Jeff Sherman

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.

With more than 25.5 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000 under normal conforming guidelines and $750,000 under the VA jumbo loan guidelines. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

For more information and/or a free loan consultation, contact Jeff Sherman with Eagle Home Mortgage at 425-268-0346 or e-mail jsherman@eaglehomemortgage.com

VA Loan Limits and Requirements

Current VA Loan Limit: $750,000

Requirements for loan amounts $417,000 or below
- No Minimum Credit Score
- Zero Down Payment Required
- No Reserves Required
- Ratios are flexible depending on credit and residual income

Requirements for loan amounts over $417000
- Maximum loan amount: $750,000
- Down Payment Required: 25% - Minimum FICO: 660
- Maximum DTI: 45%
- 2 months PITI in reserves minimum
- AU approval Required
- Manual Underwriting option not available
- Mortgage/Rental history: 0 x 30 in past 12 months
- All other VA requirements must be met

VA Funding Fee
Initial User
-2.15% w/ $0 down

Subsequent User
-3.3% w/ $0 down

Initial and Subsequent user
-1.5% w/ 5-10% down
-1.25% w/ 10% down

Partial or Full Disability
-Fee waived for all Down Payments

Interested Party Contributions may include; all buyers closing costs, 2 points, plus 4% additional concessions (4% may include funding fee, prepaid items, and buyer's credit card balances)

Funds to close:
- borrowers own funds
- retirement accounts
- gift
- both secured and unsecured loans

Source of information:
Eagle Home Mortgage, LLC / Jeff Sherman

Should you have any questions or need further information,
please don't hesitate to contact me, (425) 268-0346
Or e-mail me at jsherman@eaglehomemortgage.com

Unfortunately, the subprime mortgage crisis has caused dramatic changes in the lending climate. Many lending institutions have suffered tremendous losses and as a result have tightened their lending standards drastically. Whereas it used to be very, very easy to meet the requirements in order to get approved, it is now much more difficult with most lenders.

When searching for an SEATTLE AREA home mortgage lender, it is important to find one that not only offers the lowest rates, but also has not tightened lending standards to the point that only a tiny percentage of applicants will qualify. At the top of the list right now is EAGLE HOME MORTGAGE. They have the lowest rates, a free and easy online application, and they have not been severely hurt by the subprime mortgage crisis. They are still approving the majority of applications for Seattle Area home mortgages.

For more details on how to get the best home loan, contact Jeff Sherman at 425-268-0346 or e-mail at jsherman@eaglehomemortgage.com

IT’S 2009 : MORTGAGE LOAN LIMITS FALL AS SCHEDULED IN “HIGH-COST” AREAS JANUARY 17TH, 2009 As part of the Economic Stimulus Act of 2008, Congress authorized a conforming loan limit increase in “high-cost” areas around the country. Versus the national conforming loan limit of $417,000, for example, a Seattle home buyer could secure a 2008 mortgage for $567,500 and still be within “conforming” guidelines. Effective January 1, however, those limits rolled back. Conforming mortgages in the 59 designated high-cost regions are now capped at $506,000. In non-high-cost areas, the 2009 conforming loan limits remain unchanged from 2008. • 1-unit properties : $417,000 • 2-unit properties : $533,850 • 3-unit properties : $645,300 • 4-unit properties : $801,950 Loans in excess of these dollar amounts are often called “jumbo”, or “super jumbo” home loans, depending on their size. Jumbo home loans tend to be more costly than their conforming-sized cousins. To obtain a rate quote from the local low rate leader, call Jeff Sherman for details.

If you are like many veterans, you may question whether there really is a fast VA HOME LOAN. This question is often brought up by realtors or other third parties related or non-related to the purchase or refinace of your home. Of course, I do understand why this is often brought up...often VA transactions are delayed by appraisers, inspectors, title, the lender or even the borrower themselves. Sometimes, the process is delayed by a loan officer that isn't experienced with VA loans.

I have a system that I use to make sure that your transaction is smooth and you end up with a fast VA HOME LOAN. It keeps everybody up to date and gathers the required information before it is needed.

After we gather all of your information verbally we will also need to verify it using paystubs, W-2's and bank statements...if you are self-employed then we will need tax returns. We will request everything we need upfront and have you sign all of the required disclosures. By gathering the documentation up front and early on in the loan process, I ensure a smooth, fast and easy VA Home Loan process. I personally have 10+ years experience with the VA Home Loans and I have funded VA loans in as little as 7 business days from the date of the loan application.

When you need a knowledgable professional loan consultant, look no further, give me a call at 425-268-0346.