Monday, September 6, 2010

Maximum Income restrictions for VA Loans

No Maximum Income restrictions for VA Loans

There are no maximum income restrictions or limitations for VA Loans. We felt it was important to discuss this briefly since many people think VA Loans are just for Low Income buyers, or First Time Home Buyers. Nothing could be further from the truth, our Veterans and Active Duty Service Personnel deserve quality housing and affordable financing options. The VA Loan Benefit serves that need.

VA Loans do not have a maximum income restriction. As well, you do not have to be a First Time Home Buyer to qualify for a VA Loan. VA Loans were created to assist our Veterans with affordable home financing options to purchase a home with a lower down payment than conventional or conforming alternatives, and to have affordable refinance options.

Since the VA's mission is to create affordable home loan options for American Vets, it does allow some things that Conventional loans do not at this time.

  • VA Loans require no down payment
  • Down Payment can be from your own funds or gift funds from immediate family
  • VA Loans allow credit scores as low as 620
  • VA Loans have competitive 30 year fixed rates and low 5yr fixed rates are available too
  • VA Refinance loans allow you to consolidate a first and second mortgage
  • You can use your VA Loan benefit more than once, the new loan limits and entitlement amounts make this more affordable than ever.
  • VA Jumbo loans offer 100% financing options up to $962K in most of the Bay Area

Go with the Government Loan Pros, go with VanDyk. Call Brian Skaar at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans. We serve the following areas for VA, FHA and Conventional loans:California,Southern California, Los Angeles, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Brea, Diamond, Long beach, Huntington beach, Irvine, Costa Mesa, Hollywood, North Hollywood, San Mateo, ventura, Riverside, Oakland, Fremont, Sunnyvale, Santa maria, Oceanside, Vista, Escondido, Los Angeles, Rancho Bernardo, Poway, San Marcos, Carmel, Monterey, Santa Barbara, Santa Cruz, and all areas in between. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types.

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