What is a VA Loan?
We salute those that have served our great nation — that’s why we offer a variety of loans for eligible United States veterans.
There are many benefits of a VA loan for qualified Veterans, Service Members and non-remarried spouses, such as no down payment and no monthly mortgage insurance cost. Read through the program details below, and don’t hesitate to reach out to our Mortgage Team with a question.
Apply for a VA Loan
Guidelines:
ELIGIBILTY:
The Veterans Administration will determine if a veteran is eligible to participate in the program. A valid Certificate of Eligibility must be submitted with each loan application.
AVAILABLE PROGRAMS:
- Fixed rate and 5/1 ARM
ALL VA TRANSACTIONS:
- Minimum credit score is 620
- Maximum of 4 financed properties.
- No Manufactured homes – No “on frame” modular homes.
- Primary Residences only
RATIOS:
- Maximum debt ratio is 55% if credit score is ≥ 640 and 50% when credit score < 640.
MORTGAGE LIMITS:
- 100% LTV for loan amounts up to $417,000.
APPRAISALS:
All condominium projects must be on VA approved condo list.
VA REFINANCES
- VA recognizes only an Interest Rate Reduction (Streamline) Refinancing Loan and a Cash-Out transaction.
- No late payments on housing payments in the last 12 months (all mortgages & rent payments).
- No Texas Cash-Outs.
HIGH BALANCE LOANS – OVER $417,000 TO $1 MILLION
- Fixed rate only
- No foreclosure or bankruptcy in last 5 years
- No housing payment late in last 12 months
- Total loan amounts over $700,000 must have a debt ratio that does not exceed 41%.
- Minimum loan score of 620
Not sure which option is right for you? Contact our Mortgage Team, visit one of our convenient locations, email us or call: +1 (919) 689 1999and find the perfect fit!
NMLS# 462560
