• VA Loan
  • VA Purchase

    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.

  • 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
  • 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
    • Less risky because lenders are protected against loss if the loan defaults, which makes it easier to qualify for a VA loan
  • Credit:

    • 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.
  • Eligible Properties:

    Owner occupied only. 1-4 unit, PUD's, Condos, Manufactured Homes permanently affixed to a foundation.