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Clarksville & Nashville TN Standard VA Purchase Loans

Nashville Home Lender Offering Clarksville And Nashville TN Standard VA Purchase Loans!

Ready to buy your home?

*Approximately 3 -5 Minutes to Complete the Form.

Ready to buy your home?

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*Approximately 3 -5 Minutes to Complete the Form.

What Is A Standard VA Purchase Loan? Is It Right for You?

LEARN FROM A LEADING MORTGAGE LENDER OFFERING CLARKSVILLE & NASHVILLE TN STANDARD VA PURCHASE LOANS

Welcome to Nashville Home Lender! We are leading Clarksville & Nashville TN Veterans Administration (VA) Mortgage Lenders, and for good reason. We have helped many families and individuals in Tennessee cities like Nashville, Clarksville, Madison, Murfreesboro, Jackson, and Smyrna achieve their dream of home ownership through conventional mortgage home loans serviced through the HomeTown Lenders, Inc Clarksville, TN Branch. We also offer Veterans Administration (VA) home loans and mortgages to residents of the following states: Tennessee, Kentucky, Texas and Colorado.

The VA Home Purchase Program was developed to assist veterans who have served or who are currently serving in the armed forces to purchase homes. VA home loans are an outstanding benefit to the men and women who have served our great nation. Veterans that qualify can purchase a home with no money down, which makes buying a home extremely affordable. In addition, VA loans also offers very flexible underwriting guidelines, no monthly mortgage insurance and very competitive financing options.

Contact our Mortgage Loan Officers to get prequalified and start your VA loan process today. 

Why is the VA Purchase So Great?

The VA Home Purchase Program is one of the most attractive purchase loans due to its low cost as well as flexible underwriting process that allows for compensating factors. For example a high credit score, low debt to income ratio, or even assets can help offset negative factors on your application. A VA lender may even consider other types of payment history like rent or utilities when making a decision on an approval. This common sense type of manual underwriting can make the difference when it comes time to get approved for your VA loan. In addition to this by not having a down payment requirement it will save the veteran literally thousands at closing.

What Are the Advantages
Of A VA Purchase?

  • No down payment
  • No mortgage insurance
  • Credit scores down to 600
  • No prepayment penalty ever
  • Up to 50% debt to income ratio
  • A VA loan may also be assumable
  • Allows for 4% seller paid closing costs

What are The Requirements For A VA Purchase

  • Primary residence only
  • Minimum credit score 500
  • 2 year work history

What About The VA Funding Fee?

The VA funding fee is collected by lenders at closing and is financed into the loan which helps offset the cost to fund the VA program. It’s a requirement on all VA loans except when the veteran has had a service related disability in which case they can be exempt from paying this fee.

  • The funding fee for first time use is 2.15% for a veteran of active duty and 2.4% for National Guard or Reservist
  • For second or subsequent use the funding fee is 3.3% for a veteran of active duty and 3.3% for National Guard or Reservist

Frequently Asked VA Purchase Questions:

  • Copy of driver’s license
  • Copy of social security card
  • Two most recent pay stubs
  • Two years of W2′s or tax returns
  • Copy of your DD Form 214 for discharged veterans
  • Statement of service for active military personnel
  • Copy of your Certificate of Eligibility (COE)
  • Contact information for insurance agent

The $36,000 does not represent the maximum loan amount you can obtain through the VA Home Loan Program. The figure merely provides evidence to your lender that you have full VA entitlement. With this entitlement and underwriter approval, you can obtain a loan in an amount up to $417,000 or more; some high cost counties have even higher limits.

The DD Form 214 is proof of your military service and issued upon a military service member’s retirement, separation or discharge from active-duty military.

This is the document issued by the federal government certifying a veteran’s eligibility for a VA mortgage.

Ask you lender to obtain your COE on your behalf using the ACE (automated certificate of eligibility) system.

  • Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use.

The VA Home Loan program guarantees loans for real property that is to be used by the veteran as a primary residence. The program does not cover vacation homes, vacant land, multiplexes in excess of four units, motor homes, small business loans, or commercial buildings.

Yes, a new VA loan with require a new appraisal that will be ordered directly through the VA so an independent appraiser can complete the appraisal.

In order for entitlement to be restored, the prior VA loan must be paid in full and the property disposed of. If you no longer own the property, please state as such on your application form 26-1880 and resubmit. Do note that you can obtain a restoration of entitlement without disposing of the property when the loan is paid in full on a one time basis.

HomeTown Lenders Offers VA Home Loans Down to a 580 Credit Score

FHA LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

Jumbo
Loans

Down to a 620 Credit Score

VA HOME LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

FHA
203K Loans

Down to a 620 Credit Score

USDA LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

FHA/VA/USDA
Conventional

Manufactured Home
Loans Available

CONVENTIONAL

Down to a 620 Credit Score

Down Payment
Assistance

Need A Little Help?
There May Be Assistance!

how much Will My Payments Be?

Mortgage Calculator

$

5%

1%

4%

$

$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly Insurance $1421

By sending this form to your email you are agreeing to allow us to contact you by email to follow up with you. Call us today to see what programs you may qualify for and today’s interest rates

Nashville Home Lender Helping You Achieve Your Dreams

Contact Us today to get started on your Clarksville or Nashville TN VA Standard Purchase Loans

We pride ourselves in making your home financing experience as easy and affordable as possible. Our service is second to none.
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FHA, VA, USDA Loans SPECIAL RESTRICTIONS

Special restrictions and guidelines for bad or poor credit.

All loans FHA, VA, USDA:

  1. FHA –  Minimum loan amount 200K
  2. Alternant trade lines ( utility bill, child care, insurance etc) 12 month history no late payments
  3. BK 7 Discharge over 2 years.  BK CH 13 3 years from file date
  4. Foreclosures over 3 years  
  5. Verifiable Rental history 12 months no lates (Cancel checks, money orders or by management company)
  6. 3 Months of reserves ( 3 months payments in reserves . example in bank, 401k etc)
  7. No excessive late payments in the past 12 months
  8. No Mortgage lates

On FHA with Credit scores less than 580

  • 90% LTV(Loan to Value) with 10% Down payment .

On VA with Credit scores less than 580  

  • 3.  100% LTV(Loan to Value) NO Down Payment

 On USDA with Credit scores  of 580-619

  • 100% LTV(Loan to Value) NO Down Payment

Guidelines