580 Score VA Financing With No VA Lender Overlays

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This BLOG On 580 Score VA Financing Was Written And PUBLISHED On February 9th, 2020

What is important 580 VA rating Financing without VA Lender overlays

The Gustan Cho Team are experts in originating and funding 580 Score VA Financing nationwide.

  • VA Loans are the best mortgage loan program today
  • However, the only privileged borrowers able to qualify for VA Loans are Veterans of the U.S. Armed Services with an honorable discharge and a valid COE
  • A COE is the Certificate of Eligibility that is issued by the United States Department of Veteran Services, VA, to those Veterans who qualify for VA Loans

In this article, we will discuss and cover 580 Score VA Financing With No VA Lender Overlays.

Eligibility Requirements Of VA Home Loans

The United States Department Of Veteran Affairs is the government agency that insures VA Home Loans.

Here are the basic eligibility of VA Loans:

  • VA Loans are for Veterans who have a valid Certificate of Eligibility, often referred to as COE
  • VA Loans does not require any money down for a home purchase and offers 100% Financing
  • VA Loans has a one-time funding fee that can be rolled into the VA Loan
  • The Veteran does not have to come up with any down payment nor the funding fee
  • Any home purchase, including VA Loans, has closing costs associated with
  • However, a Veteran home buyer with a VA Loan does not have to come up with any closing costs
  • Closing costs can be covered with a sellers concession or a lender credit

VA allows a home seller to give a Veteran home buyer up to a 4% sellers concession.

Types Of Properties Eligible For 580 Score VA Financing

What are the types of real estate eligible for VA financing worth 580 points?

VA Loans are for owner-occupied properties only. Veteran home buyers need to be an owner-occupant for at least six months and one day on a 12 month calendar year:

  • Second homes and investment properties are not allowed on government loans
  • VA Loans, FHA Loans, and USDA Loans are considered government-insured mortgage loans
  • Fannie Mae and Freddie Mac, Conventional Loans, are the GSE that offers second home financing and investment home loans
  • 580 Score VA Financing With No VA Lender Overlays are offered with Gustan Cho Associates Mortgage Group
  • VA does not have a credit score requirement nor a debt to income ratio requirements
  • VA Loans does not require mortgage insurance premium
  • VA Loans offers very low mortgage interest rates

Again, VA Loans are the best mortgage programs available but only Veterans with a Certificate of Eligibility can only qualify.

Qualifying 580 Score VA Financing With No VA Lender Overlays

Most VA borrowers who consult with me were told by other VA mortgage lenders that they do not qualify for the following reasons:

  • The other VA Lender told the Veteran borrower that they do not have at least a 620 Credit Score
  • The other VA Lender told the Veteran borrower that their debt to income ratios are too high and exceed the 41% DTI that the VA Lender has as a maximum debt to income ratio
  • The other VA Lender told the Veteran borrower that they do not qualify for a VA Loan because they have outstanding collection accounts and charge off accounts
  • That they need to pay it off in order to qualify for a VA Loan

All of the above is not true. The reason they do not qualify for a VA Loan with other VA lenders is that most VA Lenders have VA Lender Overlays. VA Loans are one of the easiest mortgage loan programs a borrower can qualify for. Gustan Cho Associates are VA Loan Experts and we just go off VA Guidelines. A 580 Credit Score is highly recommended to get an approve/eligible per automated underwriting system.

VA Credit And Debt To Income Ratio Guidelines

What are the guidelines regarding the loan-to-debt ratio VA?

Here are the VA Qualification Requirements For 580 VA Financing With No VA Lender Overlays:

  • No Minimum Credit Score Requirements
  • 580 Score is highly recommended to get an approve/eligible per AUS
  • VA Financing With No VA Lender Overlays
  • There is no debt to income ratio requirements with VA Loans
  • We just go off AUS Findings
  • Recently got an approve/eligible per Automated Underwriting System findings on a VA borrower with a 582 Credit Score borrower with a 58% debt to income ratio
  • This borrower not only closed on his VA Home Loan but closed it ahead of the contract date
  • Veteran borrowers do not have to pay off outstanding collections and charge offs with a VA Loans as long as AUS does not require it

No down payment required and 100% LTV Financing on VA Loans.

Get Pre-Approved Today

Many counties in the United States exempt property taxes on disabled veterans.

Veteran home buyers seeking for a national five star VA mortgage lender with no lender overlays, please contact Gustan Cho at the following contact information:

Gustan Cho NMLS 873293

Email: gcho@gustancho.com

Cell: 262-716-8151 Please Text For Faster Response With Contact Information Including Email Address

Available 7 days a week, evenings, weekends, and holidays to take calls from 50 states

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