Government Loans

VA ID: 902688-00-00 FHA ID: 2323400005 FHA Case Order Form

LOW RATES, LOW DOWN PAYMENTS AND FLEXIBLE CREDIT OPTIONS

FHA Quick Facts

AUS & Manual Underwriting
Fixed Rate Terms: 15, 25 & 30-Year, ARM: 5/1
Gift Funds Allowed up to 100% of Down Payment & Closing Costs
Up to 80% Cash Out
No Income Verification Required on Streamlines
No Appraisal Required on Streamlines

FHA Requirements

Minimum FICO 580
Minimum Loan Amount $100K
Minimum Down Payment 3.5%
Down payment assistance Not Allowed
Previously Modified Mortgages May Not Be Permitted

VA Quick Facts

Loan Amounts to $1 Million
Fixed Rate Terms: 15, 20, 25 & 30-Year, ARM: 5/1
Up to 100% LTV
Cash-Out Refinance Up to 100% LTV
No Maximum DTI with AUS Approval
No Mortgage Insurance

VA Requirements

Minimum FICO 600
Minimum Loan Amount $100K
Paystubs & Bank Statements Required
Impound Account Required
Owner Occupied Properties Only

VA IRRRL Quick Facts

Available on Primary & Second Homes, Condos, Investment Properties
No Income Requirements
No AUS Findings Required
Refinance to Lower Rate, Shorten Term or Convert to a Fixed Loan
No Maximum LTV/CLTV and No AVM Required
Maximum Loan Term - 10 Additional Years to Original Loan
Available Terms: 10, 15, 20, 25, 30-Year

VA IRRRL Requirements

Minimum FICO 600
VA Case Number
Current Payoff, Note or Mortgage Statement
Certificate of Eligibility
Loan Comparison Statement
No Cash-Out
Minimum of 6 Payments Must Have Been Made and 210 Days Must Have Elapsed Since the 1st Payment Date on Current Loan

Borrowers with limited credit history or limited cash on-hand often find that government loans offer a great solution. With lower minimum credit score requirements and higher allowable debt to income ratios, you can qualify more borrowers! Weslend FHA and VA loans offer the benefit of up to 100% financing, no mortgage insurance requirements, reduced documentation and cash-out options.

If you are working with a veteran borrower who would like to refinance their loan, our VA IRRRL's offer a fast and easy way for borrowers to save money each month with no income requirements. Lock in a lower rate, modify the term or convert an adjustable rate mortgage to a stable fixed-rate program.

Regardless of the government loan program you chose, we still provide the same level of service that applies to all our conventional loan programs. You are assigned a single point of contact to keep you in-the-loop throughout the loan process and benefit from the experience that over 20 years of lending provides. See how lending should be. Contact your Account Executive today to get more details on our government loan programs!

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