FHA Loan and VA Loan Compared – Who Wins?

FHA Loan and VA Loan Compared – Who Wins?

Often times when a Veteran is getting ready to purchase a home they will ask me “is a VA Loan the best route for me to go?” My answer to that question is simple…Yes! Truth be told if I were purchasing a home I would ask the exact same question. It’s important to understand the loan product and type that you are receiving (after all it is for 30 years) and that it’s competitive against other mortgage options. Reasons such as this is exactly why I wanted to put together a quick video explaining the differences between FHA Loans and VA Loans and most importantly how they stack up against each other when put side by side.

It’s important to understand and remember that every loan has different charactoristics associated with it. For example on a VA Loan the VA Loan allows a Veteran to purchase a home up to $417,000 with no money down. A FHA Loan however caps the Veteran (in Maricopa County) at $270,050. Furthermore FHA also requires a 3.5 % where as the VA Loan does not. Lastly the FHA loan requires something called Private Mortgage Insurance (PMI) which requires .85% of the loan amount on an annual basis making the FHA significantly more expensive over the life of the loan.

Take a moment to watch the video and see how the VA Loan compares and of course if you have any questions over anything at all feel free to roger up with me and I would be honored to be of service to you.

Semper Fidelis,
Jimmy Vercellino
480-351-5904


VA Loans Nationwide

If you would have asked me 10 Years if I would be helping Veterans in other states about helping them with their VA Loan Benefits I wouldn’t have believed you. Today, because of the huge response that I receive from Veterans across our great nation I find myself writing a blog about it. Wow! It’s truly amazing and I feel so blessed that I have the opportunity to serve Veterans across the U.S. will all of their VA Loan Financing needs.

Having said all of that it still remains a question that I get from Veterans which feels like on a daily basis from Veterans that are finding me online. That question “Jimmy can you do VA Loans in other states?” The answer…absolutely. With First Choice Loan Services we are licensed to lend in about 46 out of 50 states so I would say the chances are pretty good that we are going to be able to assist Veterans with VA Loans in other states. So let’s do the right thing and just make sure we are good to go and we can get to work right away with getting you ready to use your VA Loan Benefit.

For more questions about VA Loans please feel free to contact me directly 480-351-5904 or you can email me at jimmy@fcbmtg.com


VA Loans in Tucson AZ

VA Loans in Tucson AZ are becoming increasingly more popular. According to the US Census Bureau there are over 40,000 Veterans living in the city. Also keep in mind that Tucson is home to one of the largest Air Force Bases in our country (Davis Monthan Air Force Base) providing the city with a rich military feel on top of it’s already great history.

One of the things that I am seeing more of is Veterans and Active Duty Service-Members using and seeking information on how their VA Home Loan Benefits work. For Pima county and VA Loans in Tucson AZ the maximum loan amount for a VA Loan is $417,000 with now down payment. Veterans looking to purchase a home above $417,000 may do so by fulfilling the remaining guarantee on the loan (contact us for more details). To qualify for a VA Loan the Veteran must have at least a 600 credit score (keep in mind this score may change from lender to lender). The Veteran must also provide income and asset documentation allowing the lender to calculate a debt-to-income ratio. The max debt-to-income ratio will vary dependent upon the overall VA Loan package.

VA Loans also come in all different shapes and sizes. A Veteran may obtain a 30,25,20,15 Year Fixed Rate VA Mortgage. The Veteran may also look at obtaining a 5 Year Adjustable Rate Mortgage with their VA Loan- commonly referred to as a VA Hybrid. Keep in mind that when Veterans are looking to obtain VA Loans in Tucson AZ they will want to pick the right Mortgage Lender. Most Lenders do not specialize in VA Loans and are unfamiliar with the details possibly making the loan experience more difficult than it needs to be.

Veterans and Active-Duty Service Members seeking to apply for a VA Loan in Tucson AZ can simply click on the following link www.VALoansForVets.com/Apply and either myself or a member of my team will contact you the same business day, or if it’s after hours, the next.

Jimmy Vercellino is a Marine Corps Veteran and Mortgage Originator Specializing in VA Loans. Jimmy’s mortgage practice serves Veterans with VA Loans in Tucson AZ as well as Phoenix. His Mission is simple: To provide and assist all Veterans and Active Duty Service Members with all of their VA Home Loan financing needs.


