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VA Financing 500 + Score

100% Financing Available For Veterans!

For eligible veterans and active duty military personnel a VA mortgage loan can be one of the most important benefits to take advantage of.

The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property, ensuring low rates and easier qualification guidelines than with conventional loans.

No Down Payment! - No Monthly Mortgage Insurance! - Housing Allowance counts towards income for qualification!

VA Funding Fee:

Funding Fee may be waived for disabled veterans.

Purchase Loans

Type of Veteran

Down Payment

Percentage for 1st time use

Percentage for subsequent use

Regular Military

<5%

>5% but <10%

10% or more

2.15%

1.50%

1.25%

3.30%

1.50%

1.25%

Reserves/

National

Guard

<5%

>5% but <10%

10% or more

2.40%

1.75%

1.50%

3.30%

1.75%

1.50%

Rate/Term and Cash-Out Refinancing Loans

Type of Veteran

Percentage

For 1st time use

Percentage for subsequent use

Regular Military

2.15%

3.30%

Reserves/National Guard

2.40%

3.30%

 

Interest Rate Reduction Refinance Loan (IRRRL)

Type of Loan

Percentage for either type of Veteran whether 1st time or subsequent use

IRRRL

.50%

 

Available for: Purchase
Cash out refinance
Streamlined VA Interest Rate Reduction Refinance (IRRRL)*
   
Terms: 10, 15, 20, 25, 30 year fixed
   
Eligible Borrowers: Veterans, reservists, National Guard and surviving spouses who have not remarried. Check Eligibility (click here)
   
Residence Types: Primary residence
Second Home or Investment Property (Veteran prevoiusly occupied)
VA approved condos and PUDs
Manufactured housing
   
Eligible Property: Investment properties (Previously Veteran Occupied)
1 - 4 unit properties (OO and NOO)
Second home (1 unit only, veteran previously occupied)
Non-Approved Condos
New Construction (never been occupied)
Manufactured housing
   
Loan Amount: 4x available entitlement - up to:
$417, 000 for purchases including financed funding fee
   
LTV: 100% for Purchase
100% for Rate / Term refinance
100% for Cash Out refinance
85% for Identity of Interest (100% with specific qualification
  No maximum LTV/CLTV for IRRRL
   
FICO: 500 + Score
   
MMI: (Mortgage Ins) Not required

 

1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (770) 334-8451 Ext. 101
info@1stRateMtg.com
Copyright © 2017 1st Rate Mortgage Services, LLC
A Georgia Residential Mortgage Licensee #32549
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