VA Loans

SPECIFICS

No maximum loan amount

DOWN PAYMENT REQUIREMENTS

0% down payment
Funding fee: 2.3% first use/ 3.6% second use (can be included in loan amount) Down payment assistance available
Gifts for down payment is allowed

CREDIT SCORES

Minimum 600

DEBT TO INCOME RATIOS/ FIXED TERM RATES

DTI up to 45%
Fixed rate terms: 15, 20, & 30

PRIOR LOAN DEFAULT WAITING PERIODS

Bankruptcy- Chapter 7: 2 years from discharge
Bankruptcy- Chapter 13: 12 months with satisfactory payment history & court approval Foreclosure: 2 years from completion date
Short Sale: 2 years
Shorter waiting periods may be considered with extenuating circumstances

OTHER IMPORTANT FACTS

Seller concessions up to 4% for closing costs only Owner-Occupied only (No 2nd homes)

MORTGAGE INSURANCE

Not required