VA Purchase Loan
- The Department of Veteran Affairs guarantees VA loans.
- They offer exceptional benefits to military veterans including low interest rates, no down payments (100% financing), and no mortgage insurance.
- A VA purchase loan is designed to help military veterans the dream of home ownership.
Benefits of a VA Purchase Loan:
- 100% financing/no down payment
- Competitive interest rates
- No prepayment penalty
- No private mortgage insurance
- Easier than conventional loan to qualify
Who is Eligible for a VA loan?
- Call today to check if you are eligible for a VA loan or click below for more information listed on the U.S. Department of Veterans Affairs Website.
More Information on VA Loans
- Originated by the Veteran Administration in 1944 by the Servicemen’s Readjustment act – also known as the GI bill
- Was signed by President Franklin D Roosevelt
- Designed to provide veterans with a federally-guaranteed loan with no down payment
- Made by banks and mortgage companies for veterans who are eligible for VA loan
- Less risky because lenders are protected against loss if the loan defaults, which makes it easier to qualify for VA loans
- Minimum FICO of 500
- More lenient on higher debt to income ratios
- Depending on the AUS results, may even allow outstanding collections.
- Call before to see if you qualify with outstanding collections before paying collections.
- Only Spouses of a Veteran can be a co-borrower.
- Can still qualify with deferred student loans.
Some lenders have VA lender overlays on top of VA guidelines by the U.S. Department of Veteran Affairs. For example, a lender can have a VA overlay where they only accept 620 and above, but at Nationwide Mortgage & Realty, LLC we go by the VA guidelines.
Foreclosure and Bankruptcy:
- Foreclosure, deed in lieu of foreclosure, and short sale must be dated greater than 2 years of trustee’s deed.
- Chapter 7 bankruptcy discharged for 2 years.
- Chapter 13 bankruptcy requires 12 month satisfactory pay history and court permission.
- No waiting period after Chapter 13 bankruptcy discharge date.
- Owner occupied only. 1-4 unit, PUD’s, condos, manufactured homes permanently affixed to a foundation.