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Home » No Down Payment » VA Loans » Guideline

VA Loans.

You Served, You Earned It!

The Zero-Down Payment Mortgage, Up To $20,000,000 for our Veterans and Current Military Personnel

VA Loans Program Guidelines

Loan Purpose

  • Purchase
  • One-time Close Construction Loan
  • Refinance: rate-term and cash-out

Credit Profile

  • 580 minimum middle credit score for all borrowers on the loan – purchase
  • 620 minimum middle credit score for all borrowers on the loan – one-time close construction loan
  • No foreclosure or short sale within two years of contract ratification date
  • No Chapter 7 bankruptcy discharge within two years of contract ratification date
  • No mortgage delinquency in the last 12 months for a VA Streamline Refinance

Loan Amount

  • As low as $0 down payment with no maximum loan amount. Interest rates will be higher based on loan amounts exceeding VA High Balance limits
  • If Veteran Basic Entitlement is less than $36,000 and/or Total Entitlement Charged To Previous VA Loans is more than $0, the Veteran may still be eligible for a VA Loan with a down payment as low as $0. To determine the amount of VA eligibility and if a down payment is required call for details

Funding Fee

  • Funding Fee is waived for Veterans receiving VA related disability income and surviving spouses of Veterans who haven’t remarried
  • Funding Fee Calculations are as follows:
Type of VeteranDown Payment% for First Time Use% for Subsequent Use
Regular MilitaryNone2.30%3.60%
5% or more but Less than 10%1.65%1.65%
10% or more1.40%1.40%


  • As determined by Automated Underwriting System or AUS with DTI ratios up to 65%. Requires a Desktop Underwriter “Approved/Eligible” or Loan Prospector “Accept” findings
  • Manual Underwrite acceptable with DTI ratios up to 41%:
    Manual Underwrite with DTI between 41% to 50% will require two compensating factors. DTI over 50% will require three compensating factors

Property Type

  • Owner-occupied properties
  • Existing attached and detached single-family residences
  • New construction with permanent financing only
  • PUD’s (i.e. Townhomes)
  • Condo-units. HUD, VA, FNMA or FHLMC approved project
  • Log cabin homes, provided Appraisal Report lists other comparable log cabin homes that have recently sold in the area


  • Owner occupied only
  • All borrowers on the loan must have ownership in and occupy the property
  • Non-married Partners, not permitted on the loan request
  • No co-signers permitted

Property Valuation

  • Full VA appraisal with interior inspection and photos


  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Down Payment/Closing Costs

  • 0% down payment required
  • Seller contribution toward buyers closing costs and escrows up to 6% of the purchase price
  • Closing cost help can come from flexible sources including family member gifts and loans against a 401k retirement account


  • Amortization period: 15, 20, 25, 30-year fixed rate
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