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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.

VA Disclaimer: Cornerstone Mortgage is not acting on behalf of or at the direction of the Department of Veterans Affairs or the Federal government.