VA Loan Requirements Flashcards
1
Q
Maximum Debt-to-Income
A
41% Residual Income
2
Q
Minimum Down Payment
A
0% (100% financing available on purchase transactions)
3
Q
Minimum Credit Score
A
N/A
4
Q
Funding Fee
A
Required - based on down payment and entitlement
5
Q
Appraisal
A
Required
6
Q
Appraisal
A
Required
7
Q
Gift Funds
A
Allowed if the Borrower puts a payment down
8
Q
Borrower with Bankruptcy
A
2 years after Chapter 7 discharge, 1 year after Chapter 13 filing.
9
Q
Borrowers after Foreclosure
A
2 years after foreclosure or short sales
10
Q
LTV requirement on cash-out refinance
A
Maximum 90% LTV
11
Q
Reserve
A
No reserve requirement
12
Q
Seller Concessions
A
4%
13
Q
Assumable
A
Yes o with VA’lender approval
14
Q
Owner-Occupancy
A
Yes - within 60 days
