Q: What is the main Benefit of the VA Loan?
A: The VA Loan allows you to finance 100% of the purchase price of the home. These days, 100% financing outside of the VA Loan program is next to impossible.
Q: What are other Benefits of the VA Loan?
A: The VA Loan program allows you to negotiate your closing costs to be paid by the seller. This allows you to close for little to no money out-of-the-pocket. VA Loans are also government-backed, meaning they offer lower rates and fees compared to other loan programs. Current VA homeowners also have the option to Streamline Refinance (VA IRRRL) at current market rates, lowering payments and freeing up extra monthly cash flow.
Q: Am I eligible for a VA Loan?
A: If you are serving in the military or have been honorably discharged, you have most likely earned the right to use the VA Loan. Active duty members need 90 days during wartime or 180 days during peacetime. Reservists must complete their 6-year commitment to be eligible for VA Loan Benefits.
Q: How do I qualify for a VA Loan?
A: Once you know you are Eligible for the VA Loan, the next step is to Pre-Qualify. Pre-Qualification is a look at your credit and income and determines your purchase power. Contact a trusted VA Approved Lender to get started today.
Q: What Credit Score do I need to qualify for a VA Loan?
A: Typically, a credit score of 620 is required in order to obtain VA financing. That's not to say that everyone with a 620 score will qualify, as the Debt to Income Ratio also plays a part.
I personally recommend Jeff Parrett from Veterans United. He is very sufficient and professional.
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