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VA Loans

Most lenders have the ability to process loans that are made available through the US Veterans Administration. Qualified Veterans can purchase a home with no money down. To be eligible, a person must have served in the armed forces for a minimum set period – depending on when you served. You must have received an Honorable or Medical Discharge. 

Eligible Borrowers 

Veterans that have served for 90 consecutive days during a war time period.
Desert Storm, Desert Shield, Iraq, and Afghanistan are war time periods, so anyone who has served since 1991 only need 90 days active duty. It is also not a requirement to be deployed to a war zone to be eligible.
Veterans that served after 1972, during a peacetime period, and had 24 months consecutive active duty.
Veterans that served before 1972, during a peacetime period, and had 180 days consecutive active duty.
Members of the Reserves, National Guard, or Coast Guard that have at least 6 years of service.
Spouses of a veteran that died due to a service related injury, and have not remarried.

Maximum Loan amount - Varies by area. Base minimal loans start at $417,000, but there are higher limits in designated “high cost” areas.
(va max mtg link)

Cosigners - Not allowed, unless it is a spouse or another occupying veteran.

Seller Contribution - The seller is allowed to pay the borrower’s closing costs, up to 4% of the sales price. This does not include points. The seller may also pay points on the buyer’s behalf to reduce the interest rate.

Mortgage Insurance - The VA does not have a monthly mortgage insurance premium required. It does, however, have an upfront fee that can be included into the mortgage amount. The amount of this fee is higher for reservist, national guard and coast guard personal. It is also higher for individuals that have used a VA loan before. However, if a reservist/national guard/coast guard was activated, and served the required amount of consecutive days mentioned above, he would qualify as active duty. The funding fee is waived for disabled vets receiving VA benefits.

Income Guidelines - There are no income limits. The VA is very liberal on the amount a veteran can qualify for. Speak to a loan officer to be pre qualified.

Credit Guidelines - These loans are more flexible on credit then a traditional conventional loan, but not as flexible as an FHA loan.