VA Loans are available to eligible Active, Separated, Reserves, and some National Guard Veterans of the US Military. This program offers our nation’s military service people a no down payment loan option, with no monthly mortgage insurance, and flexible underwriting guidelines. Each loan is insured by the Department of Veteran Affairs.
|Minimum Down Payment||0%|
|Terms (Years)||30, 25, 20, 15 Fixed and Adjustable|
|Gift Funds Allowed||Yes|
|Eligible Homes||Single & Multi-Family, Manufactured, Condo|
|Seller Paid Closing Costs||Up to 4% of the Sales Price|
|Loan Limits||Varies by County (Shasta County $417,000)|
|MaxDTI||41% (Higher DTI’s May Be Allowed In Some Cases)|
|Minimum Credit Score||VA None (Most Lenders Require 600+)|
|Availability||All US States, Eligible Veterans, & Owner Occupied|
*Other restrictions and guidelines apply. Please contact lender for full program details.
A VA Loan is a great option for most eligible veterans looking to purchase a home, however it is not always the best choice. If you are in active duty and could be transferred, or non-active and plan to move in the first 5 years, a VA Loan might not be for you.
- One of the only 100% LTV programs around. No down payment required.
- Loan amounts up to $650,000.
- Fairly reasonable underwriting guidelines.
- No cash reserves required.
- Must have DD214 with honorable discharge.
- Must be owner occupied.
- Multi-Unit by two or more eligible veterans may consist of up to 6 family units.
- Bankruptcy and foreclosures do not necessarily eliminate veteran from qualifying– looking for 2 years in most cases.