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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. 

Copyright © 2017 Mid Florida MLS. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Mid Florida MLS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Shirley International Realty participates in the MFRMLS Internet Data Exchange (IDX) program, allowing display of other MFRMLS broker's listings on this site. However may not include all listings currently available. Information is deemed reliable but not guaranteed. Information last updated at 2017-08-23 01:40:55.

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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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