We Want YOU…to Have VA Home Loan Benefits
VA loans are one of the most powerful mortgage options on the market for Veterans, active military and surviving spouses. The power behind the VA loan comes from a handful of significant financial benefits not typically found in other mortgage types. This historic benefit program has helped millions of Veterans, service members and military families achieve the dream of homeownership. As a result, these government-backed loans are arguably one of the best mortgage products on the market today.
- No Down Payment – This is far and away the program’s signature benefit. Qualified VA Loan borrowers can purchase up to a county’s conforming loan limit without a down payment. Those limits can change every year and are higher in more expensive areas. The ability to purchase with no down payment means military homebuyers don’t have to scrape and stockpile for years and years to pursue a home of their own.
- Looser Credit Requirements – Credit score requirements have started to thaw, but that hasn’t made life significantly easier for many military buyers. The credit benchmarks set by both conventional and FHA lenders can still be tough to hit. Most VA lenders are looking for a credit score of at least 620. The 620 benchmark is in FICO’s “Fair” credit score range, which is a tier below “Good” and two below “Excellent.” Contrary to misconception, VA buyers don’t need anything near perfect credit to secure financing.
- Foreclosure and Bankruptcy – These financial setbacks don’t automatically put an end to your VA loan chances. It’s possible to secure a VA home loan just two years removed from a foreclosure, short sale or bankruptcy. In some cases, veterans who file for Chapter 13 bankruptcy protection can be eligible just a year removed from the filing date. Read more about getting a VA Loan after foreclosure. Veterans who lose a VA-backed mortgage to foreclosure can still be eligible for another.
We proudly offer mortgage products from the U.S. Department of Veterans Affairs (VA). These safe, flexible products with favorable loan terms are available to veterans and active duty personnel.
