ro srvicmmLrs ond vrrons wirh
crroin prmonnr ond srvic-conncrd disoLiliris ro
hlp purchos or consrrucr on odoprd hom or modily
on xisring hom ro occommodor o disoLiliry. Two gronr
progroms xisr: rh Spciolly Adoprd Housing (SAH)
gronr ond rh Spciol Housing Adoprorion (SHA) gronr.
VA Jumbo Loan
n mosr vrron loon scnorios, rh vA guoronrs up
ro 2S% ol rh rorol omounr ol rh loon up ro rh vA
loon limir in your counry which, in much ol rh US, is
$417,000. Howvr il rh vrron wonrs ro purchos o
hom ovr rh loon limir, rhn o vA JumLo Loon would
L o good oprion ro xplor. JumLo loons rong lrom
$417,000 up ro $1,04,2S. Th JumLo Loons lor vA
srorrs or $2S,S00 in Howoii.
Native American Direct Loan (NADL)
Th Noriv Amricon Dircr Loon (NADL) Frogrom hlps
ligiLl Noriv Amricon vrrons lnonc rh purchos,
consrrucrion, or improvmnr ol homs on Fdrol Trusr
Lond, or rduc rh inrrsr ror on o vA loon.
VA Reverse Mortgage
Th vA rvrs morrgog progrom is ovoiloLl ro
vrrons ond rrirs ovr rh og ol 2. A vA rvrs
morrgog, li| oll rvrs morrgogs, will ollow vrron
homownrs ro rurn hom quiry inro cosh. This mony
con L issud ro rh homownr in irhr o lump sum
poymnr or in monrhly poymnrs. For rh vrron,
rhis moy L o gror woy ro supplmnr sociol scuriry
poymnrs ond milirory pnsions. Th rvrs morrgogs
or good os long os rh vrron rmoins in rh hous os
rhir primory rsidnc.
Dpnding on your siruorion, rhr or dillrnr
vA Hom Loon Frogroms rhor suir your nds.
W wonr you ro mo| rh mosr our ol your loon,
so |nowing whor you nd is rh lrsr srp.
vA HME LAN FRCRAMS FACE 3
A vrron's ligiLiliry lor o vA hom loon is drrmind ond
mosurd Ly whor ryp ond whor omounr ol nrirlmnr rhy
hov. Th mosr common ryp ol nrirlmnr is colld "Bosic
Enrirlmnr." Thr or o lw rhings rhor moy cous o vrron
nor ro hov lull Bosic Enrirlmnr.
Thy includ:
1. A prvious lorclosur on o vA Loon
2. Alrody owning rol sror rhor is scurd Ly o vA Loon
l o vrron dos nor hov lull Bosic Enrirlmnr rhir oLiliry
ro quolily lor o vA loon Losd solly on Bosic Enrirlmnr moy
L impocrd. vA hos dvlopd somrhing colld "Bonus
Enrirlmnr" lor rhs siruorions. Bonus Enrirlmnr con hlp
vrrons who do nor hov sullcinr Bosic Enrirlmnr ro srill
purchos o hom using o vA loon.
Bonus nrirlmnr is o Lir mor complx rhon Bosic Enrirlmnr.
Flos conrocr o quolild vA Lndr il you hov ony qusrions.
Exanpe o| a Cert|cate o| EgLty (COE)
n ol rh lrsr ond mosr imporronr srps o lndr musr
ro| whn hlping o vrron gr pr-opprovd lor o vA
Loon is ro drrmin whor rhir "ligiLiliry" is.
n rh world ol vA morrgogs, ligiLiliry drrmins
whrhr or nor o vrron is ligiLl lor o vA Hom Loon.
Th vA ourlins o vrrons ligiLiliry on o documnr rhy
coll o Crrilcor ol EligiLiliry (CE).
Acriv Milirory ond vrron who prlr ro ordr rhir
own CE, rhy hov rwo oprions:
1. Complr o vA Form 2-1880, Rqusr lor o
Crrilcor ol EligiLiliry, onlin rhrough Bnlrs.
Vst. www.eBene|ts.va.gov
2. SuLmir o complrd vA Form 2-1880, Rqusr lor
o Crrilcor ol EligiLiliry, ro rh Arlonro EligiLiliry
Cnrr, olong wirh prool ol milirory srvic.
