VA Loans.You Served, You Earned It!

The Zero-Down Payment Mortgage for our Veterans and Current Military Personnel

With Millennial Home Loans quick online loan application, determining if you qualify for an VA Loan and for how much, has never been easier.

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VA Loans Program Guidelines

Loan Purpose

  • Purchase
  • One-time Close Construction Loan
  • Refinance: rate-term and cash-out

Credit Profile

  • 580 minimum middle credit score for all borrowers on the loan – purchase
  • 620 minimum middle credit score for all borrowers on the loan – one-time close construction loan
  • No foreclosure or short sale within two years of contract ratification date
  • No Chapter 7 bankruptcy discharge within one year of contract ratification date
  • No mortgage delinquency in the last 12 months for a VA Streamline Refinance

Loan Amount

  • With zero down, the maximum loan amount is the standard conforming loan limit, which is currently $647,200, or VA High Balance loan limits
  • Down payment required when the purchase price exceeds the standard conforming or High Balance loan limit. Down payment is 25% of the amount exceeding the standard conforming or High Balance loan limit
    • Example: If the VA loan limit for a county is $647,200, this means that if the Veteran has full entitlement, VA will provide a 25% guaranty on the loan up to $647,200. If a Veteran has a contract to purchase a home in the amount of $550,000, the lender may require the Veteran to make a down payment of 25 percent of the $65,650 ($550,000 - $647,200) difference, which would be $16,412, providing the lender a full 25% guaranty.

Funding Fee

  • Funding Fee is waived for Veterans receiving VA related disability income and surviving spouses of Veterans who haven't remarried
  • Funding Fee Calculations are as follows:
Purchase:
Type of VeteranDown Payment% for First Time Use% for Subsequent Use
Regular MilitaryNone2.30%3.60%
5% or more but Less than 10%1.65%1.65%
10% or more1.40%1.40%

Ratios

  • As determined by Automated Underwriting System or AUS with DTI ratios up to 65%. Requires a Desktop Underwriter “Approved/Eligible” or Loan Prospector "Accept" findings
  • Manual Underwrite acceptable with DTI ratios up to 41%

Property Type

  • Owner-occupied properties
  • Existing attached and detached single-family residences
  • New construction with permanent financing only
  • PUD's (i.e. Townhomes)
  • Condo-units. HUD, VA, FNMA or FHLMC approved project
  • Log cabin homes, provided Appraisal Report lists other comparable log cabin homes that have recently sold in the area

Occupancy

  • Owner occupied only
  • All borrowers on the loan must have ownership in and occupy the property
  • Non-married Partners, not permitted on the loan request
  • No co-signers permitted

Property Valuation

  • Full VA appraisal with interior inspection and photos

Documentation

  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Down Payment/Closing Costs

  • 0% down payment required
  • Seller contribution toward buyers closing costs and escrows up to 6% of the purchase price
  • Closing cost help can come from flexible sources including family member gifts and loans against a 401k retirement account

Terms

  • Amortization period: 15, 20, 25, 30-year fixed rate