Jumbo loans allowed up to 1.5 million dollars with a small down payment. Down payment is calculated by subtracting the designated loan limit from the cost of the home. Veterans then pay a quarter of the difference.
Minimum credit score: 620
100% Financing with VA Eligibility
Primary Residence only
An eligible VA borrower may have multiple VA loans depending on their remaining eligibility
One-time VA Funding Fee varies depending on your Down Payment, type of veteran and prior usage
Gifts from acceptable sources are allowed
Spouses of deceased military members may be eligible
No Mortgage Insurance
4% maximum Seller Concessions towards the buyer’s Closing Costs and Pre-Paids
Seasoning period after Chapter 7 Bankruptcy: 2 years.
Chapter 13: 1-year satisfactory repayment period
Seasoning after a Short Sale, Foreclosure, Deed in Lieu: 2 years
Jumbo VA loans allowed
Appraisal: Good for 180 days and stays with property for six 180 days
Septic Inspection: Required if the appraiser notes it on the appraisal. If the local municipality requires hook up, it must be connected regardless of the cost.
Well Inspection: A water test is required. We can accept a letter from the county Health Department stating the water meets the requirements for that local health authority. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing. (Lead, Nitrate, Nitrite, Ecoli and Coliform)
Survey: Good for 10 years if no changes were made to the property
Roof: Remaining life expectance must be 5 years
Termite: Clear WDO (good for 60 days)
Refinance: VA 100% maximum cash out allowed with a 640 credit score
Gift funds allowed for Down Payment and Closing Costs
6% Maximum Seller Concessions towards the buyer’s Closing Costs and Pre-Paids
Upfront Mortgage Insurance Required
“Life of the Loan” Mortgage Insurance with 3.5% Down
A borrower may only have 1 FHA loan, except in certain circumstances
Seasoning period after Chapter 7 Bankruptcy: 2 years from discharge.
Chapter 13: 2 years from discharge
Seasoning after a Short Sale and Foreclosure: 3 years
Appraisal: Good for 120 days and stays with property for 120 days. A 2nd appraisal may be required and must be paid for by the seller, if the seller has been on title less than 180 days, the seller must have been on title at least 90 days.
Septic Inspection: Required if the appraiser notes it on the appraisal. If public water or sewage is available, it must be connected (if feasible) at a cost of 3% or less of value.
Well Inspection: Required if the appraiser notes it on the appraisal, in which case a water test is required. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing.
Survey: Good for 10 years if no changes were made to the property. Must show the following: Septic to be 50 feet away from well. Drain-field to be 100 feet away from well. Well to be 10 feet away from the property line.
Roof: Remaining life expectance must be 2 years
Termite: Not required unless noted on appraisal – Good for 90 days
Up to 100% Financing depending on Property Eligibility
Maximum Seller Contribution: 6%
Income restrictions based on cumulative household income
Minimum credit score: 640
Cannot own another home except in rare circumstances
Guarantee Fee Required
Required Annual Fee of .35% (paid monthly for the life of loan)
Household Income Limits Apply
Maximum Debt to Income ratio: 29/41%
Seasoning period after Chapter 7 Bankruptcy: 3 years. Chapter 13: 1 year with satisfactory payments
Seasoning after a Short Sale, Foreclosure, Deed in Lieu: 3 years
Appraisal: Good for 120 days, unless new construction, then 1 year (expiration date and conditions will be on “Statement of Appraised Value”).
Septic Inspection: Required if the appraiser notes it on the appraisal. If public water or sewage is available, it must be connected (if feasible) at a cost of 3% or less of value.
Well Inspection: Required if the appraiser notes it on the appraisal, in which case a water test is required. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing.
Survey: Good for 10 years if no changes were made to the property. Must show the following: Septic to be 50 feet away from well. Drain-field to be 100 feet away from well. Well to be 10 feet away from the property line.
Roof: Life expectancy must be 2 years
Termite: Not required unless noted on appraisal – Good for 90 days