ALL ABOUT VA LOANS
 
  • Borrower Profile: Must be a Veteran or surviving spouse of a Veteran to apply
  • Down Payment: No, long as the loan amount is under the local confirming limit
  • Private Mortgage Insurance: No
  • Property Types: Condominum, townhome, single family home or multi-family (up to 4 units) 
  • Property Sale Types: Resale, New Construction, Bank Owned (REO) and short sales
  • Appraisal: Must be by a Certified VA Appraiser (Paid by the borrower)
  • Home Inspection: Recommended, not required (Paid by the borrower)
  • VA Funding Fee: Required unless Veteran is at least 10% disabled

Quick Facts about VA Loans: 

  • If you are buying with co-signer, they must be a Veteran also or married to the co-signer.
  • You can use your benefit again as long as previous loan has been paid off with a refinance or the property has been sold.
  • Lower credit scores and higher debt to income ratios are allowed on a case by case basis.

Exciting News! Loan limits have increased.

Give me a call to learn more 240-284-4114