!"#$#%& "(()*++,
vA Loon EligiLiliry Cnrr
F Box 100023
Dcorur, CA 30031
Fhon # (888) 78-2132
VA ELIGIBILITY
How is it Determined?
vA ELCBLTY FACE 4
IMPORTANT VA FUNDING FEE EXEMPTION:
If the VA considers a veteran disabled, then
the veteran is exempt from paying a funding
fee and their funding fee factor is 0%.
Loan Amount
Appropriate Funding Fee Factor
VA Funding Fee
Loan Amount
Final VA Loan Amount
$200,000
2.15%
$4,300
$200,000
$204,300
x
+
-"./$* 01 23%(#%& 2** 4"$53$"6#7%
Th lollowing xompl is Losd on o vrron rhor is using
rhir vA morrgog Lnlrs lor rh lrsr rim ro purchos o
$200,000 hom wirh 0% down.
GH I G92+0)9@ H(9/*
ln order to maintain a healthy insurance Iund
(which is what allows the VA to continue to
insure VA loans) each veteran pays an insurance
premium called the "VA Funding Fee" (see
exception below). The VA Funding Fee charged
depends upon the veteran's level oI service,
the type oI transaction (purchase or reInance),
how many times the veteran has used their VA
mortgage beneIts, the veteran's disability status
with the VA and the down payment the veteran
makes on a purchase. See the charts below Ior
speciIc VA Iunding Iee rates.
VA Funding Fee Rates - Purchase
Amount of times veteran has used VA MTG Benefit
0% Down Foymnr
S% Down Foymnr
10% Down Foymnr
1st Time Use
2.1S%
1.S0%
1.2S%
Subsequent Use
3.30%
1.S0%
1.2S%
1st Time Use
2.40%
1.7S%
1.S0%
Subsequent Use
3.30%
1.7S%
1.S0%
Rgulor Acriv Rgulor Acriv Rsrvisr / NC Rsrvisr / NC
VA Funding Fee Rates - Refinance
Amount of times veteran has used VA MTG Benefit
Cosh ur or Rg Rl
RRL o|o "Srromlin Rl
1st Time Use
2.1S%
0.S0%
Subsequent Use
3.30%
0.S0%
1st Time Use
2.40%
0.S0%
Subsequent Use
3.30%
0.S0%
Rgulor Acriv Rgulor Acriv Rsrvisr / NC Rsrvisr / NC
"
VA FUNDING FEE
How it Works
vA FUNDNC FEE FACE S
n o rypicol vA purchos rronsocrion, rh vA non-ollowoLl ls rorol onywhr lrom
$1,000 ro $1,S00. lrnrims, rh sllr is rh porry rhor poys lor rhs ls. Howvr,
rhr is on oprion rhor ollows rh lndr ro poy lor oll vA non-ollowoLl ls in siruorions
whr rh sllr rluss ro poy.
Amorrizorion schduls, poss Loo|s,
ond mmLrship or nrronc ls
Escrow ls or chorgs
Norory ls
Commirmnr ls or mor|ring ls ol ony scondory
purchosr ol rh morrgog ond prpororion ond
rcording ol ossignmnr ol morrgog ro such purchosr
Trusr's ls or chorgs
Loon opplicorion or procssing ls
Fs lor prpororion ol rrurh-in-lnding
disclosur srormnr
Fs chorgd Ly loon Lro|rs, lndrs, or orhr rhird
porris whrhr ollliord wirh rh lndr or nor
Lndr's opproisols rhor or rquird
in oddirion ro rh vA opproisol
Lndr's inspcrions (except n constructon oan cases)
Loon closing or srrlmnr ls
Documnr prpororion ls
Frporing loon poprs or convyonc ls
Arrorny's srvics orhr rhon lor rirl wor|
Fhorogrophs
nrrsr ror loc|-in ls
Fosrog ond orhr moiling chorgs, srorionry,
rlphon colls, ond orhr ovrhod
Tox srvic ls
Non-Allowable Fees Include:
vA dos nor ollow o vrron using o vA loon ro
purchos o hom ro poy lor crroin ls. Thy coll rhs
ls "vA Non-AllowoLl Fs." Any porry involvd
in rh rronsocrion orhr rhon rh vrron (lndr, rol
sror ognr ond sllr) moy poy lor rhm.
vA NN-ALLWABLE FEES FACE
VA NON-ALLOWABLE FEES
What Are They?
