VA Loan

A VA loan is a mortgage loan program offered to eligible veterans, active-duty service members, and surviving spouses by the Department of Veterans Affairs (VA). It provides several benefits that make homeownership more accessible and affordable for those who have served or are currently serving our country.

Whether you're a first-time homebuyer or looking to refinance, a VA loan offers numerous benefits. It provides the opportunity for eligible veterans and military personnel to achieve homeownership with financial advantages that can help save money in the long run.

Here are some key characteristics of conventional loans:

Credit Requirements

VA loans do not have a specific minimum credit score requirement set by the Department of Veterans Affairs (VA). However, most lenders typically look for a credit score of 620 or higher.

Down Payment

It can be as low as 3.5% of the home's purchase price.

Terms and Interest Rates

VA loans typically offer fixed-rate mortgages (FRMs) with terms ranging from 15 to 30 years. With an FRM, the interest rate remains the same throughout the loan term, providing stability for budgeting.

Highlights:

  •  No Mortgage Insurance

  • Flexible Qualification

  • Funding Fee

  • Streamline Refinance

  • VA Appraisal

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