VA offers .
Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military personnel, veterans and certain other groups become homeowners at an affordable cost.
Contrary to popular belief, VA loans are available not only to veterans, but also other classes of military personnel. The list of eligible VA borrowers includes active-duty servicepersons, members of the National Guard, Reservists, surviving spouses of veterans, cadets at the U.S. Military, Air Force or Coast Guard Academy, midshipmen at the U.S. Naval Academy and officers at the National Oceanic & Atmospheric Administration. A minimum term of service is typically required.
VA Financing 100% Financing
PRIMARY RESIDENCE ONLY
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners.
- Purchase and refinance transactions
- 0% minimum down payment.
- 100% Financing, No down payment required
- Seller Contributions up to 4% of the loan amount
- 620 Min Credit Score.
- 100% gift funds are allowed
- Available to Veterans, Service Members and select military spouses.
- Purchase and Streamline Refinance
- Maximum Loan Amount, NA
- Single Family Residence, Duplex, Triplex and Fourplex
- Terms; 30, 20, 25, and 15 year loans. Adjustable rate mortgages also available
- S. Citizen, permanent resident alien or qualified alien with work visa
- All borrowers must occupy the property as their primary residence within 60 days of closing.
- Primary Residence only
- If Manufactured home, must be multi-wide. Single-wides are Ineligible
- Max Debt to income ratios 65%
- Certificate of Eligibility (COE) is required at submission.
- Allowed for 4 Units, PUD’s, Townhomes, Row homes, Manufactured Housing (see requirements above), and Fannie Mae approved condo projects
- No VA funding fee when service related disability for Veteran or for surviving spouse when vet received disability
- VA refinance to another VA with a IRRRL = Interest Rate Reduction Refinancing Loan. “Streamline” Refinanced.
- For IRRRL (Streamline Refinance) there is no appraisal and no income documents needed.