Whn o vA opproisr visirs o proprry rhy ossss rh hom's mor|r volu. Thy olso voluor rh hom ro mo| sur
ir mrs rh gnrol proprry rquirmnrs sr lorrh Ly rh vA. Th vA hos crord o vry spcilc sr ol guidlins
rhy coll Minimum Froprry Rquirmnrs or "MFRs." A vA opproisr will uriliz rhs MFRs ro drrmin il o proprry
is ligiLl lor o vA morrgog. Cnrolly spo|ing, vA opproisrs mosur o proprry ogoinsr rhr primory srondords.
Thy rquir rhor rh proprry is -"8*9 -73%( "%( -"%#6"):;
l o proprry's condirion violors ony or oll ol rhs srondords occording ro o vA opproisr, rhor opproisr will rquir
rhor rh violorion L rmdid irhr Llor rh loon closs or olrr rh closing rhrough o lully opprovd scrow
holdLoc| (rh vA dos nor ollow vrron/Luyr ro lund scrow holdLoc|). Whil minor ond cosmric proprry
dlcincis or nor considrd grounds lor inligiLiliry, rhy moy locror inro rh opproisr's voluorion ol rh hom.
Primary VA Minimum Property Requirements (MPRs)
<"5= >*+#(*%6#"$ ?%#6 !3+6 @"A* -/"5* 27),
Living
Coo|ing ond dining - proprry nds srov insrolld
Slping
Sonirory lociliris
!*5="%#5"$ -:+6*.+ .3+6,
(loo, lunLng, Heatng/Coong, etc.)
Hov rosonoLl uriliry, duroLiliry ond conomy
B sol ro opror (musr L in good shop!)
Fool musr L luncrionol or rh rim ol closing
@*"6#%& >*B3#)*.*%6+,
Horing musr L odquor ond comlorroLl lor living condirions
Homs wirh o wood Lurning srov musr olso hov o
convnrionol horing sysrm
Homs wirh o solor horing sysrm musr L 100% Loc|d
Ly o sysrm os rlioLl os o convnrionol horing sysrm
Air condirioning is nor rquird
C"6*) -3//$: >*B3#)*.*%6+,
J9>; 1/01"/23 6(72 ;9B"K
Domsric hor worr
Conrinuing supply ol sol/poroLl worr lor drin|ing
ond orhr houshold uss
Sonirory lociliris ond o sol mrhod ol swog disposol
PooBng Pequirements:
F;" 1/01"/23L7 /00C 6(72K
Frvnr nrronc ol moisrur
Frovid rosonoLl lurur uriliry, duroLiliry ond
conomy ol moinrnonc
vA olso hos o sr ol spcilc guidlins rloriv ro o proprry's crowl spoc(s), vnrilorion ond lcrriciry.
Flos conrocr vAREF il you hov ony oddirionol qusrions oLour vA MFRs.
Froprry condirion is on ol rh locrors involvd in oLroining lull loon
opprovol. Eoch loon ryp hos irs own sr ol guidlins rhor or usd ro
mosur rh ligiLiliry ol o suL|cr proprry.
VA PROPERTY REQUIREMENTS
Safe, Sound, Sanitary
vA FRFERTY REUREMENTS FACE 7
Th purpos ol on opproisol is ro hlp o morrgog
lndr drrmin rh loir mor|r volu ond gnrol
physicol condirion ol rh proprry rhor will srv os
collorrol lor your nw hom loon.
Appraisal Steps
Order the Appraisal
W (your lndr) suLmir on opproisol rqusr ro
rh vA on your Lholl. Th vA rondomly ossigns
o vA licnsd opproisr ro inspcr ond opprois
your hom. Th vA opproisr hos 10 doys Ly low
ro inspcr rh proprry onc rh opproisol rqusr
hos Ln rcivd.
Research
Th ossignd vA opproisr visirs ond inspcrs rh
proprry. Th opproisr rviws rh hom's livoLl
squor loorog, lorurs/upgrods, gnrol ovroll
condirion ond rh proprry's sysrms.
