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13 Cards in this Set
- Front
- Back
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entitlement
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amount vet is guaranteed for loan
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basic VA entitlement
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$36000 for 144,000 or less.
greater than 144 up top 104,250 for high cost areas |
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guaranty
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25% of loan amount for homes 417,000 or less for losses
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loan limits
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no VA max loan amount
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funding fee
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required one time fee added to loan amount
.5 to 3.30 |
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no down payment for VA funding fee
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2.15%
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loan programs offered by the VA
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fixed (30,20,25,15) and ARM (1% annual cap and 5% lifetime for one and three year hybrid s)
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proof of service
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proof of discharge from active duty.
cannot be consciously discharged DD form 214 |
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USDA
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m makes and guarantees loans in rural areas
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common loans for USDA
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single familyhousing guarunteed loan program (sfhglp) = assists low to moderate income
section 502 direct housing loan= low income porch in rural areas (33 year fixed our,38 term) |
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guaruntee fee
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one time fee required by USDA
purch= 2% refi=.5% |
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annual fee
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.3% of uno paid balance on SFHGLP required
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exceptions
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no guarantees on Pretoria that produce income
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