VA Loans
We are committed to helping military families across the country.
Guaranteed by the Department of Veteran Affairs, VA loans provide affordable home financing options for eligible Service Members, Veterans, and surviving spouses. These loans give veterans with multiple types of credit and income situations a chance to purchase a home with incredible benefits such as; no down payment, loan limit of up to $5 million, and no mortgage insurance requirement.
VA loans may need more time and care than other types of home loans due to a longer application process and stricter appraisal standards, but the homeownership opportunities they present makes them well worth the wait.
General Guidelines:
- Gift for down payment and closing costs allowed
- 6 months PITI reserves are required for a 2-4-unit property being purchased and occupied by the Veteran
- VA Funding Fee is included in the loan amount – Disabled Veterans may be exempt
- Seller can contribute towards Veteran’s Closing Costs
- Great first time and move up buyer program
- Eligible property types include single-family attached/detached, VA approved condominiums, 2-4 unit properties, Leaseholds with proof of prior VA Approval, Accessory Dwelling Units, Modular and Manufactured Homes.
Mortgage Insurance:
- None required
*A down payment is required if the borrower does not have full VA entitlement or when= the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits. CMG Home Loans is not affiliated with any government agencies. These materials are not from the VA, and were not approved by the VA or any other government agency.