(heatng/coong, punLng etc.)
1.
2.
Valuation
Th ossignd vA opproisr rsorchs rcnrly
closd hom sols in rh som viciniry os rh
suL|cr proprry. H or sh lnds similor homs
rhor compor ro rh suL|cr proprry. This doro,
comLind wirh inlormorion lrom Srp 2, hlps rh
opproisr drrmin rh suL|cr proprry's volu.
Delivery
nc rh ossignd vA opproisr hos complrd Lorh
rh voluorion ond rsorch procsss, o complrd
vA opproisol rporr is moild ro your lndr. A copy
ol rh rporr is olso snr dircrly ro you (rh Luyr).
Th ovroll vA opproisol procss con ro| up ro 10
Lusinss doys.
3.
4.
vA AFFRASAL FRCESS FACE 8
VA APPRAISAL PROCESS
Following the Steps
Significance of the VA Funding Fee and the
FHA Up Front Mortgage Insurance Premium (UFMIP)
Th vA lunding l ond rh FHA Up Fronr Morrgog nsuronc Frmium
or usd lor dloulrs. Th vA lunding l is usd lor vA guoronrs.
Th vA is sll-lunding which mons rhor rh vA lunding l is usd ro covr
oll monogmnr cosrs ond dloulrs ossociord wirh rh vA hom loon. FHA
is grring mor puLlic scruriny rhs doys whil vA is mor lovoroLl ond
hos lowr dloulr rors. FHA hos highr dloulr rors ond undr irs currnr
consrvororship, hos hod ro os| lor mony lrom congrss ro covr losss du
ro loc| ol lunds. Lndrs rquir rh FHA UFMF ond rh vA lunding l ro
hlp prorcr rhm ogoinsr loss in rh vnr ol o lorclosur.
n ol rh moin Lnlrs ol rh vA hom loon is rh locr rhor rh vrron
dos nor nd o down poymnr. This is o hug Lnlr, Lur compord ro
FHA, rh rol dillrnc con L sn in rh monrhly poymnr Lcous rh vA
hom loon dos nor rquir monrhly morrgog insuronc. Blow w show o
sid-Ly-sid comporison ol o vA ond FHA loon.
Where VA Shines versus FHA
Firsr, rh vA Luyr did nor nd rh $14,000 lor rh down poymnr. Scond, vn rhough rh vA Luyr poid $1,84S
mor lor rh Up Fronr F rhon rh FHA Luyr, rh vA Luyr will nor hov ro poy rh oddirionol $402 pr monrh lor
morrgog insuronc. Th ovroll sovings lor rh vA Luyr is rhousonds ol dollors.
VA Compared to Conventional Loan Programs
n ol rh Liggsr dillrncs Lrwn rh vA loon ond Convnrionol loon progroms hos ro do wirh rh down
poymnr rquirmnrs ol rh rwo progroms. Wirh rh vA hom loon, no mony is rquird lor o down poymnr.
A convnrionol loon rquirs o Luyr ro pur 20% down or hov morrgog insuronc (M). Morrgog insuronc
quolilcorions or vry dynomic ond con L rsrricriv. Hoving morrgog insuronc on o loon olso mons rhr is o
scond sr ol guidlins lor rh M compony rhor your Luyr will nd ro mr in oddirion ro rh srondord lndr
guidlins. This is only on oro rhor crors o chollng, rh orhr is ol cours rh cosr ossociord wirh M poymnrs.
Convnrionol loon progroms olso hov righrr rquirmnrs lor quolilcorion. Whil FHA loon guidlins will chong Ly
commirr, convnrionol loon progroms con chong guidlins ovrnighr os w wirnssd during 2007 ond 2008.
