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We truly appreciate your visit today to our website. We would be honored to help you with any questions you may have about purchasing a home, questions about the VA home loan program, or questions about how to refinance your present home.
The top 5 reasons to do business with Eric Gausepohl and Matt Gausepohl
Also, we are affiliates of Homes for Heroes, a wonderful organization allowing us to give you additional discounts on your mortgage transaction.
1. I want to use my Veteran eligibility to purchase a home. Can you do this for me?
Answer: Absolutely, this is what I do!
2. I don't have my certificate of eligibility, can you help me get one?
Answer: Yes as long we have a DD-214 or Statement of Service we can retrieve your certificate of eligibility electronically
3. I used my VA eligibility to purchase a home before can I use it to purchase another home?
Answer: Yes
4. Why is the loan amount higher than the sales price for VA loans?
Answer: All VA loans have a “funding fee” which is financed on top of the loan amount? This fee negates the need for mortgage insurance
5. I am VA disabled (service related), is there is an additional discount available to me?
Answer: If you are at least 30% VA disabled, your loan will not have the traditional VA Funding Fee financed on top of the loan amount
6. Can I purchase a home with someone other than my spouse as the co-borrower?
Answer: Yes but the other applicant must be a veteran as well.
7. I don't live near Huntington Beach, California can you still handle my loan?
Answer: We can handle your loan anywhere in the state of California
8. Can I close my home loan in my home town?
Answer: Absolutely.
9. How do all those documents get to my local Title Company?
Answer: FedEx or email.
10. I already applied to another Lender for my Home Loan; do I have to stay with them?
Answer: No you don't. You can change your mind, and decide who you want to close your loan. Transfer of your loan is an easy process.
11. Can I use my VA eligibility for a Rental Property purchase?
Answer: No
12. Can I refinance my primary residence using my Veteran benefits?
Answer: Yes
13. How will I know what the prospective home or my primary residence is worth?
Answer: We will order an appraisal done by a licensed VA appraiser in your area.
14. Who controls the interest rate on Veteran Mortgages?
Answer: The market and investors but VA loan rates are typically the same or lower than conventional loans.
15. How will I know what interest rate I will get on my home loan?
Answer: After submitting the required paperwork, we lock your interest rate the same day.
16. I am a Widow of a Veteran, can I qualify?
Answer: Yes you can, provided deceased husband died in the line of duty or from a service related cause.
17. I hate to fill out forms online; can I talk to a person?
Answer: Sure just call me at 800-774-7650!
19. I don't feel comfortable giving my financial information over the Internet, what can we do?
Answer: We will do everything over the telephone or in person
21. How long does is take to close my loan?
Answer: It varies but typically 15 to 30 days after all paperwork is submitted.
22. I am working with a Real Estate Agent.....is this O.K.?
Answer: No problem.
23. Another lender botched my loan, can I transfer my loan to you?
Answer: Sure, no problem. Unfortunately, this is all too common.
24. I want to place my loan in your hands, what's next?
Answer: Call me at 800-774-7650.
25. I want to move forward with you, what do I tell my Realtor?
Answer: Ask them to fax a copy of your contract to us at , and I will give the Realtor a call to coordinate.
26. I just want to talk, can I call you?
Answer: Sure, please call me at your convenience - 800-774-7650
We will cover the Proof of Eligibility Process below but in general, the following people are eligible for a VA-Backed Home Loan:
At a minimum, we need you to fill out the Short Application In Order To Start The Pre-Approval Process. Don't worry if there are a few blanks that don't apply. Fill out as much as possible and when we speak, we will make sure we have all the information needed.
Click Here To Start The Pre-Approval ProcessYou'll need a Certificate of Eligibility before you can get a VA-backed loan. This section shows how you can apply for one.
Among categories A, B, and C below, find the one that matches your situation.
