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Missouri VA Loan Report 2010 

Missouri VA Loan Report 2010

 

 
 
Tags:  loan  refinancing 
Views:  278
Published:  May 17, 2010
 
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Slide 1: VA Loan Report Realtor’s Edition Missouri - 2010
Slide 2: 2 The Veterans Administration now guarantees more than 3,300 loans in Missouri. We will show you how to earn an additional 3-4 deals per year from this group of home buyers with very little effort. The next few pages provide Realtors with the key basics of VA loans. In less than five minutes, you’ll be prepared to discuss, market and sell like few other agents in Missouri. “The one important factor in a VA loan is that once a purchaser is preapproved, you are generally assured that they will have a successful closing because VA does require good credit for a buyer. Another advantage for VA loans is that a vet can use his eligibility more than once.” The CurrenT LandsCape On the heels of the subprime collapse, the Department of Veterans Affairs guaranteed more than $68 billion in singlefamily loans for the fiscal year ending Sept. 30, 2009, an 80 percent increase from last year. There are currently more than 23 million veterans across the country, including almost 530,000 in Missouri. Against this backdrop, the ranks of registered Realtors are thinning nationwide. In Missouri, the number of registered agents has fallen 8 percent since 2007. That shortage is forcing veterans to spend more time hunting for a qualified agent than ever before. Realtors who can cater to this deserving demographic stand to boost their book of business significantly as veterans return home from Iraq and Afghanistan in the coming months. Kathy Jones Prudential Patterson Realtors By the Numbers Missouri Realtors by Year 60,000 52,322 50,000 51,562 48,101 40,000 2007 2008 2009
Slide 3: 3 Missouri CounTies wiTh highesT perCenTage of VeTerans Jackson Cass Johnson Henry Pettis Boone St. Charles M or ga St. Louis n Camden Pu las ki St Fr . an co is Texas St on e Taney Howell Pulaski 27% Howell 14.9% Camden Stone 18.5% 16.1% Pettis 14.3% Morgan 15.8% Henry 15.6% St. Charles 11.2% Johnson Taney 15.6% 15.2% St. Louis Jackson County 11.1% 11.2% Texas 15.1% Boone 9.3% St. Fran- Cass cois 13.3% 14.1%
Slide 4: 4 0 100 Miles The Veteran Population 2000 Percent of people, 18 years and over, who are veterans by state 15.5 to 17.1 14.0 to 15.4 U.S. percent 12.7 12.7 to 13.9 5.4 to 12.6 Percent of people, 18 years and over, who are veterans by county 18.0 to 39.1 15.0 to 17.9 U.S. percent 12.7 8.5 to 12.6 12.7 to 14.9 Less than 8.5 0 100 Miles 0 100 Miles Source: U.S. Census Bureau, Census 2000 Summary File 3. American Factfinder at fact nder.census.gov provides census data and mapping tools. 0 100 Miles The BasiCs VA loans are backed by the government, a layer of protection that often translates to excellent loan terms for qualified veterans. VA loans can be used for a host of purposes, including: • • • • • To buy, build or refinance an owner-occupied residence To refinance an existing VA-guaranteed or direct loan To repair, alter or improve a veteran-owned residence To simultaneously purchase and improve a home To buy a single-family residential unit in a VA-approved condominium development • To buy a farm residence owned and occupied by the veteran
Slide 5: 5 There are a few limitations on properties that can be financed with a VA loan. VA loans cannot be used for: • Land loans • Investment properties • Buying or building a combined residential and business property, unless: The property is primarily residential, with no more than one business unit and a nonresidential area that doesn’t exceed 25 percent of total floor space • Buying more than one separate residential unit or lot unless one is owner-occupied and there’s evidence that: The units are not available separately The units have a common owner, were considered one unit in the past or are assessed as one unit “I love VA loans! It’s a fantastic product for the client. Sellers can contribute up to 4% of the purchase price, there’s no PMI and typically, VA loans have a better interest rate than most conventional, even FHA financing! No money down for the buyer is always great!” Kelly Sloan, Broker Home Sweet Home Realty VA Loans provide qualified veterans with an array of financial and lifestyle benefits, including: • • • • • Less stringent qualification guidelines No down payments No private monthly mortgage insurance No pre-payment penalties Higher allowable debt-to-income ratios than conventional loans • Sellers can pay up to 6 percent of closing costs and concessions • Refinance options that do not have credit score requirements and require less stringent underwriting requirements than traditional refinances. The BenefiTs Agent Reminder: VA Loans come with NO DOWN PAYMENT.