VA
$400,000
3.7S%
Zro ($0)
2.1S% ($8,00)
Zro ($0)
$408,00
$1,82
Furchos Fric
nrrsr Ror
Down Foymnr
Up Fronr F
Morrgog nsuronc
Loon Amounr
Foymnr
FHA
$400,000
3.7S%
3.S% ($14,000)
1.7S% ($,7SS)
1.2S% ($40 pr monrh)
$32,7SS
$2,228 ($1,81 - $40 - FM)
VA VERSUS FHA AND CONVENTIONAL
Knowing the Differences
vA vERSUS FHA AND CNvENTNAL FACE
Short Sale
Whn o vA Lorrowr srorrs hoving rrouLl in mo|ing
vA morrgog loon poymnrs, somrims rh only
olrrnoriv ro lorclosur is o shorr sol, olso |nown
os o vA Compromis Sol. Th vA Compromis sol
is Losd upon rh vA compromis cloim which srors
"l your proprry connor L sold lor on omounr which
is grorr rhon or quol ro whor you ow on rh loon,
vA moy poy o 'compromis cloim' lor rh dillrnc ro
hlp you complr rh sol. You musr conrocr rh vA
ro discuss rh siruorion ond gr prior opprovol lor o sol
wirh o compromis cloim poymnr. Som morrgog
componis or ourhorizd Ly vA ro opprov o sol wirh
o compromis cloim." Th shorr sol is o losr rsorr in
mony coss, Lur il lorclosur sms unovoidoLl
ir moy L rh Lsr oprion.
Deed-in-Lieu
A Lorrowr moy L oLl ro ovoid lorclosur rhrough o
dd in liu whrLy rh homownr ogrs ro rronslr
rh rirl ol rh proprry ro rh lndr. n rrurn, rh
lndr will rlos rh Lorrowr lrom oll oLligorions
lrom rh morrgog. This is Lnlciol ro rh Lorrowr
Lcous rh ngoriv llcr ol rh dd in liu on his
crdir scor is much lss rhon rhor ol o lorclosur.
Monwhil, rh lndr Lnlrs Lcous h is oLl
ro lorgo rh xpnss ond rh llorr rhor or usuolly
ndd lor o lormol lorclosur.
Th vA hos o longsronding policy ol ncouroging srvicrs ro wor| wirh vrron Lorrowrs ro
xplor oll rosonoLl oprions ro hlp rhm rroin rhir homs, or whn rhor is nor losiLl, ro
mirigor losss Ly pursuing olrrnorivs ro lorclosur.
VA Loans after Foreclosure
Forclosur is undrsrondoLly o Lirrr pill ro swollow
lor o lor ol milirory homownrs. Bur ir's imporronr ro
rmmLr rhor dloulring on o hom loon, vn o vA-
Loc|d on, dosn'r mon onorhr vA loon is lorvr our
ol roch. Th roliry is ir's possiLl ro gr onorhr vA loon
olrr xprincing o lorclosur, o shorr sol or o dd-in-
liu ol lorclosur. n ol rh |y qusrions is how much
vA loon nrirlmnr you hov rmoining, il or oll, sinc
som will L rid up in rhor lorclosd proprry. Unlss o
Lorrowr dloulrd on o rolly xpnsiv morrgog, rhy
moy hov nough vA loon nrirlmnr llr ovr ro quolily
lor onorhr loon.
VA Loans and Bankruptcy
Thr or rwo mo|or ryps ol prsonol Lon|ruprcy
prorcrion Choprr 7 ond Choprr 13 ond Lorh will
crush your crdir. Consumrs con xpcr rhir crdir
scors ro drop Ly 130 ro 240 poinrs. Thor olon will
mo| quolilying lor o vA loon incrdiLly dillculr, Lur
lndrs olso rquir Lorrowrs ro L o "sorislocrory crdir
ris|." vA-opprovd lndrs wonr ro s rhor prospcriv
Lorrowrs con rrurn ro o solid lnonciol looring ovr
o rwo-yor priod. And rhor mons rhr's olmosr no
woy lor o Lorrowr ro scur lnoncing unril or losr rh
rwo-yor mor| olrr o Lon|ruprcy dischorg.
vA DEFAULTED FRFERTY FRDUCTS FACE 10
VA DEFAULTED PROPERTY PRODUCTS
Important Information
inlo@vorp.nr www. vAR E F. n r S1 444 733
vrrons Associorion ol Rol Esror Frolssionols 42 Corono Moll Suir 102 Corono, CA 287
Give Us a Call Today!
Jeff Howard
Honolulu Choprr FuLlic Rlorions Dircror
F: (808) S - 0S0S x 148
M: (808) 2S8 - 7S3
F: (808) S - 828
E: Jll@MonnHowoii.com