You can obtain 100% financing for a VA purchase loan, meaning there is no required down payment. This is one of the few loan programs today that allows for 100% financing.
The loan must be used for the purchase of a primary residence, and the benefit can be reused. Here are some facts about VA purchase loans:
No Down Payment
There is no down payment required for VA purchase loans. Available for 1-4 unit properties, VA approved condos, and manufactured homes.
No Mortgage Insurance
VA loans do not have private mortgage insurance payment requirements. Other loans require this if you do not put down 20%.
580 Minimum FICO Score
We allow for a minimum FICO score of 580 with an automated approval through the Automated Underwriting System. Many lenders require a 620 score.
Higher Loan Limits Than FHA
Standard VA loan limits are $417,000 and can go higher. See our Exceeding VA Loan Limits section for more details.
In general, you should have no derogatory credit over the last 12 months, and should not have open judgments or collections.
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