For purchases and refinances generally 30 days or less.
We can order it for you.
Generally 600 is the lowest acceptable credit score, but in certain cases we can still approve you with less than a 600 credit score.
Yes, as long as your spouse will immediately occupy the home and your intent is to occupy the home the VA will approve your loan.
VA is not a lender. It is a mortgage insurer. Because they charge no monthly mortgage insurance, they offset the risk of foreclosures by having all share in paying a funding fee, unless the veteran is diagnosed as at least 10% disabled.
|TYPE OF VETERAN||DOWN PAYMENT||%- FIRST TIME USE||%- SUBSEQUENT USE|
|REG. MILITARY & RESERVES||NONE 5% – 9.99% 10% OR MORE||2.3% 1.65% 1.4%||3.6% 1.65% 1.4%|
* The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan.
|TYPE OF VETERAN||%- FIRST TIME USE||%- SUBSEQUENT USE|
|REG. MILITARY & RESERVES||2.3%||3.6%|
|TYPE OF LOAN||%- FIRST TIME OR SUBSEQUENT USE|
|IRRL (STREAMLINE REFINANCE)||0.50%|
|MANUFACTURED HOMES (NOT PERM. FIXED)||1.00%|
The unmarried surviving spouse of a veteran who died on active duty or as a result of a service related disability is eligible for the home loan benefit.
Your entitlement cannot be restored unless the spouse refinances the property and pays off the existing VA loan in full or the ex-spouse is a veteran who substitutes their entitlement.
There is no VA loan limit, however, there is a threshold where the zero down payment is eliminated. Loans over $625,000 require the veteran to contribute 25% of the down payment exceeding the amount of the purchase.