This program allows an eligible veteran to buy a home with absolutely no down payment. The closing cost can be paid by the seller or lender. The veteran can buy with absolutely no money out of pocket.
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| Credit score: | 620 minimum |
| Property type: | 1-4 units, Condo, PUD |
| Occupancy: | Primary residence |
| Down Payment: | Not required |
| Loan to Value: | 100% Max. CLTV: 100% |
| Gift Funds | Allowed. No minimum buyer contribution required. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 41% with compensating factors up to 46/56% |
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Additional Notes:
- No mortgage insurance regardless of down payment
- Condos must be VA approved
- Must meet VA Residual Income requirement
- No cosigners allowed except for spouse or eligible veteran(s)
- First time buyer not required. Must be primary residence
- Unmarried spouse can use VA loan; veteran who died in service
- Lender-paid closing cost available
- Extended guidelines with 580 min. score
- Bankruptcy 2 yrs, Foreclosure 2 yrs, Short Sale 1 yrs
- 2/1 Buy -down program allowed
This page contains program highlights only. See sidebar links for further information and details.