- Active-Duty Military, Qualified Veterans and Surviving Spouses (eligibility must be checked which we can do for the customer through the VA (Veteran Affairs) Portal)
- Government Backed Loan Product which means Community Property Laws are in effect for Community Property States
- No Minimum published score, however, approvals under 600 are very difficult through VA’s Automated Underwriting
- 100% financing up to $1,000,000 depending on eligibility; potential to buy a new home using VA while still retaining a previous home that a VA loan was used on.
- No PMI (Private Mortgage Insurance)
- VA funding fee is determined by Vet’s eligibility, service, and discharge type; financed into loan.
- New Construction Options
- Loan must be in Veteran’s name and spouse only unless co-borrower is a Veteran as well and eligible. Also, may be used by a surviving spouse.
- No Geographic or Income Restrictions
- Single family, owner occupied and primary/second home residences only (move in ready condition); Manufactured Homes allowed Doublewides and Larger.
- DTI (Debt to Income) ratios 45% but flexible with compensating factors
- Can use multiple times or potentially have two VA loans at the same time based on eligibility or down payment.
- Seller can pay all customary closing costs (4% limit only applies to concession items)
- Can be combined with CAFA (Capital Area Finance Authority in Louisiana) for down payment assistance.
*30-year VA Fixed-Rate Loan: An interest rate of 3% (3.233% APR) on a $200,000 mortgage, you would make monthly payments of $863. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 100%.
