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Latest info on VA Loans

VA loan (partially guarantees loans to veterans, active duty and surviving spouses

  • Keep in mind that VA is VERY FIRM on everything
  • 100% loan and no mortgage insurance
  • Minimum score is 580 (580 to 620 at a higher rate)
  • Max debt ratio is 41% - have seen approvals to 65% with compensating factors
  • VA funding fee is based on the amount of the loan and put on top of the loan amount
  • VA funding fee can vary if used in the past
  • There is no 90 day wait like the FHA Flipping rule
  • Well and septic are okay but need to meet all inspection guidelines and inspected by a licensed inspector- Well must always have a bacteria test, septic only if noted by the appraiser
  • If public utilities available and lines are ran, the house must be hooked up to them

Maximum loan amount is determined by County. http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp


  • Foreclosure and Short Sale must be 2 years past the sale date with underwriting approval
  • Bankruptcy 2 years discharged
  • No maximum of seller paid closing costs
  • 4% seller concessions (meaning things left in the home that have value)
  • These loan are assumable
  • Owner Occupied ONLY
  • No appliances are required
  • Veterans can be exempt from paying  funding fee if disabled
  • The seller must pay for the pest inspection.
  • Un-married co borrower is not allowed unless they are also a vet
  • Survey must show where the well and septic are located.
  • If active duty- need a statement of service from the personnel office
  • Child care is subtracted from the required residual income
  • Can refinance a VA loan at 100% from another type loan.
  • Deferred student loans must be deferred over 12 months or counted in the debt
  • VA does not count 401K loans in their debt. 
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Rick Giles
Phone: 941-400-0848‚Äč
Email: SiestaRick@gmail.com

Bright Realty
5218 Station Way
Sarasota, FL 34232


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