The Department of Veteran Affairs are guarantees VA Loans. They offer exceptional benefits to military veterans including low interest rates, no down payments (100% financing), and no mortgage insurance. VA purchase loans are designed to help military veterans the dream of home ownership.
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
Less risky because lenders are protected against loss if the loan defaults, which makes it easier to qualify for a VA loan
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.
Corporate Address: 2625 Butterfield Road Suite 308 S Oak Brook, IL 60523 Phone: (844) 953-0100 Fax: (630) 953-0101 Email: email@example.com
All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: FL. VA, and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857