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VA Loan Guidelines Are More Flexible -- UPDATED

There are more and more eligible veterans who want to use their VA benefits to buy a home & why not?

The VA Home Loan Guarantee program provides mortgage insurance with 100% financing
There is no monthly mortgage insurance required with this program
It offers unlimited seller paid closing costs for non-recurring costs
Allows for up to 41% DTI ratio
The credit guidelines are more flexible than FHA or conventional loans
There are no minimum credit score requirements

Check with these valuable resources for mor information:

VA LENDERS, SERVICERS AND REAL ESTATE PROFESSIONALS PAGE: http://www.homeloans.va.gov/ls.htm

VA Eligibility Rules re: how to determine if veteran is eligible for home loan program http://www.homeloans.va.gov/eligibility.htm

First Time Homebuyer Information:
https://www.ginniemae.gov

Posted by Lynnette Phillips Real Estate Consultant on 07/16/2008 07:59 PM

Comments (10)

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10 Comments on VA Loan Guidelines Are More Flexible -- UPDATED

JUL

2008

Lynette- This is good info...so there are no FICO requirements?

VA and FHA are saving the day here....when conventional loans won't work for many

Kathy, They accept alternate credit history...understandably there are cases where there is no credit history; i.e. no FICO

"Absence of a credit history is not generally considered an adverse factor. It may result when:

• recently discharged veterans have not yet developed a credit history

• applicants have routinely used cash rather than credit, and/or

• applicants have not used credit since some disruptive credit event such as bankruptcy or debt pro-ration through consumer credit counseling. In these cases, develop evidence of timely payment of noninstallment obligations such as rent and utilities since the disruptive credit event." VA Publication 26-7, Credit History

Thanks for asking

Benny, We don't have anyone 'going' conventional lately...like you said thank goodness for FHA!

Thanks for stopping by

AUG

2008

Hi Lynette,

I just love ActiveRain! I just received a phone call from an agent inquiring about a condo I have listed & if it qualified for VA financing. She is told me that only certain condo complexes qualify for VA financing...do you know anything about this? p.s. I will be checking the links you provided as well. Thanks!!!

Wow! Through your 1st link, I was able to locate where to search for approved condos...here it is for anyone else interested: http://condopudbuilder.vba.va.gov/2.2/frames.html

Thanks again for such a helpful post!!! :)

Have a great weekend!