| Category A: Veterans, Active Duty, and Reservists/National Guard Members Who Have Served on Active Duty You can get a Certificate of Eligibility in any of three ways: 1. Apply online. Go to the Veterans Information Portal (http://vip.vba.va.gov) and click on User Registration. Click Here for user instructions for applying online. 2. Apply through us. In many cases, we can obtain a Certificate online in minutes. Check the table below entitled, “Evidence Needed for the Certificate of Eligibility.” 3. Apply by mail. Use VA Form 26-1880. Return it to the address shown on the form. If you can't print the form, just call 1-888-244-6711 and follow the prompts for Eligibility. Evidence Needed for the Certificate of Eligibility: |
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| If you are: | You need to submit: |
| Veteran (Includes a member or former member of the National Guard or Reserves who was once activated for Federal Service) |
DD Form 214; We are required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28). |
| Active Duty Servicemember | 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 |
| Category B: Reservists/National Guard Members Who Have Never Served on Active Duty You can get a Certificate of Eligibility in any of three ways: 1. Apply online. Go to the Veterans Information Portal (http://vip.vba.va.gov) and click on User Registration. Click Here for user instructions for applying online. 2. Apply through us. In many cases, we can obtain a Certificate online in minutes. Check the table below entitled, “Evidence Needed for the Certificate of Eligibility.” 3. Apply by mail. Use VA Form 26-1880. Return it to the address shown on the form. If you can't print the form, just call 1-888-244-6711 and follow the prompts for Eligibility. Evidence Needed for the Certificate of Eligibility: |
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| If you are: | You need to submit: |
| 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 |
| A discharged member of the National Guard who has never been activated for federal service | 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 |
| A discharged member of the Selected Reserve who has never been activated for federal service | Copy of your latest annual retirement points statement and evidence of honorable service |
| Category C: Surviving Spouses of Veterans Who Died In Service or As a Result of Service You must apply for the Certificate by mail. If your veteran spouse died after service, VA must determine that the death was due to a service-connected disability. Please allow 2-3 months for this process unless you know that the decision on service-connected death has already been made. Apply using VA Form 26-1817. If you can't print the form, just call 1-888-244-6711 and follow the prompts for Eligibility. Send the completed form to: VA Loan Eligibility Center PO Box 20729 Winston-Salem, NC 27120 |
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| If you are: | You need to submit: |
| 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 us
It would be a good idea to add a simple signed statement saying that you would like to apply for DIC. If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC. Put the servicemember's Social Security number on all documents. |
| 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 us 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), please send us * A copy of the veteran's DD Form 214 * A copy of the veteran's death certificate * A copy of your marriage certificate We recommend that you add a simple signed statement saying that you would like to apply for DIC. If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC. Put the veteran's Social Security number on all documents. |
To expedite the processing of your loan, please provide the items listed below. If you have any questions, don't hesitate to call!
Please provide the following as indicated:
1) Pay stubs (LES) to cover the last 4 weeks (if co-borrower, please include as well)
2) Statements for all bank accounts, 401(k), retirement, etc., for the past 2
months. (Please include all pages).3) W-2's for the past two years
4) Federal Tax returns for the last two years, all pages (Not State forms)
5) Complete copy of divorce paperwork including settlement agreement (If applicable)
6) Landlord's name, address, phone, for past two years (If applicable)
7) Address for personnel department if different than work address
8) Rental agreements on all properties (If applicable)
9) Complete copy of bankruptcy paperwork, including discharge page (If applicable)
10) Please include a clear copy of Social Security card and Driver's license (if co-borrower, please include as well)
11) Not Active: Please include copy of DD214 if not currently active
Active: Copy of Current “Service Statement” (obtained from base personnel or online) and PCS Orders to California
12) Copy of VA Certificate of Eligibility (or fill out VA form 26-1880) and fax to me.
If you are applying for refinancing or secondary financing:
13) Please enclose a copy of your homeowner's insurance declarations page and a copy of your current mortgage payment coupon.
In some cases, we may need additional information. If so, someone from our team will contact you. Please feel free to contact us with any questions!
Phone: 800-774-7650
Email: eg@summitlr.com
Buying or refinancing a home is a very important decision. Almost as important as selecting the right home is making sure you are selecting the right loan. There are distinct differences between VA and Conventional loans as well as significant advantages for buyers who qualify for a VA Loan.
Conventional loans require a minimum down payment of 3% but in many cases, particularly in today's market banks are asking for as much as 10-20% down. Down payments help to mitigate the bank's risk should the loan go into default. Because a VA Loan is backed by the federal government, banks do not require a down payment making a VA Loan one of very few loan programs that can still offer 100% financing.
Because the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value.
Lenders will also offer a slightly lower interest rate to a VA borrower (typically 0.5%-1.0% reduction vs. conventional). Interest rates are based on the banks capital risk should the loan go into default, but because a VA Loan is backed by the government the bank takes less risk and is able to offer a lower interest rate to you. A lower rate combined and no PMI can substantially lower your monthly payment, which means more cash in your pocket every month.
The credit score and qualification standards for each loan type are very different. Once again, because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans making them easier to obtain especially in this market.
If you are active duty you can live almost for free because many times your allotted BAH can cover the mortgage payment. So you live almost for free while enjoying the tax benefits of homeownership.