VA Loan History

Became known in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights, signed into law by President Franklin D. Roosevelt.
Designed to provide housing and assistance for veterans and their families.
More than 25.5 million veterans and service personnel are eligible for VA financing.

VA Loan Details

VA Guaranteed first mortgage. This loan may be combined with the MyHome Assistance Program (MyHome)

Max Qualifying ratio 43%

Minimum credit score 660

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Minimum fico score 640

Max DTI is can go up to 45% DTI

Max Loan Amount is 510,400.00

Grant available up to 5% for closing costs

GSFA can be in the form of a gift or a silent 2^nd mortgage

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0% down for qualified borrowers.
No PMI — backed by the government, so banks do not require you to buy private mortgage insurance.
Competitive interest rates — the VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans.
Easier to qualify — banks assume less risk and have less stringent qualification standards for VA loans because they are backed by the government.

The purchase of the home must be for personal occupancy.
Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.
Two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981.
Six year requirement for national guards and reservists.
You are the spouse of a service member who has died in the line of duty as a result of a service-related disability.
Every situation is unique, so contact us today!

All veterans must qualify, they are not automatically eligible.
VA will guarantee a maximum of 25% of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000.
Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed.
VA guaranteed loans are made by private lenders, such as banks, savings and loans, or mortgage companies to eligible veterans for the purchase of a home.
They guaranty means the lender is protected against loss if you or a later owner fails to repay the loan; it replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.