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  Direct Mortgage VA Loan Programs

**Updated 9 May 2011**

   

Program Number

Program Description

Program Type

Max Loan Amount

Max LTV/ CLTV

Min FICO7

Occupancy Types

Purpose

Doc Types

6176

VA IRRRL (Interest Rate Reduction Refinance Loan)

Government
$417,000
100%
640
OO
R&T
Full

6178

VA DU Purchase

Government

$417,000

100%

5808

OO

P

Full

6179

VA DU Refinance

Government

$417,000

90%

5808

OO

CO

Full

6197

VA Jumbo Purchase

Government

VA County Limit

100%

640

OO

P

Full

6198

VA Jumbo Refinance

Government

VA County Limit

90%

660

OO

CO3

Full

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Cash Out
Conv – 80% Max LTV; 2nd Home - 75% Max LTV; NOO- 75% Max LTV; FHA – 85% Max LTV;
VA – 90% Max LTV;
Max LTV could vary by program.

Second Homes
80% Max LTV; 640 Min FICO.
Cash Out - 75% Max LTV.

Non-Owner Occupied
Purchase - 80% Max LTV;                                      
Rate and Term - 75% Max LTV;
Cash Out - 75% Max LTV.

Max DTI — FHA Loans
Max DTI is 55% with the following restrictions: Minimum FICO: 660; No gifts allowed; VOM/VOR or cancelled checks if private landlord/lender; Payment shock of 125%; Residual Income - Follow VA guidelines.

Max DTI — Non-FHA Loans
Max DTI is 50%; some loan programs could be lower.



 

Footnotes:
1Max 95% LTV Owner Occupied with 720 Min FICO®; Purchase/ R&T;  Max 41% DTI; 1 unit SFR only. The states AZ, CA, FL, MI, NV and OH have max 90% LTV and 740 min FICO; Max 41% DTI; 1 unit SFR only.
2 TLTV must be met with HTLTV maximum. Max cash disbursed at close limited to TLTV.
3Any non-streamline VA is considered cash out.
4MI Guidelines apply for all conventional loans.
5Max loan amount is $417,000 or HUD county limit, which ever is lower (excluding Hawaii); Hawaii is $544,185.
6Min loan amount is $417,001 (excluding Hawaii); Hawaii is $544,186.
7All Borrowers must have a qualifying credit score. Exceptions granted on a case-by-case basis when the primary borrower has a qualifying score. Pricing adjustment applies.
890% Max LTV; No gift funds; Non-occupant co-borrowers not allowed; 31/43 Ratio; Verifiable housing payment history –- no exceptions; Institutional Verification of Rent or cancelled rent checks; TOTAL Scorecard Accept; No streamline/IRRRL refinances; Refinances require 1 year title seasoning, continuity of obligation & NTB (5% payment reduction); (FHA) No cash out refinances / (VA) Refinance may only pay for mortgage -- cash out not allowed.
9Max 97% on loan program 6113 if the following are true: One Unit; Principal Residence; Purchase or R&T Refi; Fixed rate; 720 Minimum FICO; MI Guidelines Apply.

NOTE: Values shown are examples of maximums and minimums allowed. Consult Direct Mortgage Loan Program Guidelines for details regarding any specific loan.

*Loan programs subject to change at any time without prior notice.*
 
 
 


 
 
 
 
 
 
 
 

Legend:
OO = Owner Occupied
NOO = Non Owner Occupied or Investment
2nd = Second Home
P = Purchase
R&T = Rate & Term Refinance
CO = Cash Out Refinance
Stated=Stated Income Verified Assets
SISA = Stated Income Stated Asset
NINA = No Income No Asset
NIVA = No Income Verified Asset
Balloon = Balance Due Before End of Amortized Term
No Doc = Income, Assets, & Employment Neither Stated Nor Verified
No Ratio = Income Not Stated, Employment & Assets Verified
FHA = Federal Housing Administration
HUD = Housing & Urban Development, U.S. Department of
DU® = Desktop Underwriter®
LP = Loan Prospector®
FICO® score=Fair Isaac Corporation score or Beacon® score
VA = Veterans Affairs, United States Department of
   
 
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