VA mortgages are ideal for Servicemembers, Veterans, and eligible surviving spouses. A Ohio VA Purchase Mortgage requires no down payment, a Ohio VA Cash-Out Refinance requires 10% equity, and a VA Streamline Refinance (Interest Rate Reduction Refinance Loan (IRRRL) generally requires no equity, depending on the lender.
Dayton Ohio VA Overview
As part of the Department of Veterans Affairs mission, they provide a home loan guaranty benefit to help eligible participants purchase and refinance a property. VA mortgages are provided by private lenders, and VA guarantees a portion of the loan, enabling you to receive more favorable terms.
Ohio VA Eligibility
Dayton Ohio VA mortgages are not credit score driven, however most lenders have implemented stricter credit score requirements. Currently most lenders require a 640 middle credit score to obtain an VA Mortgage in Ohio.
Ohio VA Credit History
VA, generally looks at the most recent 12 months of credit history to determine eligibility. A clean credit history over the past 12 months should make you an ideal VA mortgage applicant.
Ohio FHA Collections and Judgments
VA does not currently require that collection accounts be paid off as a condition of mortgage approval. However, court ordered judgments must be paid off before a mortgage is eligible for VA.
Ohio VA Past Bankruptcy Waiting Period
A Chapter 7 Bankruptcy that was discharged more than 2 years ago can be disregarded.
If the Chapter 7 Bankruptcy was discharged within the last 1-2 years there are some situations that you may be eligible for a VA mortgage.
A Chapter 13 Bankruptcy that has had all payments made on time over the last 12 months may be eligible for a VA mortgage.
Ohio VA Past Foreclosure Waiting Period
A previous foreclosure or deed-in-lieu of foreclosure must have been discharged more than 2 years ago to be eligible for a VA mortgage, and you must have your full VA entitlement available.
Ohio VA Past Short-Sale Waiting Period
A previous Short-Sale or Pre-foreclosure sale that was completed more than 2 years ago and no more than one 30 day late on a mortgage in the last 12 months may be eligible for a VA mortgage
Dayton Ohio VA Loan Limits
The Dayton Ohio VA loan limit is $417,000
Dayton Ohio VA Purchase Mortgage
The minimum down payment for a VA mortgage is ZERO, the biggest benefit of a Ohio VA mortgage. Another huge benefit of a VA mortgage is that there is no monthly mortgage insurance.
Dayton Ohio VA Cash-Out Refinance Mortgage
If you do not currently have a VA mortgage, but are eligible for one, you can refinance into a VA mortgage with the Ohio VA Cash-Out refinance. The maximum financing for this type of loan is 90%.
Dayton Ohio VA Streamline Refinance (IRRRL)
The Ohio VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance your existing VA mortgage into a new VA mortgage with a lower interest rate, or from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage.