Using a VA loan to Purchase a Home

The VA loan program was created to help Veteran's increase home ownership. The VA allows Veteran's to purchase a home with no down-payment and with no monthly mortgage insurance. The VA loan is a standard 30 year fixed rate mortgage made by a lender that is guaranteed by the Department of Veterans Affairs (VA).  In exchange for the VA's guaranteeing the lender against loss, the VA charges the borrower a 1.4% Up Front Mortgage Insurance Premium which is financed into the loan.  

Highlights:

• Down Payment and Closing Costs:

• Maximum loan amount is $417,000.00.
• No down payment is required.
• Gift funds can be used for down payment and closing costs allowed.
• Seller can credit up to 4% of sales price towards buyers costs.

• Credit Qualifying Guidelines such as:

• Minimum credit score of 620.*
• VA will allow a home purchase two years after a Bankruptcy.
• VA will allow a home purchase  three years after a Foreclosure. 

• Underwriting Guidelines:

• Higher debt-to-income ratio's than other home loan programs.
• Less than two years on the job is allowed.
• Self Employment is acceptable.
• You must be a veteran or the spouse of a deceased veteran to qualify.

*Restrictions apply

You must be a Veteran of the armed services in order to qualify.