florida

VA guaranteed loans are made by lenders and guaranteed against payment default by the US Government. The Government created the VA loan program as a benefit for those who served in the Armed Forces. The biggest advantage of the VA Loan program is that the borrower can purchase a home with zero down.

Low to no down paymentSome of the key advantages of the VA loan are:

  • Seller contributions are allowed
  • More flexible underwriting (approval)
  • Closing costs that lenders can charge are restricted (e.g. Loan Origination Fee cannot exceed 1%)
  • The VA Funding Fee is waived if the veteran is determined to be “disabled”
  • VA loans are “assumable” to other qualified buyers
  • VA Refinances can be streamlined (less documentation required for approval)
  • Some closing costs may be financed (less out of pocket expenses)
  • The VA loan is guaranteed by the US Government which makes it more desirable for lenders and other institutions

The US Government does not set a limit on the amount of money a veteran can borrow under this program. However, since the loan guarantee is limited most lenders have limits on how much can be borrowed and where there is a down payment requirement on higher loan amount. Here is a list of maximum guaranteed loan limits by State and County.

The veteran must be able to provide a Certificate of Eligibility from the VA to qualify for the loan. 

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

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"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
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