VA Guidelines 2016

VA Guidelines 2016

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.

VA guidelines 2016 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.

Borrowers who have a VA loan can refinance with a minimum credit score of 500. Ch. 7 discharged for 24 mos. Discharged Ch. 13 requires 12 months satisfactory pay history and court permission to enter into transaction. Consumer counseling services must be paid in full prior to closing.

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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We look forward to working with you.