VA Loans

SPECIFICS

VA does not establish a universal maximum loan amount for eligible borrowers with full VA home loan entitlement. The amount a borrower may qualify for depends on available entitlement, borrower qualifications, property value, and lender requirements.

DOWN PAYMENT REQUIREMENTS

Eligible borrowers with sufficient VA entitlement may be able to purchase a qualifying home with no down payment.

Eligible gift funds and approved down payment assistance may be permitted when applicable VA and lender requirements are met.

Most VA loans are subject to a one-time VA funding fee. The amount varies based on factors such as loan type, down payment, and prior use of the VA home loan benefit. Certain eligible borrowers may be exempt from the funding fee, and the fee may generally be financed into the loan when permitted.

CREDIT REQUIREMENTS

VA does not establish a universal minimum credit score. Borrowers must demonstrate satisfactory credit and meet applicable lender underwriting requirements.

DEBT-TO-INCOME RATIOS / RATE OPTIONS

Debt-to-income ratio is considered along with residual income and other underwriting factors. Qualification requirements vary based on borrower circumstances and applicable VA and lender guidelines.

Fixed-rate and adjustable-rate mortgage options may be available depending on the loan program and borrower qualifications.

PRIOR CREDIT EVENT WAITING PERIODS

Borrowers with a prior bankruptcy, foreclosure, short sale, or other significant credit event may still be eligible for VA financing.

Applicable waiting periods, documentation requirements, and underwriting considerations vary based on the type of credit event, borrower circumstances, and current VA and lender guidelines.

OTHER IMPORTANT FACTS

VA-backed purchase loans are intended for homes that the eligible borrower will occupy as a primary residence, subject to applicable VA occupancy requirements.

Seller-paid closing costs and seller concessions may be permitted subject to applicable VA requirements and limitations.

Property eligibility, appraisal requirements, entitlement, income, credit, and other qualification standards apply.

MORTGAGE INSURANCE

VA-backed loans do not require monthly private mortgage insurance (PMI) or FHA-style mortgage insurance premiums (MIP). A VA funding fee may apply unless the borrower qualifies for an exemption.

IMPORTANT INFORMATION

Rates, fees, loan amounts, eligibility requirements, qualification standards, and program availability vary and are subject to applicable VA and lender guidelines.