VA ID: 902688-00-00     FHA ID: 2323400005    FHA Case Order Form

LOW RATES, LOW DOWN PAYMENTS AND FLEXIBLE CREDIT OPTIONS

FHA Quick Facts

  • AUS Underwrite
  • Fixed Rate Terms: 15, 25 & 30-Year, ARM: 5/1 
  • Gift Funds Allowed up to 100% of Down Payment & Closing Costs
  • Up to 80% Cash Out
  • No Income Verification Required on Streamlines
  • No Appraisal Required on Streamlines

FHA Requirements

  • Minimum FICO 580
  • Minimum Loan Amount $100K
  • Minimum Down Payment 3.5%
  • Down payment assistance Not Allowed
  • Previously Modified Mortgages May Not Be Permitted

VA Quick Facts

  • Loan Amounts to $1 Million
  • Fixed Rate Terms: 15, 20, 25 & 30-Year, ARM: 5/1 
  • Up to 100% LTV
  • Cash-Out Refinance Up to 100% LTV
  • No Maximum DTI with AUS Approval
  • No Mortgage Insurance

VA Requirements

  • Minimum FICO 600
  • Minimum Loan Amount $100K
  • Paystubs & Bank Statements Required
  • Impound Account Required
  • Owner Occupied Properties Only

VA IRRRL Quick Facts

  • Available on Primary & Second Homes, Condos, Investment Properties
  • No Income Requirements
  • No AUS Findings Required
  • Refinance to Lower Rate, Shorten Term or Convert to a Fixed Loan
  • No Maximum LTV/CLTV and No AVM Required
  • Maximum Loan Term - 10 Additional Years to Original Loan
  • Available Terms: 10, 15, 20, 25, 30-Year

VA IRRRL Requirements

  • Minimum FICO 600
  • VA Case Number
  • Current Payoff, Note or Mortgage Statement
  • Certificate of Eligibility
  • Loan Comparison Statement
  • No Cash-Out
  • Minimum of 6 Payments Must Have Been Made and 210 Days Must Have Elapsed Since the 1st Payment Date on Current Loan
Borrowers with limited credit history or limited cash on-hand often find that government loans offer a great solution. With lower minimum credit score requirements  and higher allowable debt to income ratios, you can qualify more borrowers!  Weslend FHA and VA loans offer the benefit of up to 100% financing, no mortgage insurance requirements, reduced documentation and cash-out options.

If you are working with a veteran borrower who would like to refinance their loan, our VA IRRRL's offer a fast and easy way for borrowers to save money each month with no income requirements. Lock in a lower rate, modify the term or convert an adjustable rate mortgage to a stable fixed-rate program. 

​Regardless of the government loan program you chose, we still provide the same level of service that applies to all our conventional loan programs. You are assigned a single point of contact to keep you in-the-loop throughout the loan process and benefit from the experience that over 20 years of lending provides.  See how lending should be. Contact your Account Executive today to get more details on our government loan programs!
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