VA Loan w/ 580 Score 1-4 Units

This VA loan requires a 10% Down Payment in exchange for extended credit guidelines. Buyer must be able to afford the mortgage and be responsible with rent. Credit issues should source from past issues and recent improvement of credit repayment pattern.

Credit score: 580 minimum
Property type: 1-4 units, Condo, PUD
Occupancy: Primary residence
Down Payment: 10% minimum
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 46/46%


Additional Notes:

  • Must complete Homebuyer Education
  • Must provide evidence of strengths to offset their deficiencies
  • No Late(s) after Bankruptcy / Foreclosures. No in last 12-24 months
  • VOR from property management or 12 mos. cancelled checks
  • Open collection to be paid before closing. Small medical excluded
  • No Mortgage insurance regardless of down payment
  • Condos must be VA approved
  • Must meet VA Residual income requirement
  • First time buyer not required. Must be primary residence
  • Bankruptcy 2 yrs, Foreclosure 2 yrs

This page contains program highlights only.  See sidebar links for further information and details.

All program are subject to change at anytime without any further notice


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