The VA Home Loan Appraisal

The Veterans Administration requires that all appraisals be completed by VA approved appraisers. This helps to protect Veterans. In the past this was a time consuming task because once the appraisal was completed, it had to be sent to VA for review, and issue a CRV (Certificate of Reasonable Value),  then the CRV was sent to the lender and the loan closed.

LAPP Lender Appraisal Processing Program

LAPP streamlines the process of veterans getting a VA loan by providing lenders with a tool that would augment their automatic underwriting authority with the ability to make value determinations without VA. All loans completed by Veterans Home Mortgage are processed using the LAPP procedure.

Apply for VA Home Loan! | Jul. 31-05

VA LOAN LIMITS

Veterans Benefits Act of 2004 was signed by the President on December 10, 2004. The law changes the maximum guaranty amount of $60,000, for certain loans in excess of $144,000, to an amount equal to 25 percent of t he Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act for a single family residence, as adjusted for the year involved..

The maximum guaranty for 2005 would be $89,912. This is for 25 percent of the 2005 Freddie Mac conforming loan limit for a single family residence of $359,650.

The maximum eligibility for each veteran is $89,912 and the maximum loan amount with no down payment is $359,650.

If you’re still renting, now is the time to take a serious look at VA home ownership. while interest rates are still at record lows.

Here are some more facts.

• $70,000 - the average homeowner’s equity.
• $50,000 - average low-income homeowner wealth in 2001.
• $7,900 avg. low-income NON HOMEOWNER wealth equity in 2001.
• An overwhelming 97% of homeowners own at least some equity in their homes.
• Among Lower income households - home equity is 80% of their entire wealth.
• For Hispanics, home equity is 63% of their entire wealth.
• For Afro-Americans - home equity is 52% of their entire wealth.

Apply for VA Home Loan! | Jul. 31-05

VA Loan Ready To Buy NOW

The Veterans Administration loan approval process is 100% dependant on documentation. To insure a smooth transaction, it is imperative that you have all of your documents gathered prior to you initial loan application, VA Income Qualifications. A list of all the documents you will need.

Apply for VA Home Loan! | Jul. 31-05

VA Loan Application

The Veterans Administration loan Online -Apply Now for VA Loan.

Apply for VA Home Loan! | Jul. 31-05

VA Eligibility Information

When you are qualifying for an VA home loan, a we will your DD214

Full Article | Jul. 31-05

Employment Information

• Most recent two years complete tax returns with all schedules
• Most recent two years W-2's, 1099's, etc.
• Most recent pay stubs covering one month period
• If Applicable: Self-Employed will need Three years Tax Returns and YTD Profit Loss Statement.

Full Article | Jul. 31-05

Information

• Most recent three months complete bank statements for any and all accounts with all pages.
• Most recent statement from retirement, 401k, mutual funds, money market, stocks, etc.
• Most recent statements from your bills, indicating minimum payments and account numbers.
• Name, Address, and Phone number of your landlord, or 12 months cancelled rent checks.
• Should you have no credit. Copies or your most recent utility bills will be needed.
• If Applicable: Copy of complete Bankruptcy and Discharge Papers.
• If you co-signed for a mortgage, car, credit card, etc, need 12 months cancelled checks. front and rear, indicating you are not making payments.
• Copy of Drivers License.
• Copy of Social Security Card.
• If Applicable: Copy of  complete Divorce, Palimony, Alimony Papers.
• If Applicable: Copy of Green Card or Work Permit.
• If Applicable: If you own another home(s) - see below

If a Refinance or you own Rental Property

• Copy of Note & Deed from current loan.
• Copy of Property Tax Bill.
• Copy of Hazard (homeowners) Insurance Policy.
• Copy of Payment Coupon or statment for current Mortgage.
• If Applicable: If property is multi-unit, need Rental Agreements.

Planning to Buy a Home? Compare REALTORS® First. It's Fast and Free! | Jul. 25-05

FREE First Time Home Buyer Reports! | Jul. 25-05