VA Guidelines 2019

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.

2019 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)

This Form cannot be submitted until the missing fields (labelled below in red) have been filled in
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Please note that all fields followed by an asterisk must be filled in.
Property State*
County of subject property*
How did you hear about us*
If Realtor - Realtor's Name
Property Type*
ZIP code of property*
Use of property *
Describe your Credit*
Have you ever declared bankruptcy, when was it discharged*
Do you have any foreclosures*
Have you ever had a short sale*
Are you requesting a loan with a spouse or co-borrower*
If yes, co borrower first name
Co borrower Last name
Co borrower Address
Co borrower social security number
Co borrower date of birth
Co borrower income
Purchase or Refinance*
Do you have 12 months verifiable rental or mortgage history*
Property value*
Loan Amount*
Your first name*
Your middle initial*
Your last name*
Please choose a suffix
Daytime/Work Phone*
Evening Phone*
Cell Phone*
What is your employment status *
What is your email address*
Current mailing address*
City*
State*
ZIP code*
How long have you lived at this address*
Date of birth*
Marital status*
Citizenship status*
Social Security #
What are your total monthly debt payments, excluding housing*
What is your monthly housing payment*
Annual Income*
How much do you have in checking, savings, stocks, bonds, mutual funds, 401K*
Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you

We look forward to working with you

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

VA Guidelines 2019

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FHA Credit Score needed to buy
a house 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?

W2's or Personal tax returns for 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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888-958-4228

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www.MORTGAGE-WORLD.com LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. Licensee will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. All loans arranged with third-party providers. Licensed by the Connecticut Department of Banking Connecticut Mortgage Correspondent Lender MCL-1630225 Licensed by the NJ Department of Banking and Insurance NJ Correspondent Residential Mortgage Lender License Licensed by the Florida Office of Financial Regulation Florida Mortgage Lender License MLD1987 NMLS ID 1630225 www.MORTGAGE-WORLD.com LLC 535 Bergen Blvd. Suite 2 Ridgefield NJ 07657 Call 888-958-5382