Friday, May 09, 2008


Realtors and Customers,

Please find the Countrywide weekend rates attached for your clients.

This week’s informational topic from Rey Gallegos, Home Loan Consultant:

VA Loans: Many people forget about the only true 100% financing program
available in Clark County, Nevada.

VA Home Loan Features:

· No Down Payment
· No Income limit
· The Loan is Guaranteed by the Government (This is the banks
reassurance that in case of default they may still be able to recoup their
· No up-front or monthly Mortgage Insurance
· This loan may be assumed by a qualifying person

VA Home Loan Requirements:

· Military veterans, active duty person's, and members of the national
guard or selected reserves are eligible
· Based on the applicant's length and type of service, VA issues a
certificate for each person determined eligible to apply for a VA
guaranteed home loan.
· A VA Funding Fee is required to be paid to the VA (This fee can be
financed into the Mortgage Loan)

VA Funding Fee: A VA funding fee is required to be paid to the VA to
guarantee the loan. This fee is a percentage based on the total financed
mortgage loan amount currently the VA funding fee is:
|VA Funding Fee Chart (Current as of 11/05/2007) | Funding |Reservist |
| | Fee % | FF % * |
|Purchase Loan Zero Down | 2.15% | 2.4% |
|Subsequent Loan | 3.35% | 3.35% |

For example, if you are active duty military and have not previously used
your benefit before and you are financing $100,000 for the purchase of a
new home with the VA Zero Down Home Loan. Your VA Funding Fee (2.15%)
would be $2,150.

Do I always have to pay the VA Funding Fee? No. In some cases, if you
have a Service Related Disability or for some refinances the Funding Fee is

Do I have to use the Zero Down Benefit? No, you can also use the benefit
with 5% or 10% down or more at a discounted funding fee.

So, as long as I am a qualified Veteran can I get a Zero Down Home Loan?
No, you still have to qualify under current VA Home Loan guidelines.

Did the VA Loan Limit increase? VA has never had a loan limit, however
most lenders have maximum loan amounts for VA Loans. Countrywide’s are
$666,600 for purchase and rate & term transactions for reservists and
national guard and $799,999 for purchase and rate & term transactions for
regular military. Even though the Countrywide VA Loan limit has been
raised, loans that are above the conforming loan limit, $417,000, do not
carry the same guidelines as a traditional VA Loan. The qualifying veteran
is required to contribute 25% of the difference above $417,000.

For example, if you a buying a Las Vegas home for $480,000 with a VA Loan,
the VA will fully guarantee the first $417,000 and then they will guarantee
the remaining $63,000 as long as the Veteran contributes with 25% or
$15,750 of that $63,000.

Have a great sales weekend!!!!

Best Regards,

Charlie Johnson


Home Loan Consultant

10190 Covington Cross Dr. Ste. 190

Las Vegas, NV 89144

Office: 702-304-8938

Cell: (702) 241-5918

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