Designed to offer financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
Highlights
- 100% financing so no down payment is required.
- Conventional loans typically require 3 to 20% down which can be a major hurdle for veterans buying a home.
- No private mortgage insurance, just an upfront VA funding fee (which maybe waived for some veterans).
- Another advantage of a VA loan is that you can use it more than once, as long as the home is paid off.
How it Works
- 580 credit score
- Certificate of eligibility that proofs you served the minimum amount of time required to utilize this program.
- Buy a home with as little as 0% down (primary home)
- Your actual payment will vary based on your situation and the current interest rates when you apply.
Requirements
- Two Years of steady employment, preferably with same employer or other forms income maybe acceptable
- DD214
- Bankruptcies must be at least two years old.
- Foreclosures must be at least two years old.