VA Loan Requirements 2016

VA loan requirements 2016 - The U.S. Department of Veterans Affairs is not a direct lender. The loan is made through a private lender and partially guaranteed by the VA, as long as guidelines are met.

100% financing available for Veterans!

VA loans require a minimum credit score of 500.

The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.

Down payment - VA loans do not require a down payment. VA loans allow eligible veterans to qualify and buy a home with no money down.

Closing cost - VA 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. VA allows a borrower to buy a home using their own funds for closing cost or the closing costs funds can be a gift from a family member.

Certificate of Eligibility - you will need a Certificate of Eligibility (COE). The COE verifies to the lender that you qualify for a VA-backed loan. If you do have a COE you will need your DD Form 214. Your DD Form 214 enables you to participate in Veterans Affairs loan program.

VA loan limits - The maximum VA loan guarantee varies by county. As of 1 January 2013, 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 loan requirements 2016.

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