Benefit news, VA loan tips and personal finance help from the Nation's #1 VA lender
A VA Loan is a mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs. Here we look at how VA loans work and what most borrowers don’t know about the program.
Most lenders are guided by credit score minimums. For VA home loans, VA lenders look for a score of 620 or higher, but potential VA borrowers with low credit may still be able to obtain a VA loan. Check out this list of credit score requirements for VA loans, FHA loans, USDA loans and conventional loans.
Veterans with a disability that developed or worsened while serving in the military, or due to military service, may be eligible for Service-Connected disability pay.
An earnest money deposit is a deposit of good faith on a home loan from a buyer to a seller. Including an earnest money deposit with your offer is a part of the VA home loan process and serves to protect VA buyers and sellers in a real estate transaction. Learn how earnest money might help you obtain the home you want.
Most states offer disabled veterans a property tax exemption, which can save veterans thousands each year depending on state and disability percentage.
Second-tier entitlement allows qualified VA borrowers to purchase again despite default or foreclosure. It even lets veteran homeowners have two VA loans at the same time. First, VA lenders have to determine how much entitlement you have left. Find out more about entitlement and your VA loan eligibility.
Your VA disability rating by itself has no negative affect on VA loan eligibility. In fact, your rating may provide cost-saving benefits and additional income when considering a VA loan, even if you have bad credit.
Some lenders will finance a Joint VA Loan on which you can have a non-veteran or non-spouse co-borrower. Borrowing or refinancing with a civilian, partner or friend affects your down payment, entitlement and more. We’ll take you through VA loan co-borrowing scenarios to give you a better grasp of the pros and cons.