SellingNorthernNV

Current VA Loan Limit: $650,000

Requirements for loan amounts $417,000 or below
- No Minimum Credit Score
- Zero Down Payment Required
- No Reserves Required
- Ratios are flexible depending on credit and residual income

Requirements for loan amounts over $417000
- Maximum loan amount: $650,000
- Down payment required : 25% of the difference between Sales price and $417,000
- Minimum FICO: 660
- Maximum DTI: 45%
- 2 months PITI in reserves minimum
- AU approval Required
- Manual Underwriting option not available
- Mortgage/Rental history: 0 x 30 in past 12 months
- All other VA requirements must be met

VA Funding Fee
Initial User
-2.15% w/ $0 down

Subsequent User
-3.3% w/ $0 down

Initial and Subsequent user
-1.5% w/ 5-10% down
-1.25% w/ 10% down

Partial or Full Disability
-Fee waived for all Down Payments

Interested Party Contributions may include; all buyers closing costs, 2 points, plus 4% additional concessions (4% may include funding fee, prepaid items, and buyer’s credit card balances)

Funds to close:
- borrowers own funds
- retirement accounts
- gift
- both secured and unsecured loans

Source of information:
Platinum 1st Mortgage, LP

Related Posts:
What is FHA
FHA Limits in NV
General FHA Rules

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630

Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Tags: loan limits, mortgage, VA

This entry was posted by admin on Thursday, December 18th, 2008 at 10:53 am and is filed under VA loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.