| Purchase Price | $80,000.00 | | Credit Score (Minimum) | N/A | | Minimum Monthly Income Requirement | 1,600.00 | | Down Payment | 0.00 | | Closing Costs | 2,100.00 | Taxes & Insurance
(pre-paids) | 3,500.00 | | Total Cost | 5,600.00 | | Seller can pay up to 4% of sale price towards your costs | (3,200.00) | | Cash Needed To Close | 2,400.00 | Mortgage Payment
(4.8% Interest Rate) | 434.00 | | Taxes & Insurance | 200.00 | | Total Monthly Payment | 634.00 |
It's now cheeper to own then rent !!!
| Purchase Price | $120,000.00 | | Credit Score (Minimum) | N/A | | Minimum Monthly Income Requirement | 2,300.00 | | Down Payment | 0.00 | | Closing Costs | 2,500.00 | Taxes & Insurance
(pre-paids) | 3,700.00 | | Total Cost | 6,200.00 | | Seller can pay up to 4% of sale price towards your costs | (4,800.00) | | Cash Needed To Close | 1,400.00 | Mortgage Payment
(4.8% Interest Rate) | 651.00 | | Taxes & Insurance | 300.00 | | Total Monthly Payment | 951.00 |
| Purchase Price | $150,000.00 | | Credit Score (Minimum) | N/A | | Minimum Monthly Income Requirement | 2,800.00 | | Down Payment | 0.00 | | Closing Costs | 3,000.00 | Taxes & Insurance
(pre-paids) | 4,000.00 | | Total Cost | 7,000.00 | | Seller can pay up to 4% of sale price towards your costs | (6,000.00) | | Cash Needed To Close | 1,000.00 | Mortgage Payment
(4.8% Interest Rate) | 813.00 | | Taxes & Insurance | 350.00 | | Total Monthly Payment | 1,163.00 |
| VA loan programs are for veterans and active duty military personnel and members of the reserves and National Guard. VA loans are an excellent benefit available to those individiuals who have served or are serving to protect our families and our nation. Benefits of a VA Home Loan
1. No Down Payment
2. No monthly mortgage Insurance
3. No prepayment penalty
4. Benefits exclusive to Military
5. First-time home buying
What you need to qualify
Owner occupancy
This must be the buyers primary residence.
Loan types available
Fixed rate 30 and 15 year
Income
Must be able to document enough income that your debt to income ratios do not exceed 41% (back end only).
Mortgage debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage.
Normally there are two calculations. The first or (front end) ratio is your housing expense-to-income. This is not used for a VA Home Loan.
The second or (back end) ratio is your total monthly obligations including your new mortgage payment (principal, interest, taxes and insurance) divided by your gross monthly income. This can not exceed 41% of your gross monthly income.
Example: Month Income $3,500.00, your new mortgage payment with taxes and insurance is $1,000.00 and your other monthly bills which we will say is 400.00 per month. 1,400 Divided by 3,500 = 40%.
You did not exceed the back end ratio so you qualify for a $1,000.00 monthly mortgage, taxes and insurance payment.
Maximum loan amount
(Wayne County) $417,000
Property types
Single family residences, townhomes, planned unit development homes, condos.
Credit Score
Credit scores typically don't apply to a VA loan. VA will analyze a borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments for the last 12 months will normally be approved.
Past bankrupties or foreclosures
24 months since discharge of any bankrupties; 36 months since any foreclosure.
Eligibility
A veteran's loan eligibility must be verified from the VA by obtaining a Certificate of Eligibility (COE). If you have served in the military and have obtained an Honorable Discharge chances are you are eligible.
Mortgage Insurance
Not required with a VA Home Loan
Seller concessions
Seller can pay up to 4% of the sales price toward your mortgage closing costs. Also, the seller can waive tax prorations which could make your total out of pocket expense very little.
Funding Fee
A funding fee of 3.3% of purchase price is required. However, this fee can be added on to your loan so your up front cost will be minimul.
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