VA Loan Certificate of Eligibility

va coeThe VA Loan Certificate of Eligibility is a very confusing form for Veterans. As a Mortgage Originator Specializing in VA Loans I have to be honest in telling you that many lenders are even confused about this form. What is it? What does it mean? How do you read it? How do you get it? All of which are very real and valid questions when discussing such a form.

First let us start with the basics. The VA Loan Certificate of Eligibility is simply a form provided by the Department of Veterans Affairs to lender which states that you (the Veteran) are eligible for the VA Loan. It does however say that the Veteran is prequalified for the VA Loan. Keep in mind when seeking a VA Loan the Veteran must be prequalified in addition to obtaining the form.

Next let us take a look how to read it. On the VA Loan Certificate of Eligibility you will see the following verbiage. “This Veterans Basic Entitlement is $36,000.” Do not be alarmed. This does not mean that you can only get a VA Loan for $36,000 – all that means is that the VA guarantee’s the loan up to $36,000 for a loan up to $144,000. Now, there is something else called Bonus Entitlement – this amount is $68,250. For loans above $144,000 this will kick in. If you take a look at both of these numbers you will notice that the total of the two is $104,250 which happens to be twenty-five percent of $417,000 which is typically the maximum loan amount a Veteran can obtain with no money down. Remember Veterans that VA does not lend the money – they simply on insur the loan. Keep in mind you can have one of these forms and not be prequalified for a VA Loan (which is why it’s so important to consult with a VA Loan Specialist up-front).

For more information regarding your VA Loan Certificate or to obtain a copy feel free to roger up with us direct at jimmy@valoansforvets.com

Thank you and may God bless you for your service to our great country!

Semper Fidelis,
Jimmy Vercellino

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VA Loan Training for Real Estate Agents

For nearly a decade I have been doing VA Loan Training for Real Estate Agents here in Arizona and across the nation and I must be honest with you. Teaching is my passion and I absolutely love to do it. It gets my excited for a number of reasons really. Number one, I have seen so many Real Estate Agents go out and serve Veterans and Active Duty Service Members allowing them to take advantage of their VA Loan Benefits as a direct result of something they learned in my VA Loan Training course. Zig Ziglar a man of faith and motivational speaker use to say ” You can anything you want in life if you will just help enough other people get what they want.” I love that. For so many years we have  been fortunate enough to serve Veterans and Active Duty as well as Real Estate Agents allowing them help Vet’s buy and sell their homes the right way.

Below is a course that I recently taught at the Southeast Valley Regional Association of Realtors titled All you need to know about VA Loans.” As mentioned I have been teaching this VA Loan Training course for Real Estate Agents for nearly 10 years and have helped hundreds of Real Estate Professionals navigate the often times misunderstood VA Loan process. My recommendation for you would be to watch the video and go out, spread the news, and educate as many of our Nation’s Finest past and present and educate them about their VA Home Loan Benefits.

“When making a buying decision look for somebody with the heart of a teacher and not the heart of a salesman.” – Dave Ramsey


VA Loan Denial – Now What?

VA Loan Denial – Now What?

Hello Fellow Veterans and Active Duty Service-Members!

Often times Veterans who apply for a VA Loan and are issued a VA Loan Denial for different reasons…some of which are valid, and some of which may not be.

Having said that, if you have received a VA Loan Denial for any reason it’s critical that you get a second opinion. The reason that you will want to get a second opinion is because not all lenders that originate VA Loans are created equa. In other words…different lenders have different guidelines. So while one VA Lender may say no to a VA Loan another may say yes.

Throughout my career I have been fortunate and blessed to serve a handful of Veterans that were unfortunately declined for their VA Loan by another VA Lender, only to later be approved and become homeowners after having our team review their VA Loan.

If you or somebody you know has been issued a VA Loan Denial please feel free to roger-up with me and I will be happy to give your loan a no cost review to see if there is something that was missed and most importantly if your loan can be approved.

My mission is simple to provide and assist all Veterans and Active Duty Service Members with all of their VA Home Loan Financing needs.

To apply for your VA Loan click on the following link www.VALoansForVets.com/apply

Semper Fidelis,
Jimmy Vercellino 480-351-5904
Mortgage Originator, Specializing in VA Loans
NMLS #184169


How Long do VA Loans Take to Close?

In the past VA Loans have gotten a bad wrap on many different issues ranging from issues like… the appraisal takes too long, the seller has to pay for all of the closing cost, and of course that the VA Loans takes to long to close. All of these of course are not true, but today I wanted to focus on one issue in particular and that is… How long do VA Loans take to close?

