VA Home Loans

VA Mortgage Loan Qualifying Details

• Max loan amount for a VA loan is $2,000,000
• No down payment is required for VA loans
• The seller can pay closing costs and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and should be discussed with your loan officer to determine the limitations
• Minimum of 580 credit score required
• Available for 1- 4 unit  properties and VA-approved condos
• Can be combined with NH Housing and down payment assistance
• No income limits apply so it is less restrictive than other loan programs that have income limits
• VA loans go through automated underwriting but manual underwriting is also permitted
• Residual income is taken into consideration.  Residual income is the amount of net income remaining after the deduction of debts and obligations and monthly shelter expenses.   The remaining residual after these deductions must be sufficient to cover family living expenses such as food, health care, clothing, and gasoline.  The numbers are based on data supplied in the Consumer Expenditures Survey (CES) published by the Department of Labor’s Bureau of Labor Statistics.  They vary according to loan size, family size, and the region of the country.

VA Funding Fee depending upon whether the loan is a purchase, cash-out refinance or an IRRRL*
*IRRL = interest rate reduction loan (type of refinance)