FHA/VA Overview
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• FHA Statistics, Profile and Benefits • FHA Loan Limits, Recent Changes, On the Horizon, and What's HOT. • VA Demographics, Profile and Benefits • High Balance VA, and What's HOT.
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FHA/VA Overview
- 1. FHA / VA Overview Dennis Geist Vice President - Government Programs May 19, 2011
- 3. MBS Issuance by Program Share (GNMA, FRE, FNM, Non-Agency) 2010 - Conf conv = 69.5% FHA / VA = 26.4% Other (including non-conf conv = 4.1% Source: Inside Mortgage Finance
Notas del editor
- VA loans offer a variety of advantages to borrowers. These include: Low or no down-payment options and a VA borrower can use their benefits to purchase a primary residence multiple times. Seller financing concessions and contributions are allowed up to 4% of the appraised value (or sales price whichever is less). However, non-recurring closing costs and customary discount points in certain markets are not considered a concession. Refer to the VA allowable fee section of NOW for additional information. VA loans do not charge mortgage insurance, veterans are charged a Funding Fee based on: Veteran’s service type Loan transaction type Veteran’s prior use of VA entitlement Collected up front the funding fee is: Calculated on the base loan amount Financed or paid in cash If financed it cannot exceed the maximum loan limits Another advantage is that loans are fully assumable to a qualified borrowers…potentially building in financing for the future. Loans may be assumed by a veteran or a non-veteran. And a veteran may substitute their eligibility allowing the previous veteran owner to use their VA benefits to purchase another residence There is no prepayment penalty on any VA loan WFHM has a minimum credit score overlay of 600 for loans amounts up to $417,000. a 620 credit score is require for loan amounts between $417,000 and $700,000 (and for cash our refinance loans), 660 for loan amounts between $700,000 and $1 Million and 700 for loan amounts above $1 million. Like FHA loans VA borrowers must also have a clear CAIVRS The borrower may be eligible for an interest rate reduction refinance loan to reduce rate and payment on owner-occupied and non-owner occupied loans. And lastly, HMC’s economics 10 extra bps of commission on VA loans up to $417,000 That’s $400 on a $400,000 loan amount Branch Economics Increase in revenue over Conventional Better for the Borrower, HMC and WFHM