Features and Details

• Loans available to qualifying veterans
  
• 100% financing up to $647,200
• No monthly mortgage insurance is required
• Owner occupied property only
• Minimum 620 credit score
• Gift funds are allowable
• 30, 20 and 15-year options available with competitive rates
• Bonus entitlement can be used to purchase a second property with VA benefits
• 4% seller-paid concessions, PLUS bona fide closing costs
  • The seller may contribute up to 4% of the sale price, plus reasonable and customary loan costs.  Total contributions may exceed 4% because standard closings costs do not count toward the total.  According to VA guidelines, the 4% rule only applies to items such as:
    • Prepayment of property taxes and insurance
    • Appliances and other gifts from the builder
    • Discount points above 2% of the loan amount
    • Payoff of the buyer’s judgments and debts
    • Payment of VA funding fee
    • Example of the 4% rule plus bona fide closing costs:
      • A buyer’s core closing for things like appraisal, loan origination and title equal 2% of the purchase price.  The seller agrees to prepay taxes, insurance, the VA funding fee, and a credit card balance equal to 3% of the sales price.  The 5% contribution would be allowed because 2% is going toward bona fide loan closing costs.