Online Banking

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 subordinate financing

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