VA Loan
VA 30-15 Year Fixed
Features
- Fixed rate loans are available for purchases, IRRRLs and cash-out refinances
- 0% down payment requirement
- No monthly mortgage insurance, although there is an upfront funding fee
- No prepayment penalty
- Escrow waiver not permitted
- Minimum credit score 620
Product Overview
VA mortgage lenders offer affordable financing, low down payment requirements, and competitive non-risk based mortgage rates to those who qualify.
Terms Available
- First Mortgage: 15 & 30 year fixed
Property Information
- Property Types - Limited to 1-4 unit owner occupied properties
Costs
- 100% financing
- Gifts are allowable for closing costs
Seller Contribution Limits
- Maximum 6% toward actual closing costs, discount and/or pre-paid expenses.
- An additional 4% may be contributed toward additional funding fee and additional expenses
Reserves
- Not required
Loans are assumable
Transaction Type | Occupancy | # of Units | Purpose | Maximum LTV / CLTB / HCLTV | PMI |
Purchase (Existing construction properties, one year old) | Principal | 1-2 | Purchase | 100/100/100% | No PMI |
Cash-out refinance with debt consolidation or cash out | Principal | 1-2 | Refinance | 90/90/90% | No PMI |
Cash-out refinance combining existing mortgages | Principal | 1-2 | Refinance | 100/100/100% | No PMI |
IRRRL / no appraisal | Principal | 1-2 | Refinance | No CLTV Existing seconds can be subordinated | No PMI |
We are happy to answer your questions!
info@hopewellfcu.org
740.522.8311