Backed by the Department of Veterans Affairs, a VA loan can be a very attractive option for active duty service members, veterans, and surviving spouses. VA loans may be used to buy or build a house, make improvements to a home, refinance an existing loan, and more.

Backed by the Department of Veterans Affairs, a VA loan can be a very attractive option for active duty service members, veterans, and surviving spouses. VA loans may be used to buy or build a house, make improvements to a home, refinance an existing loan, and more.

Requirements

Certificate of Eligibility

Buyers must present a Certificate of Eligibility to their lenders to qualify for a VA loan. To receive a Certificate, you or your spouse must have served a specific amount of time in the military or National Guard and have been release with an other than dishonorable discharge. To see a full list of specific requirements, please visit the VA site.

Requirements

Certificate of Eligibility

Buyers must present a Certificate of Eligibility to their lenders to qualify for a VA loan. To receive a Certificate, you or your spouse must have served a specific amount of time in the military or National Guard and have been release with an other than dishonorable discharge. To see a full list of specific requirements, please visit the VA site.

Credit and Down Payment

Credit requirements are set by each individual lender, but a score of 620 is a typical lower limit. As always, a higher credit score can help you get a lower interest rate, making your monthly payments more affordable.

VA loans do not require any down payment, however, you will need to pay a one time funding fee which may be paid up front or rolled into the value of your mortgage. Your funding fee may be as low as 1.25% or as high as 3.3%, depending on your circumstances, and some eligible veterans can even have their funding fee waived entirely.

Credit and Down Payment

Credit requirements are set by each individual lender, but a score of 620 is a typical lower limit. As always, a higher credit score can help you get a lower interest rate, making your monthly payments more affordable.

VA loans do not require any down payment, however, you will need to pay a one time funding fee which may be paid up front or rolled into the value of your mortgage. Your funding fee may be as low as 1.25% or as high as 3.3%, depending on your circumstances, and some eligible veterans can even have their funding fee waived entirely.

Is a VA Loan Right for Me?

If you meet the requirements for a VA loan, you probably won’t get a better deal with another mortgage option. Get in touch with us or get pre-qualified today and we’ll help get the process started!