580 Score VA Financing With No VA Lender Overlays

This BLOG On 580 Score VA Financing Was Written By Gustan Cho

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 a 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. Here are the basic eligibility of VA Loans:

  • VA Loans are for Veterans who have a valid Certificate of Eligiblity, 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 so 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
  • VA Loans are for owner occupied properties only and the Veteran home buyer needs 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 The Gustan Cho Team at Cross Country Mortgage Inc.
  • VA does not have a credit score requirement nor a debt to income ratio requirements
  • VA Loans does not requirement 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 ForĀ 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 FICO 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 and 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 because most VA Lenders have VA Lender Overlays. VA Loans are one of the most easiest mortgage loan programs a borrower can qualify for. The Gustan Cho Team are VA Loan Experts and we just go off VA Guidelines with at least a 580 FICO Credit Score. Here are the VA Qualification Requirements For 580 VA Financing With No VA Lender Overlays:

  • Minimum Credit Score Requirements is 580 Score VA Financing With No VA Lender Overlays
  • There are 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 and this borrower will be closing in the coming two weeks
  • You 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

If you are 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

Direct: 1-262-878-1965

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

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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