What is a VA Home Loan?
VA Home Loans are a type of mortgage for eligible veterans, and is guaranteed by the U.S. Department of Veterans Affairs (VA). VA mortgages have some of the lowest rates on the market, and offer ample benefits for eligible veterans and spouses who wish to buy a home.
What are the credit score requirements for VA Mortgages?
Technically VA Home Loans do not have a minimum credit score requirement. Most VA lenders, however, do have a minimum score requirement. Generally, the minimum score is a 620, however, there are lenders that will offer VA loans for lower scores.
What are the down payment requirements for a VA Home Loan?
VA home loans require no down payment. Although, a down payment may be beneficial, as the VA Funding Fee (see the next section) is based on the down payment among other things.
Do VA Home Loans require mortgage insurance?
VA mortgage do not require monthly mortgage insurance.
VA home loans do require a VA Funding Fee. This fee is usually financed in your loan. It will vary depending on the type of veteran (Regular Military or Reserves/National Guard), down payment amount (None, 5-10%, or 10% or more), and whether it is your first time using your VA benefits.
Can I get a VA Home Loan after a bankruptcy or a foreclosure?
Yes you can qualify for a VA mortgage after a bankruptcy or a foreclosure. The following waiting period must be met:
Chapter 7 – 2 years, measured from the date of discharge.
Chapter 13 – 12 months, measured from the first payment under the bankruptcy.
Foreclosure – 2 years, measured from the date the property transferred out of your name.
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