A VA loan is the the most flexible and beneficial loan program in the United States. If you are a veteran, currently in the military or a surviving spouse of a veteran and want to purchase or refinance with zero money down, contact me today. Zero down VA loans are available up to loan amounts of $417,000. VA loans allow a refinance up to the lower of $417,000 or 100% of your primary home’s appraised value. VA Streamline Refinance (VAIRRL) with are available for veterans currently in VA loans. There is additional information about the VAIRRL loan on the link below. The VA mortgage loan is 1 of only 2 loan programs in Ohio which do not require a down payment. Loan options include 30, 20, 15 year fixed rates as well as 5 year ARM. Additional information can be found at the VA website.
Please read the following sections below which may pertain to your situation. If you have any questions about any of the topics within the VA loan section of this website please feel free to contact me. VA loans can be approved in conjunction with a first time homebuyer program through OHFA which allows credit scores down to 600. For non OHFA loans my customers require a minimum 620 credit score.
Ohio Veterans with credit problems
Credit scores play a crucial role in your ability to secure a VA home loan. The VA does not have a minimum credit score requirement, but lenders will want to see a solid score as part of the loan approval process.
Many factors can contribute to a negative credit score, and there are often many simple suggestions I can to raise your credit score. A service that I am willing to provide to all of my customers is a thorough credit analysis and education which will enable you to understand the credit scoring system and take the appropriate measures to obtain a VA mortgage loan.
Boosting your credit score requires a sincere commitment on your part. A low score isn’t usually something you can fix within a couple days, however I am confident that a sincere dedication will enable you to finance with a VA loan sooner than you would imagine.
If you would like to discuss your credit scenario, or allow me to analyze your credit and make suggestions, please call me at 440-666-6069.
Ohio VA loan limits
Ohio VA mortgage loan limit with no money down in Ohio is $417,000. VA eligible home buyers wishing to borrow more than $417,000 up to $1,000,000 are able to do so with a 660 credit score and 15% down.
Ohio VA fees not paid by the Veteran
There are fees the VA stipulates must not be passed on to the borrower. These items include; loan closing or settlement fees, document preparation fees, preparing loan papers or conveyance fees, attorneys services other than for title work, photographs, interest rate lock -in fees, postage and other mailing charges, stationery, telephone calls and other overhead, amortization schedules, pass books, and membership or entrance fees, escrow fees or charges, notary fees, preparation and assignment of mortgage to other secondary market purchasers, trustee’s fees or charges, loan application or processing fees, fees for preparation of truth-in-lending disclosure statement, fees charged by loan brokers, finders or other third parties, attorney fees, realtor fees, and tax service fees.
The lender’s maximum allowable flat charge is 1% of the loan amount. The lender may pay third parties for services or do as it wishes with the funds from the flat charge, as long as the lender complies with the Real Estate Settlement Procedures Act (RESPA).
Ohio VA closing costs paid by the seller
VA loan closing costs are not covered by the mortgage, however the seller of the home is allowed to pay all of your closing costs for you if it is written into your purchase contract. You will accomplish this with my help, as well as the assistance of your real estate agent. You are, in essence, financing these fees, in doing so your ability to negotiate a low purchase price will siffer a bit The maximum loan amount is determined by the purchase price or appraised value, whichever is less (plus the VA Funding Fee). If you are an Ohio VA borrower wanting your closing costs paid by the seller, I can provide you with a Good Faith Estimate for a particular property that you have an interest.
Negotiating your closing costs to be paid by the seller
VA loan closing costs are not covered by the mortgage, however the seller of the home is allowed to pay all of your closing costs for you if it is written into your purchase contract. You will accomplish this with my help, as well as the assistance of your real estate agent. You are, in essence, financing these fees, in doing so your ability to negotiate a low purchase price will siffer a bit The maximum loan amount is determined by the purchase price or appraised value, whichever is less (plus the VA Funding Fee). If you are an Ohio VA borrower wanting your closing costs paid by the seller, I can provide you with a Good Faith Estimate for a particular property that you have an interest.
The VA funding Fee
The VA funding fee is 2.15% of the loan amount, for first time VA loan users who are making no down payment. The funding fee for second time VA loan borrowers with no down payment is 3.3% of the loan amount. For first time users making a down payment from 5-10% requires a funding fee of 1.5%, and 10% or greater requires a 1.25% fee. With subsequent use zero down requires a 3.3% fee, 5- 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.
For Reserves / National Guard no down payment requires a 2.4% funding fee, up to 5-10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For Reserves/ National Guard subsequent use VA loans with no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.
Cash-out refinance loans for regular military requires a 2.15% fee for first time users and a 3.3% fee for subsequent users. For Reserves / National Guard, the requirement is a 2.4% fee for first time users and a 3.3% fee for subsequent users. On interest rate reduction loans (VAIRRL), the VA funding fee is .50%.
Veterans receiving VA compensation for service-connected disabilities and surviving spouses of veterans who died in service or from service-connected disabilities are exempt from paying funding fees.
Ohio VA refinance loan
Generally, no appraisal or underwriting is required on a VA streamline refinance. By utilizing a VA streamline refinance a veteran can save thousands of dollars and be able to enjoy the savings very quickly.
If you are interested in a VA streamline refinance or have any questions about obtaining a VA loan please contact me.
