VA Loan Limits for Utah

The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2011 VA limit of $612,500 for Salt Lake, Tooele and Summit Counties; and $417,000 for all other counties in Utah.

Therefore, a veteran with full entitlement available may borrow up to the 2011 VA limit and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.

For more information on the VA's loan limits call me at 801-560-2333.

Source of information: http://www.benefits.va.gov/homeloans/docs/2011_county_loan_limits.pdf

Tip of The Day...

Did you know that you may be able to get a VA loan even if you have had one before?

According to the VA's website at http://www.benefits.va.gov/homeloans/faqelig.asp 

"your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan."

So, even if you've had a VA loan before you can still apply for a new VA loan!  For more information contact the Dan Davidson Mortgage Team at 801-560-2333 or ddavidson@primelending.com today.

Q: What is acceptable proof of military service?

*A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Call me to discuss your financing options!   801-560-233

*Source of information:   http://www.benefits.va.gov/homeloans/faqelig.asp

Q: What is a VA Guaranteed Home Loan?

A: VA guaranteed loans are made by private lenders, such as banks or mortgage companies to eligible veterans to buy of a home (which they must live in). The guaranty means the lender is protected against loss if you fail 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.

Give me a call at 801.560.2333 to discuss your financing options.

Source of information:   http://www.benefits.va.gov/homeloans/faqpreln.asp 

If you are a discharged member of the Selected Reserve. . .

who has never been activated for federal service all you need to obtain your Certificate of Eligibility is a copy of your latest annual retirement points statement and evidence of honorable service.

Give me a call at 801.560.2333 to discuss your financing options.  


Source of information:  http://www.benefits.va.gov/homeloans/eligibility.asp

Evidence Needed for the Certificate of Eligibility If you are. . .

Serving now in the Selected Reserve or the National Guard and have never been activated for federal service

Statement of service signed by (or by the direction of):
the adjutant, personnel officer or commander of your unit or higher headquarters

showing:
Your full name
Social Security Number
Date of birth
Entry date on duty
The total number of creditable years of service
The duration of any lost time
The name of the command providing the information

Give me a call at 801.560.2333 to discuss your financing options. 


Source of Information: http://www.benefits.va.gov/homeloans/eligibility.asp

If you are an Active duty service member. . .

This is the evidence you will need to obtain your Certificate of Eligibility:

A current statement of service signed by (or by the direction of):
the adjutant, personnel office, or commander of the unit or higher headquarters showing:

Your full name
Social Security Number
Date of birth
Entry date on active duty
The duration of any lost time
The name of the command providing the information

Give me a call at 801.560.2333 to discuss your financing options. 
 
Source of information:  http://www.benefits.va.gov/homeloans/eligibility.asp

Evidence Needed for the Certificate of Eligibility If you are. . .

A Veteran (Includes the National Guard or Reserves who have been activated for Federal Service):

DD Form 214; The VA requires to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28). 

Give me a call at 801.560.2333 to discuss your financing options. 

 Source of Information: http://www.benefits.va.gov/homeloans/eligibility.asp

What Evidence Will I Need to Get the Certificate if I am the surviving spouse of a servicemember who died on active duty?

If you’re already receiving Dependency and Indemnity Compensation (DIC), you don’t need to send any documents.

If you don’t receive DIC, please send the VA

• A copy of the DD Form 1300 (Report of Casualty) from the military
• A copy of your marriage certificate
• A simple signed statement saying that you would like to apply for DIC

Put the service member’s Social Security number on all documents.

Give me a call at 801.560.2333 to discuss your financing options.
 
Source of Information: http://www.benefits.va.gov/homeloans/eligibility.asp#A3

For National Guard Members who haven't been activated for federal service

To obtain a Certificate of Eligibility you will need

Either:
NGB Form 22, Report of Separation and Record of Service, for each period of National Guard service
OR
NGB Form 23, Retirement Points Accounting, and proof of the character of service

Give me a call at 801.560.2333 to discuss your financing options. 

