COE & Entitlement
The process that returns a borrower's entitlement after a prior VA loan is paid off
Restoration
This branch of the military falls under the Department of the Navy
US Marine Corps
This type of orders will usually result in a change to the borrower's BAH amount
PCS Orders
The standard requirement to move into a VA home is within 60 days of closing. However, in this case, an exception may be granted for up to 12 months
Deployment
In order to close on a home after separating from service, future income must begin within ___ days of closing
60
The term for the VA's partial backing of the loan amount
VA Guaranty
Three types of orders used by the National Guard and Reserves that may result in VA loan eligibility
Title X, Title 32, AGR
The two monthly allowances that active duty service members receive cover these two expenses
Housing and Subsistence (food)
In order for a subject property to qualify as a primary residence, a borrower must have demonstrable "_____ to occupy"
Intent
These two documents are needed for documenting income continuance when a borrower plans to reenlist but does not have a contract yet
Statement of Intent and Commanding Officer statement of service
A borrower is more likely to utilize this when buying in a higher-cost area or retaining an active VA loan
2nd-tier Entitlement
Two terms used for the date after which the military member will no longer be active duty (hint: one is used by the Army/USAF and the other by the Navy/USMC)
ETS/EAS
A category of active duty pay that includes flight pay and hazardous duty pay, that is considered unstable and unusable on the 1003
Special Duty Pay
This kind of document must be provided when an active duty borrower cannot be present to sign at closing
Power of Attorney (POA)
True or False?
If a servicemember or veteran obtains a statement of benefits from the VA that indicates their upcoming disability rating, but it is not reflected on the COE, we can still use it as qualifying income
False
The Funding Fee amount for a first-time, 0% down VA loan
2.15%
A type of non-permanent orders after which a service member will return to their main unit
TAD/TDY Orders
In most cases, active duty members E-4 and below are not eligible for off-base housing and BAH unless they claim this
Dependents
These 3 requirements must be in place for a home to qualify as a primary conversion
1) 12 month lease agreement to non-family members
2) security deposit or first rent payment received
3) occupied by borrower immediately prior to conversion
What are the 3 factors that determine a veteran's retirement/pension amount?
1) Total years in service
2) Pay grade for most recent 3 years
3) active income at time of separation
The Funding Fee amount for a subsequent-use, >10% down VA loan
1.25%
Veterans who served at least 90 days on active duty during these Vietnam War years do not need to meet the traditional 2-year service requirement
1964-1975
An additional non-taxable benefit that combat veterans may qualify for on top of traditional VA Disability
Combat-Related Special Compensation/CRSC
These 3 types of people may satisfy occupancy on an active-duty VA home loan
Servicemember, spouse, or children (w/guardian if underage)
When a separating servicemember does not have a stable income set to begin after exiting the military, these 4 compensating factors must be met in order to obtain a loan
2) 6 months PTII reserves
3) strong community ties
4) spouse income