The loan must be used for the purchase of a primary residence, and the benefit can be reused. Here are some facts about VA purchase loans:
There is no down payment required for VA purchase loans. Available for 1-4 unit properties, VA approved condos, and manufactured homes.
VA loans do not have private mortgage insurance payment requirements. Other loans require this if you do not put down 20%.
We allow for a minimum FICO score of 580 with an automated approval through the Automated Underwriting System. Many lenders require a 620 score.
Standard VA loan limits are $417,000 and can go higher. See our Exceeding VA Loan Limits section for more details.
In general, you should have no derogatory credit over the last 12 months, and should not have open judgments or collections.
Contact us today to receive more information.
We will contact you within 24 hours to review your options.