We are huge supporter of our Veterans here at Fairway and specialize in VA Loans. We wear RED every Friday and that stands for Remembering Everyone Deployed. There’s no down payment required with VA Loans, very low credit score requirements and a high debt to income ratio is allowed. All veterans and service personnel are eligible for VA Loans. There is a six year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility for surviving spouses.
The VA will guarantee a maximum of 25 percent of a home loan amount up to $113,275, which limits the maximum loan amount to $453,100. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. Being a veteran doesn't make a homebuyer automatically eligible for a home loan, you must meet both service requirements and credit/income requirements to be eligible.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
If you or someone you know has questions about VA Loans or wants to see that as one of the options for you to purchase a home, please contact us at firstname.lastname@example.org