There is no real right or wrong answer, but I will do my best to give you as simple an answer as possible. You ready? It depends. It depends because it’s up to the VA Lender that you are working with and their particular timelines. Often times many VA Lenders will quote 45-60 days because of their current workload. However, this does not mean that it take the VA that long to close your loan. The reality is that VA has very little to do with the transaction. The VA Lender lends the money and the VA just guarantees the loan. That said, the VA Loan should take no longer to close than any other loan type out there, FHA, Conventional, USDA, etc. A good general rule-of-thumb for the VA Loan closing is 30 days.

In our experience the VA Loan usually take 30 days  or less to close from the date of your accepted purchase contract. So, if you are being told that the VA Loan take 45-60 days to close you may want to reconsider the lender you are working with. If you have questions about your VA Home Loan Benefit feel free to roger-up with us direct at 480-351-5904 or email me at jimmy@VALoansForVets.com

Thank you and may God bless you for your service to our great country!

 

Semper Fidelis,

Jimmy Vercellino


Items Needed for a VA Loan

I have been very fortunate to serve a lot of Veterans with all of their VA Loan financing needs for the past 9 years, soon to be 10 years in 2015 (gosh time does go by fast). Anyhow, as I thought about a my next blog topic I remembered how on every single one of those transactions 1 particular question always comes up from the Veteran. That question? “Jimmy what are the items needed for a VA Loan? ” This question can come from a Veteran who is ready to buy a house tomorrow, or maybe even a year from now, and that’s okay. The YouTube Video below explains the items needed for the VA Loan.

In order for a Veteran to use their VA Home Loan Benefits the VA Loan requires the following documentation.

Most Recent 2 Years of W-2’s
Most Recent 2 Years of Tax Returns
Most Recent 2 Months of Bank Statement
Copy of Photo I.D.
Copy of DD-214
Copy of Certificate of Eligibility

This is a list that should be enough to get you started. However, keep in mind that the lender can always reserve the right to request more documentation. For example, if you own homes, you may need to provide a copy of the current mortgage statement and tax bill along with insurance dec page. Or maybe if the Veteran has had a foreclosure in the past they may needed to provide additional documentation to support the hardship. It’s truly a case by case basis. However, the information listed above should be enough to get you stared and on the right track for the items needed for a VA Loan.

If you have more questions about your VA Home Loan Benefits I would be honored to serve you. My name is Jimmy Vercellino and I am a United States Marine Corps Veteran of Operation Iraqi Freedom and Mortgage Originator Specializing in VA Loans. To contact me direct you can reach me at 480-351-5904 or email me at jimmy@valoansforvets.com

Thank you and may God bless you for your service to our great country.

Semper Fi,
Jimmy Vercellino


VA Loan in Gilbert AZ

Looking for VA Loan in Gilbert AZ ?

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This blog post had to come sooner or later. I say that because it seems as if more and more Veterans are purchasing homes in Gilbert and talking about and how much they love it, and honestly I can’t blame them. With more and more Veterans exiting the military and relocating to the Valley of the Sun I feel like it’s a safe bet to say that we are going to see our Veteran population grow who want to want to take advantage of their VA Loan in Gilbert AZ. For what reasons you ask? I’ll give you a few.. Gilbert seems to have a sense of community that you might have a hard time finding in other parts of the Valley. In addition to great schools, coupled with clean streets, and a happening downtown that is drawing in award winning Restaurants like North, Postino’s, and many others make Gilbert the Southeast Valley’s happening spot.

So if you are a Veteran and you would like to purchase a home in Gilbert – I have good news for you, it’s still very affordable. For a VA Loan in Gilbert AZ a Veteran may be able to purchase a home to $417,000 with no money down! Keep in mind that this is the only type of loan that will allow somebody to do this. In addition to the no down payment the VA Loan allows for less than perfect credit allowing a Veteran to possibly obtain a VA Loan with a credit score as low as 600.

So if you are in the market to purchase a home and would like to know more about how you can use your VA Loan in Gilbert AZ the first thing that you need to do is get pre qualified. Once you have accomplished that we can get you in touch with a Real Estate Professional who can begin to show you homes in this rockin city. You can apply by going to https://www.valoansforvets.com/apply/ or you can call me today at 480-351-5904

Lastly if you would like you can also email me at jimmy@VALoansForVets.com to take advantage of one of the most competitive loans on the marketplace.

Jimmy Vercellino is a United States Marine Corps Veteran and Mortgage Originator Specializing in VA Loans and serving Veterans and Active Duty Service Members.

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