Tighter lending but still 100% VA and USDA for Minnesota
I hear that lenders are starting to tighten lending on cash out refi’s.
Conventional and FHA was 85% LTV (loan to value) but now it’s down to only 80%.
VA loans were 100% and now only 90% on the cash it refi. Lenders are becoming more conservative on cash out refi’s
The good news is that they are still doing 100% loans for VA and USDA for those who I am talking to in Minnesota that want to buy a home and get pre-approved
Here are details on the VA program:
100% VA Finance 500+ Score Program
<500 score possible with a good reason
Such as medical bills, health, divorce
(Allow extra time if 60+ day lates in last 12 months) Have DD214 form?
Here are the details for USDA program:
100% USDA program that only requires a 550+ credit score,
but it WILL require having NO collections or for you to PAY off your past collections to get approved
(Excluding medical collections).
The USDA program is for living just outside the Twin Cities like:
Buffalo, Big Lake, Monticello, Zimmerman, Delano, Isanti, Cambridge, North Branch, Lidstrom, Annandale, Stacy, North of East Bethel, West of Mound, South of Lakeville.
So 100% is pretty great when you are talking about less money upfront then even rent and a deposit.
The process starts after you like the Facebook page and message me with questions on either of the programs. This is a great way to save your money and keep it in your pocket for a rainy day.
3 veterans reached out on the last 48 hours from one traffic source and wanted to know how it works. One or two were disabled with additional income, one asked specifically how the program works.
Generally people like yourself want to buy vs. Rent and want to know if it’s a good fit and can close soon.
Getting pre approved in a week or two is common, look for homes within a week or two usually.
When you reach out the conversation starts where they will look for paperwork to prove on-time payments such as rent, utility bills etc for the past 12 months. You would show that you have some money in savings or your checkbook.
They would later ask for COE certificate of employment or VA entitlement letter which you may be able to get online.
We have had Veterans close with 475 credit scores, we’ve had veterans that make over 6 figures but still make disabled vet income. Each situation is different. Message me for more information when you are thinking of buying.
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