Slide 6: 6 The VA pledges to repay a quarter of the loan amount in the event of default. The amount of that guarantee has recently increased, making homeownership more affordable to more veterans and their families. Today, the VA will guarantee up to $104,250, which has boosted loan limits to $417,000 throughout most of the country. However, there are higher loan limits in some of the nation’s high-cost areas, such as Hawaii, California and New York. In these high-cost regions, qualified veterans can purchase a home worth up to $729,000 without putting down a single dollar. Loan LiMiTs Agent Reminder: Today, the VA will guarantee up to $104,250, which has boosted loan limits to $417,000 throughout most of the country. The Veterans Administration charges a per-person funding fee to help defray program costs. There are exemptions for veterans with service-related disabilities, but generally the fees change depending on the borrower’s military status and down payment. For regular military, the breakdown is: funding fee “The best feeling as a realtor is watching someone who served our country purchase a home. My experience with VA loans has always been wonderful.” Down Payment None 5% or more 10% or more Funding Fee for First-Time Use 2.15 percent 1.50 percent 1.25 percent Brooke Sydenstricker McCarty Weichert, Realtors
Slide 7: 7 For the Reserves and National Guard, the funding fee table is: Down Payment None 5% or more 10% or more Funding Fee for First-Time Use 2.4 percent 1.75 percent 1.50 percent Agent Reminder: Appraisal costs typically average about $350. For cash-out refinancing loans, the funding fee is 2.15 percent for regular military and 2.4 percent for Reserves and National Guard. Each VA field station sets a maximum appraisal and inspection fee based on comparable costs. Appraisal costs typically average about $350. Here is the cost breakdown for Missouri: appraisaLs Condo $325 Single-Family Home Condo $300 Manufactured Home $225 ReInspection $65 Manufactured homes are eligible for a 30-year VA loan if: • It is classified and taxed as real property • It is property attached to a permanent foundation • It conforms to applicable building codes and zoning requirements
Slide 8: 8 New construction (those less than a year old and never owneroccupied) is eligible if either: • Covered by a one-year VA builder’s warranty • Enrolled in a HUD-accepted 10-year insured protection plan, or • Built by a veteran as the general contractor for his or her own occupancy There are exceptions for veterans if builders will not provide a one-year builder’s warranty or a 10-year insured protection plan. Agent Reminder: The VA offers flexible refinance options for qualified borrowers. TThe VA guaranteed more than 144,000 refinances in fiscal year 2009, a jaw-dropping 300 percent increase from FY 08. The VA offers flexible refinance options for qualified borrowers. Veterans can utilize a cash-out refinance to consolidate debt or refinance to obtain a better interest rate using an Interest Rate Reduction Loan, better known as a VA Streamline. Qualified borrowers can’t get cash back with a VA Streamline. But any out-of-pocket costs can be rolled into the cost of the new loan – or borrowers can accept a higher interest rate and allow the lender to cover the costs. There are also refinance options for veterans with conventional home loans. Qualified veterans can currently refinance up to 100 percent of their property’s appraised value. Veterans and their families can also prepay on their loan without financial penalty. Qualified borrowers can’t get cash back with a VA Streamline. But any out-of-pocket costs can be rolled into the cost of the repayMenT and refinanCe By the Numbers Reļ¬nances 150,000 144,800 120,000 90,000 60,000 30,000 0 2008 2009 37,300
Slide 9: 9 new loan – or borrowers can accept a higher interest rate and allow the lender to cover the costs. There are also refinance options for veterans with conventional home loans. Qualified veterans can currently refinance up to 100 percent of their property’s appraised value. Veterans are increasingly turning to the Veterans Administration when the time comes to purchase or refinance a home. A roiling national economy and hardened credit market have only underscored the urgency. But surprisingly few Realtors have significant experience with VA loans. Those who can harness the power of this dynamic and deserving demographic will have a significant advantage as the agent pool continues to shrink. good Business for reaLTors and Their CLienTs PROUD TO SERVE THOSE WHO HAVE SERVED OUR NATION VAMortgageCenter.com® This guide was produced by VA Mortgage Center.com, America’s #1 VA Loan Purchase Specialists. Founded in 2003, VAMC.com has worked with over 500,000 military families and serviced over $1 billion in VA Loans in 2009. 800-405-6682 Licensed Nationwide www.vamortgagecenter.com

   
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