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