VA Loans

VA loans are only available to veterans, active members of the military, National Guard, or Reserves, or unmarried surviving spouses of members of the military. Because they are subsidized by the US government, they are the cheapest loans available.
Here are some of the reasons why you should always get a VA loan if you qualify for one:
  • There is no down payment requirement, meaning you can get 100% financing.
  • There is no mortgage insurance requirement, even if you put no money down.
  • Interest rates are lower than they are for other types of loans.
  • You are not limited to one VA loan in your lifetime.
  • VA loans have the shortest waiting periods after bankruptcies, foreclosures, and short sales.

Mortgage Insurance

VA loans never require mortgage insurance, even if you put no money down.

Borrower Eligibility

VA loans are available to the following people:

•Veterans who served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard and have met the service requirements
•Members of the Reserves and National Guard who have met the service requirements
•Active Duty
•The unmarried surviving spouse of a veteran who died as a result of service or service-connected causes
•The spouse of an active duty member who is listed as Missing in Action or a prisoner of war for at least 90 days

Credit Requirements

We require a minimum credit score of 580 to get an VA loan.  If your score is above 620, interest rates are lower, and it is much easier to get approved.
If you have had a bankruptcy, you need to wait 2 years from the discharge date to get an VA loan.
If you have had a foreclosure, you need to wait 3 years from the recording date of the Public Trustee’s Deed.
VA does not require you to pay off collection accounts, but if the total amount in collections is excessive (over $2,000), you may have to pay some of them off.

Funding Fee

VA loans have a funding fee, which is a fee that VA charges to help pay for the VA loan program.

The funding fee varies between 1.25% and 3.33% of the loan amount.

The borrower may be exempt from the funding fee if they are receiving VA disability payments.

The funding fee can be included in the loan amount.

Download our full guide to VA loans here!

Please do not hesitate to contact us regarding your home loan needs.
Our goal is to turn a confusing process into a quick, easy, and enjoyable experience.

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