VA Program

LOAN TYPE OFFERINGS

Purchase Mortgage

Cash Out Refinance Mortgage (Type I and Type II)

Streamline IRRRL (Interest Rate Reduction Refinance Loan)

New Construction

Renovation

PROPERTY TYPES

1-4 Unit

Townhome

Condo

Modular Home

Manufactured Home (Double-wide or Greater)

PROGRAM HIGHLIGHTS

Credit Score of 550 or Greater

            -VA Elite pricing requires 640 or greater

            -New Construction & Renovation requires 620 or greater

Loan Terms of 10, 15, 20, 25 and 30 Years

Automated and Manual Underwriting Allowed

-VA Elite, New Construction and Renovation require automated approval

Maximum of 100% Financing (not including VA Funding Fee)

            -No down payment required for purchase or new construction

-Cash out refinance may not allow full 100%

No Maximum Debt-to-Income Ratio (with Automated Approval)

Standard, High Balance and Jumbo Loan Sizes are Eligible

Bankruptcy (Ch 7) Discharged 2+ Years

            -Extenuating circumstances allowed with 1+ year out of discharge

Bankruptcy (Ch 13) Reflects 12+ Payments Made & Trustee Approval

Foreclosure Finalized 2+ Years

-Extenuating circumstances allowed with 1+ year from finalization

All Income Allowed by Lender’s Handbook – VA Pamphlet 26-7

First Time and Subsequent Use of VA Benefits Accepted

Surviving Spouses are Eligible

Split-Entitlement is Eligible

Share with fellow Military Members?

The VA Loan Program is a great benefit that you and your fellow military members have earned. Share it with them!

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