Thank you for your inquiry.
In 2018, more than 610,000 VA loans
were given through the VA
Home Loan Guaranty benefit.
If you are a Veteran you may be eligible
for a broad range of programs and services provided by the Department of Veterans Affairs (VA).
How Does a VA Loan Work?
- A VA home loan is a mortgage that is guaranteed by the U.S. Department of Veterans Affairs
- They are issued by private lenders that are approved by the VA
- The VA does not offer loans, we do
- The VA will guarantee your loan
- VA loans do not require a down-payment
- You can finance 100% of the price of the home
- Military service persons and their spouses may be eligible
- Mortgage insurance premiums (PMI) is not required
- VA funding fee of 2.15% for first-time buyers or 3.3% for repeat buyers is needed
Who is Eligible?
Basic VA Service Eligibility Requirements:
Basic VA Service Eligibility Requirements:
- 90 days of consecutive active duty service
- More than 180 days of active duty service during peacetime
- 6 or more years in the National Guard or Reserves
- Active-duty Military
- Cadets of the U.S. Military, Coast Guard Academy, or Air Force
- U.S. Naval Academy Midshipmen
- Atmospheric and National Oceanic Administration officers
- U.S. Public Health Service officers
VA Credit Score Requirements
- VA home loans technically don’t have a minimum credit score
- The Department of Veterans Affairs may guarantee a mortgage loan regardless of your FICO scores
- We may be able to approve credit scores of 580 and higher
- We will look at more than just your FICO score
- We will take into account your entire credit history
- FHA loans are also available for those with lower credit scores
- If you have a credit score below 580 we will help you improve your credit score before applying
- If you have at least a 10% down payment you may qualify for an FHA loan with a credit score as low as 500
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