HomeBridge is pleased to announce enhancements to the VA and VA IRRRL programs.
VA Program
• Minimum credit score is now 600 on purchase transaction and cash-out transactions with an LTV of ≤ 90% (previously 640)
• Cash-out is now eligible to 100% LTV with a credit score of 680. Cash-out at 100% LTV is for payoff of mortgage(s) only; maximum cash back to borrower is $500.00. Maximum base loan amount $417,000 (Alaska/Hawaii $625,500 or $750,000 in Honolulu county, HI).
• The maximum loan amount for the state of Hawaii only is increased to $1,500,000. All other states the maximum loan amount continues to be $1,000,000.
• Maximum DTI is 50% with a ≥ 640 credit score.
• Down payment assistance (DPA)/grants are now eligible subject to VA guidelines. DPA/grant programs must be currently approved by HomeBridge. A list of approved programs has been posted on the HomeBridge website under “Working with HomeBridge
