VA Loans
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The Veterans Administration loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms.
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Up to $4,000,000.
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Minimum credit score is 580. If there is more than one borrower, we will use the lowest middle score among all borrowers.
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Single Family Home
Condominium
2-4 Unit Properties
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Why VA?
- Applicable for active duty personnel & veterans only, or spouses of eligible veteran.
- Interest rates are favorable in comparison to standard conforming interest rates.
- VA offers fixed and adjustable-rate mortgages that can accommodate no down-payment on many purchase transactions.
- VA Interest Rate Reduction Refinance Loan (IRRRL) are for borrowers who would like to refinance an existing VA loan into a fixed-rate loan, a lower interest rate or shorter loan term without taking additional equity out of the property. Additionally, VA Cash-out is also available with favorable interest rates.
- Limit on fees and charges from the lender (special to VA Financing).
Tips
- For further detail on VA Loans, please use these resources:
- Know your entitlement amount by obtaining your Certificate of Eligibility: https://www.va.gov/housing-assistance/home-loans/eligibility/.
- There is a VA funding fee charged in all purchase/refinance transactions. There is a possibility of that being waived, see this resource: https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/#va-funding-fee-rate-charts
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Home Purchase
Down Payments
Minimum Down Payments can be zero! Check with us for more details on that being available to you (depending on your entitlement – obtain your Certificate of Eligibility).
Mortgage Insurance
There is no mortgage insurance on this loan product.
Qualifications
Debt-to-Income ratio maximum 41%, although other scenarios may allow for a lower ratio, it will be dependent upon other qualifying factors (equity, credit score, etc.).
1-4 Units, 100% financing, up to 4 mill (depending on your entitlement).
- Minimum Credit Score: 580 for loan size up to $647,200
- Minimum Credit Score: 640 for loan size up to $4,000,000
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Refinance Your Home
VA Interest Rate Reduction Refinance Loan (IRRRL)
VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan.
Loan amount may not exceed the total of the following:
• Existing VA loan balance
• Allowable fees and charges
• Up to two discount points
• VA funding fee
Cash-Out
VA cash-out is only available on primary residences. The following maximum loan to value is available on these transactions:
- 1-4 Units, 100% financing, up to 4 mill (depending on your entitlement).
- Minimum Credit Score: 580 for loan size up to $647,200
- Minimum Credit Score: 640 for loan size up to $4,000,000
Qualifications
Debt-to-Income ratio maximum 41%, although other scenarios may allow for a lower ratio, it will be dependent upon other qualifying factors (equity, credit score, etc.).[/vc_column_text][/vc_column][vc_column width=”1/2″][/vc_column][/vc_row]