VA LOANS

 

VA Loans are for Qualified Veterans, Service Members and their Spouses. VA loans are often easier to qualify for when compared to other mortgage programs and because a VA loan is guaranteed by the Department of Veteran Affairs, borrowers aren’t required to pay monthly PMI, which helps keep mortgage payments low. VA Fully Amortizing Fixed Loan Program helps the Nation;s Men and Women in Uniform, as well as qualifying Veterans Purchase or Refinance a home with up to 100% Financing.

 

Program Highlights

 

* Purchase and Refinance Options

* No Down Payment Requirements

* Fixed Monthly Payments

* Primary Residence Only

* 1-2 Unit Homes

* Single Family Home, VA Approved Condos, Manufactured Homes, PUDs

* 15, 20 and 30 Year Term Options

* Minimum FICO 500

* Max LTV 100%

* Loan Amounts Vary by Geographic Location

 

Eligibility Overview

Here is an overview of the eligibility requirements for this loan program. View the Guidelines for the complete eligibility requirements.

 

  • The borrower must be a qualifying active duty member of the U.S. military, Veteran, reservist or National Guard member, or eligible surviving spouse
  • Borrowers also need to meet the income and asset requirements of VA loans
  • They must also obtain a certificate of eligibility (COE) from the Department of Veterans Affairs and meet the minimum service requirements
  • The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:
    • Un-remarried spouse of a veteran who died while in service or from a service-connected disability, or
    • Spouse of a service member missing in action or a prisoner of war, or
    • Surviving spouses of certain totally disabled veterans, whose disability may not have been the cause of death

 

  • Borrowers may also apply for eligibility if they fall into one of the following categories:
    • Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
    • Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard, Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others

 

VA IRRRL

Program Highlights

* No Appraisal or Credit Underwriting Package Required

* Up to 100% Financing Available

* 10,15,20,25 and 30 Year Fixed Rate Terms Available

* No Cash Out Refinance

* Primary Residence Only

* 1-2 Units

* VA Approved Condominiums, PUDs and Singlewide and Multiwide Manufactured Housing

 

Eligibility Overview

 

Here is an overview of the eligibility requirements for this loan program. View the Guidelines for the complete eligibility requirements.

 

  • Minimum FICO of 580
  • Certificate of Eligibility required
  • Available only to refinance a property that already has a VA loan
  • The note date of the refinance loan must be on, or after, the later of:
    • The date on which the borrower has made at least six monthly payments on the loan being refinanced; and
    • The date that is 210 days after the first payment due date of the loan being refinanced
  • The refinance must result in a lower Principle and Interest payment and recoupment of cost within 36 months