At Access Capital Group, our VA loan qualifying credit score is 500.  VA does not have a minimum credit score requirement. When a lender requires a minimum credit score it is generally a 620, that is called a lender overlay. An overlay is a lender’s own underwriting guidelines above and beyond the VA guidelines. Access…

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There are two ways to underwrite your VA loan.  Automated Approval and Manual Underwriting. The easiest and most common is an Automated Approval.  Your VA loan will be underwritten through Fannie Mae (DU) and Freddie Mac (LP) AUS (automated underwriting system).   Depending on the findings from DU or LP will determine if you have an…

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2023 Loan Limits for FHA Mortgages Edit FHA – Closed on or after Jan 1st 2023: For calendar year 2023, the Department of Housing and Urban Development (HUD) announced the following maximum first mortgage loan limits that will apply to FHA loans with case numbers assigned on and after January 1, 2022 through December 31,…

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Conventional – Loans closed on or after Jan 1st 2023: The Federal Housing Finance Agency (FHFA) has issued the following maximum first mortgage loan limits that will apply to conventional loans for acquisition by Fannie Mae / Freddie Mac with a note date on and after January 1, 2023. 2023 Conventional Loan Limits Units Conforming…

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Started in 2020 VA will no longer require a down payment on a house because the value is higher than the conforming loan limit. Zero Down VA loans NO loan limit Jan 1st 2020. Jan 1st 2023 conforming loan limit is $726,200. You buy a house for $1,200,000+ with your VA eligibility and it is…

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We pre approve loans to the VA Underwriting Guidelines. We do not need an Automated Approval to close your VA Loan. If your score is under 640 you may need to do a VA Manual Underwritten Loan. Most lenders want a 640 score so they can receive either Approve/Eligible (Fannie Mae) or Accept (Freddie Mac)…

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FHA generally requires a 3.5% down payment or a 96.5% LTV (Loan to Value) and up to 100% CLTV or (Combined Loan To Value). The 100% CLTV can be a DPA (Down Payment Assistance). DPA Amount: Up to 3.5% of the Sales Price or Appraised Value (lesser of). Proceeds may be used for down payment…

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Conventional —  Loans closed on or after Jan 1st 2020! Effective immediately, Access Capital Group, Inc. will begin supporting the increased conforming loan limits that Fannie Mae and Freddie Mac announced on Tuesday November 26th. Maximum Loan Amount for 2020 One-Unit: $510,400 Two-unit: $653,550 Three-unit: $789,950 Four-unit: $981,700 Maximum Loan Amount for High-Cost Areas for…

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FHA Loans  —  Closed on or after Jan 1st 2020 FHA announced December 3, 2019 in Mortgagee Letter 2019-59 that the low-cost and high-cost county limits have increased effective with case numbers assigned on or after January 1, 2020. Loan limits are county specific. The low-cost areas mortgage limits have increased to: One-Unit: $331,760 Two-unit:…

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Starting in 2020 VA will no longer require a down payment on loans greater than the conforming loan limit.  Zero Down VA loans NO upper loan limit starting Jan 1st, 2020. Currently, zero down VA loan limits are the same as those set by the Federal Housing Finance Agency on conforming loans. The limit in…

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