VA Loans

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What is a VA Loan?

We salute those that have served our great nation — that’s why we offer a variety of loans for eligible United States veterans.

There are many benefits of a VA loan for qualified Veterans, Service Members and non-remarried spouses, such as no down payment and no monthly mortgage insurance cost. Read through the program details below, and don’t hesitate to reach out to our Mortgage Team with a question. 

Apply for a VA Loan

Guidelines:

ELIGIBILTY:

The Veterans Administration will determine if a veteran is eligible to participate in the program. A valid Certificate of Eligibility must be submitted with each loan application. 

AVAILABLE PROGRAMS:

  • Fixed rate and 5/1 ARM

ALL VA TRANSACTIONS:

  • Minimum credit score is 620
  • Maximum of 4 financed properties.
  • No Manufactured homes – No “on frame” modular homes.
  • Primary Residences only

RATIOS:

  • Maximum debt ratio is 55% if credit score is ≥ 640 and 50% when credit score < 640.

MORTGAGE LIMITS:

  • 100% LTV for loan amounts up to $417,000.

APPRAISALS:

All condominium projects must be on VA approved condo list.

VA REFINANCES

  • VA recognizes only an Interest Rate Reduction (Streamline) Refinancing Loan and a Cash-Out transaction.
  • No late payments on housing payments in the last 12 months (all mortgages & rent payments).
  • No Texas Cash-Outs.

HIGH BALANCE LOANS – OVER $417,000 TO $1 MILLION

  • Fixed rate only
  • No foreclosure or bankruptcy in last 5 years
  • No housing payment late in last 12 months
  • Total loan amounts over $700,000 must have a debt ratio that does not exceed 41%.
  • Minimum loan score of 620

Not sure which option is right for you? Contact our Mortgage Team, visit one of our convenient locationsemail us or call: 855-CRESCOM (273-7266)and find the perfect fit!

Apply For A VA Loan Today

NMLS# 462560

CresCom Bank

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