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VA and FHA Loan Programs

VA loans and FHA loans are two types of government-secured mortgage loans. FHA loans are secured through the FHA, or Federal Housing Administration, while VA loans are secured through the VA, or Veterans Administration. Both of these loan programs involve lower costs and lower down payments than traditional mortgages, therefore helping place more people into homes. (Source:

FHA Program
• 620 minimum FICO score 620-639 score rate adjustments apply
• 96.5% LTV purchases (only 3.5% down)
• 97.75% LTV rate/term refinances
• 85% LTV cash out refinances
• 29%/43% debt ratios (exceptions up to 50% on the back end ratio with compensating factors)
• No more than 30 day payment on a mortgage in the last 12 months to qualify
• Up to 6% seller concessions (seller can pay the pre-paid's too)
• Down payment can be a gift from a family member (must source the gift)
• Down payment CAN be borrowed (must be a secured loan i.e. car, furniture or savings account loan. Will need the terms and promissory note from the loan and the payments must be included in their debt ratio calculations)
• FHA licensed appraiser required
• Seller must own the property a minimum of 90 days prior to a contract

VA Program
• 620 minimum score
• 100% LTV purchases
• 100% rate/term refinance
• 90% cash out refinance
• 29%/43% debt ratios
• No more than 30 day payment on mortgage in the last 12 months
• Up to 6% in seller concessions
• No seasoning on how long seller has owned the property
• Appraisal - once VA eligibility is established VA will assign an appraiser to appraise the property
• Need DD214 and/or green eligibility form. If no eligibility form, we can obtain using DD214

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