Source of information: http://www.benefits.va.gov/homeloans/eligibility.asp

What Evidence Will I Need to Get the Certificate if I am the surviving spouse of a veteran who died as a result of military service?

If you’re already receiving Dependency and Indemnity Compensation (DIC), send the VA a copy of your award letter.  (Generally, you will already have a record on file at a VA regional benefits office.)

If you don’t receive Dependency and Indemnity Compensation (DIC), send the VA the following

• A copy of the veteran’s DD Form 214
• A copy of the veteran’s death certificate
• A copy of your marriage certificate
• Signed stated that you want to apply for DIC

If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
Make sure to put the veteran’s Social Security number on all documents.


Give me a call at 801.560.2333 to discuss your financing options.

*Source of information:  http://www.benefits.va.gov/homeloans/eligibility.asp#A3

Who is Eligible for a VA-Backed Loan?

• Veterans
• Active duty personnel
• Reservists/National Guard members
• Some surviving spouses

Go to Eligibility Rules for detailed information.

Source of Information:  http://www.benefits.va.gov/homeloans/eligibility.asp

Give me a call at 801.560.2333 to discuss your financing options.

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: As stated before, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

For more information on VA's loans call me at 801-560-2333.

Source of Information:  http://www.benefits.va.gov/homeloans/faqelig.asp

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

A:  Although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.


For more information on VA's loans call me at 801-560-2333.

Source of information:  http://www.benefits.va.gov/homeloans/faqelig.asp

Q: How can I obtain proof of military service?

*A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

For more information on VA's loans call me at 801-560-2333.

*Source of Information:  http://www.benefits.va.gov/homeloans/faqelig.asp

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.


For more information on the VA's loans call me at 801-560-2333.

*Source of information:  http://www.benefits.va.gov/homeloans/faqelig.asp

Q: How do I get a Certificate of Eligibility?

A: There are three ways to get your Certificate of Eligibility:

• Through Your Lender:  ACE (automated certificate of eligibility): It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the ACE system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate. 

• Apply online:  Go to the Veterans Information Portal (http://vip.vba.va.gov) and click on User Registration.  For more information, click on this link for us
  Publish Post
  er instructions for applying online.

• Mail:  You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility , to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

For more information on the VA loans call me at 801-560-2333.

 *Source of information:  http://www.benefits.va.gov/homeloans/eligibility.asp

VA Funding Fee

VA Funding Fee Update:

The Department of Veterans Affairs announced that on November 21, 2011, the President signed H.R. 674 which included a provision which raises funding fees to the pre-November 18, 2011 levels. The fees specified in the provision will remain in effect through September 30, 2016.

Loans that closed November 18, 2011 through and including November 21, 2011 were eligible for the lower funding fees as stated in VA Circular 26-11-12, dated September 8, 2011.

•    If the higher funding fees were collected from the veteran at closing during this time period, the difference will be refunded to the veteran:
o    If paid by veteran at closing – check will be issued
o    If financed into the loan amount – principal curtailment will be applied

Loans closing November 22, 2011 through and including September 30, 2016 are subject to funding fees which were in effect prior to October 1, 2011.

VA Funding Fees are available for viewing in Exhibit A of VA Circular 26-11-19 located at http://www.benefits.va.gov/homeloans/new.asp

Steve Jobs' Secrets to Success:

1. Do what you love. Jobs once said, "People with passion can change the world for the better." Asked about the advice he would offer would-be entrepreneurs, he said, "I'd get a job as a busboy or something until I figured out what I was really passionate about." That's how much it meant to him. Passion is everything.

2. Put a dent in the universe. Jobs believed in the power of vision. He once asked then-Pepsi President, John Sculley, "Do you want to spend your life selling sugar water or do you want to change the world?" Don't lose sight of the big vision.

3. Make connections. Jobs once said creativity is connecting things. He meant that people with a broad set of life experiences can often see things that others miss. He took calligraphy classes that didn't have any practical use in his life -- until he built the Macintosh. Jobs traveled to India and Asia. He studied design and hospitality. Don't live in a bubble. Connect ideas from different fields.

