VA Purchase
VA IRRL refinance
VA Cash-Out refinance
VA simple
VA renovation
VA construction
· More lenient on credit issues
· NO DOWN PAYMENT REQUIRED
· No PMI (Private Mortgage Insurance)
· Have stricter property standards.
· DTI (Debt to Income) ratio is more flexible than other loan types
· FICO score VA does not have a minimum FICO score, however lenders individually set their minimum FICO score from 500+
VA loans - a portion of the loan is guaranteed by the Veteran Administration which allows lenders to offer the more favorable terms than other loan types.
Eligibility - U.S. Military service history verification meeting VA requirements. Most veterans, active duty, reservists, and some surviving spouses quality.
VA Loan - Purpose is for primary residence use, not for investment purposes.
Down payment - is not required for VA loans.
Debt-to-income ratio, or DTI, is the percentage of your monthly pre-tax income that you spend to pay your debts, including your mortgage, student loans, auto loans, child support and minimum credit card payments. The higher your DTI, the more likely you are to struggle with your bills. There are 2 DTI ratios calculated in qualifying. The first is just the housing expense payment with your (PITI) mortgage, property taxes, home insurance, and HOA, if any. The second is your PITI plus your monthly minimum payments shown on your credit report which typically are items like credit cards, vehicles, student loans, and retail store cards added together. These numbers are divided into your gross monthly income to obtain your DTI ratios. Higher DTI ratios are typically allowed in FHA loans which means more of your income is counted to qualify you.
Mortgage insurance VA loans DO NOT have mortgage insurance because the Veterans Administration Guarantees a portion of the loan
VA Funding Fee You’ll also pay an upfront fee, typically ranging from 1.4% to 3.6% of the total loan amount based on your down payment and prior VA loan usage. This fee can be added into the mortgage amount. Some Veterans, including those receiving VA disability compensation, maybe exempt from this fee.
Mortgage rates Rates for VA loans can be lower than the rates offered for other mortgages.
VA Loan Limits VA loans do not have a maximum loan limit for borrowers with full entitlement. If you have full entitlement, you can purchase a home up to the price you can afford, and the VA guarantees the loan to the lender. However, loan limits do exist for those with partial entitlement or who have used their entitlement previously. Additionally, some lenders set their own individual company VA loan limits.
VA Property Appraisal and standards the condition and intended use of the property you hope to buy are important factors. VA appraisals are more stringent than conventional appraisals. Not only is the property's value assessed, but it is also thoroughly vetted for safety, soundness of construction and adherence to local code restrictions as well as Pest Reports regionally.
18071 Fitch Ste 200, Irvine CA 92614
915 Highland Pointe Dr, Ste 200, Roseville, CA 95678
3401 Mallory Lane, Franklin, TN 37067
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. E Mortgage Capital, Inc. d/b/a E Mortgage Capital, NMLS# 1416824. Equal Housing Lender (NMLS consumer access: https://www.nmlsconsumeraccess.org/_)
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A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at