Ohio VA-Veterans Mortgage Home Loans
An Ohio VA (Veterans Administration) is another Federal Government sponsored home loan program, similar to FHA, specifically for United States Veterans.
Due to the numerous guidelines of an Ohio VA mortgage, below you will find the most common basics of an Ohio VA mortgage that will apply to most.
You can scroll down and read the whole page OR using the quick links below, you can jump to the Ohio VA section of this page that is of interest to you!
What is Ohio VA
Where to get an Ohio VA mortgage
Ohio VA Eligibility
Ohio VA rates
Ohio VA credit requirements
Ohio VA loan limits
Ohio VA home purchase
Ohio VA refinance
Ohio VA Streamline refinance
Ohio VA Quick Info Checklist
What is Ohio VA mortgage?
The Ohio VA mortgage program is for qualified United States Veterans who wish to buy a home in Ohio.
An Ohio VA mortgage requires no down payment and no mortgage insurance either!
Where do I get an Ohio VA Mortgage?
Although an Ohio VA is a federally sponsored mortgage program, you DO NOT get your mortgage from the Veterans Administration.
You get an Ohio VA mortgage from quialified lenders like us!
Ohio VA Eligibility:
Owner-occupied, 1-4 unit residential. Some condos OK if they have been Ohio VA approved. We can find that out for you.
Veterans with proof of their DD214 (if you can't find your DD214, we can help you obtain a new one)
Ohio VA Mortgage Rates:
Similar to FHA mortgage rates, Ohio VA mortgage rates are among the lowest around!
Ohio VA Credit Requirements:
Ohio VA loans have some of the most flexible credit requirements around! In fact, no credit at all can be accepted! Past bankruptcies can be accepted! Past foreclosures can be accepted! No minimum credit score!
Good credit is acceptable too: Just because Ohio VA can help credit challenged borrowers, doesn't mean that Ohio VA doesn't serve good credit borrowers. In fact, the better your credit, the quicker you can become approved!
No credit: If you have no credit at all, you can be approved with non-traditional credit. Typically, this would be a monthly obligation you have, that is in your name and that can be proved that you pay these obligations on time for at least the past 12 months.
Some examples would be: Rent, utilities, insurance, and cell phone. Typically, acceptable proof would be cancelled checks, money orders, or statement printouts. IMPORTANT NOTE: If you have a private landlord (non-management company), you need to be paying your rent with checks or money order for acceptable proof of payment. DO NOT pay with cash, as there is no "paper trail" with cash.
Past Bankruptcies / Past Foreclosures: Currently with Ohio VA, your past bankruptcy needs to be at least 2 years old in order to be considered for an Ohio VA mortgage, that's 2 years from your discharge date. Also, since your bankruptcy discharge, you will need to have been "credit clean" since then. In other words, no new negative remarks on your credit report.
Currently with Ohio VA, any foreclosure you've had in the past needs to be at least 3 years old in order to be considered for an Ohio VA mortgage.
Typically, with traditional mortgages, you would have to wait 4-10 years to be considered. You can see the flexibility of Ohio VA!
Less-than-perfect credit: Although Ohio VA has no minimum credit score; they do have restrictions to this rule. The basics are: You can only have had one late payment in the past 12 months. No open judgments or collections, however, most medical collections can be overlooked or worked with!
Ohio VA Loan Limits:
Ohio VA does have a maximum loan amount of $417,000.
NOTE: A Veteran may purchase a house above the Ohio VA Loan Limit, however, any amount above this $417,000 limit, will have to come out of the Veterans own money.
Ohio VA Purchase Program:
Zero down payment!
You DO NOT have to be a first time homebuyer to use VA. However, you can only have one VA mortgage at a time. In other words, if you're buying another house and your current house has a VA mortgage, you must payoff that VA mortgage before you get another...this is typically done when you sell the house.
Ohio VA Refinance Program:
An Ohio VA refinance can be used for both types of refinances, lower your interest rate and cash out, or both!
If you are only interested in lowering your interest rate, without taking cash out, you can finance up to 100% of your home's value.
If you are interested in taking cash out of your home's equity, an Ohio VA refinance will allow you to finance up to 90% of your home's value.
Ohio VA Streamline Refinance Program:
This is for those who currently have an Ohio VA mortgage and would like to refinance into a lower interest rate to lower their monthly payment, without taking any cash out. Basically, if you are in good standings with your current Ohio VA mortgage and just looking to lower your payment, an Ohio VA Streamline Refinance is for you.
Ohio VA-Veterans Quick Info Checklist:
- Purchase, refinance and debt consolidation programs available
- Zero down payment when buying your home
- No PMI or any other mortgage insurances required
- Statewide, $417,000 loan limit
- Flexible credit requirements
- Streamline refinance option
Apply for an Ohio Mortgage Now! Social Security# Not Required!