4. Say no to 1,000 things. Jobs was as proud of what Apple chose not to do as he was of what Apple did. When he returned in Apple in 1997, he took a company with 350 products and reduced them to 10 products in a two-year period. Why? So he could put the "A-Team" on each product. What are you saying "no" to?  

5. Create insanely different experiences. Jobs also sought innovation in the customer-service experience. When he first came up with the concept for the Apple Stores, he said they would be different because instead of just moving boxes, the stores would enrich lives. Everything about the experience you have when you walk into an Apple store is intended to enrich your life and to create an emotional connection between you and the Apple brand. What are you doing to enrich the lives of your customers?

6. Master the message. You can have the greatest idea in the world, but if you can't communicate your ideas, it doesn't matter. Jobs was the world's greatest corporate storyteller. Instead of simply delivering a presentation like most people do, he informed, he educated, he inspired and he entertained, all in one presentation.

7. Sell dreams, not products. Jobs captured our imagination because he really understood his customer. He knew that tablets would not capture our imaginations if they were too complicated. The result? One button on the front of an iPad. It's so simple, a 2-year-old can use it. Your customers don't care about your product. They care about themselves, their hopes, their ambitions. Jobs taught us that if you help your customers reach their dreams, you'll win them over.

Playing With Models a Tough Game
By Al Yoon
Wall Street Journal--October 29, 2011

Should sellers do a presale inspection? PLUS...Beware of mortgage modification scams!

Wise buyers always do a professional inspection on a home they want to purchase. But in the last few years, sellers have also begun doing inspections–before putting their homes on the market.

When you're selling, a presale inspection avoids problems by making buyers aware of any defects before closing the deal. The seller's inspection may also uncover a problem you didn't know about. In that case, you can decide to fix it or offer buyers an allowance for the repair.

You should make a list of everything to be done, get estimates, and then decide what to do before putting your home up for sale. Your real estate agent can help set priorities and advise you which fixes will give you the best payback.

If you already know about defects, you can correct them before the inspection. Or you can wait and get the inspector's professional opinion of what to do. You can then show the inspection report to the buyers along with copies of the invoices for the repairs.

It's vital to use a good inspector. Ask your real estate agent and others for recommendations. Check references and be sure to get a written report to show to buyers.

WATCH OUT FOR MORTGAGE MODIFICATION SCAMMERS!

In the last few years, outfits have popped up offering home owners "forensic loan audits." They say they'll review the homeowner's mortgage loan documents, establish whether the lender complied with federal and state laws and speed up the process of requesting a loan modification.

The truth is that even if the audit reveals errors in the loan documents, the process very rarely results in a loan modification or rescind.

Even worse, scammers often make false promises that they will secure a loan mod, principal reduction or have the loan rescinded. Then they just string homeowners along or simply disappear. Here's how to protect yourself:

• Don't trust anyone who guarantees results.
• Don't work with anyone who asks for an upfront fee.
• Don't sign any contracts under time pressure and don't sign any you don't understand.
• Don't stop paying your mortgage, even if they tell you to.
• Don't give anyone your personal financial information, except an appropriate loan help organization.

Fortunately, free, legitimate help is available from the not-for-profit Homeownership Preservation Foundation. Call 888-995-HOPE (toll-free) or visit: http://www.995hope.org. The Department of Housing and Urban Development (HUD) also lists by state legitimate housing groups that help homeowners. Visit: http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure/local

And of course, we're always here to answer any questions.... Have a great day!

PS  Thinking of  taking advantage of today's affordable home prices and historic low mortgage rates to upsize, downsize or refinance? Please call or email us now to discuss your situation.

This was sent to you because of your relationship with Dan Davidson. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is the property of PrimeLending; A Plains Capital Company and cannot be reproduced for any use without prior written consent. PrimeLending; A Plains Capital Company is an Equal Housing Lender. © 2011 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions- mortgage banker lic no. BK 0907334; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; Illinois Residential Mortgage Licensee, IL Dept of Financial and Professional Regulation, - lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regulation- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; Licensed by the New Hampshire Banking Department- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender license no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786; RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. NMLS#