VA Guidelines 2018

VA Guidelines 2018

VA guidelines allows a borrower with a credit score of 500 to buy a home with only a 0% down payment. VA guidelines allows a borrower with a minimum credit score of 500 to buy a home using their own funds for closing cost or the closing costs funds can be a gift from a family member.

FHA guidelines allows a home buyer with a minimum credit score of 500 up to a 4% seller's concession. The seller's concession must be written into the sales contract.

2017 VA guidelines requires a minimum credit score of 500 for all loans.

Home buyers with a credit score below 580 are not required to make a down payment. VA allows you be buy a house with a credit score of 500.

The maximum VA loan guarantee varies by county. The maximum VA loan amount with no down payment is $625,500, although this amount may rise to as much as $1,094,625 in certain specified high-cost counties. VA also allows the seller to pay all of the veteran's closing costs as long as the costs do not exceed 4% of the sales price of the home.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)


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VA Guidelines 2018


Credit Score needed to buy
a condo or refinance


FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA requires a minimum credit score of 500 to buy a home or refinance


Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure

Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid

Loans other than Government: Seasoning is determined by the date of sale the lender sold the property


Short Sale

FHA guidelines requires three year past from the date of sale of the property


What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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