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VA guidelines also allow veterans to get a loan only one or two years after a bankruptcy or foreclosure
VA loans do not require a certain credit score to get a loan. Lenders do have their own standards, but it varies by lender. Usually, you will want to have a 620 or higher credit score, but the VA guidelines allow military vets to be approved for a VA house loan with no minimum credit score requirement. There are lenders that will take a lower FICO score, but you will be charged a higher interest rate. In terms of underwriting, you will need to show you have the income to repay the loan and your debt should not be excessive. However, VA requirements for credit are usually more flexible than for those who get a regular loan. Note that the current limit for VA loan in most areas of the US is $417,000.
If you are struggling to make your house payment, the VA offers options to help. The VA can enter negotiations with the lender on your behalf. While you will need to pay back the loan, the VA can negotiate a more flexible repayment plan, a loan modification or options other than foreclosure.
Getting a VA loan is a fantastic benefit if you are a military member or a veteran. This great, flexible program offers the opportunity for home ownership to millions of Americans who have faithfully served the country.
To get the best deal, you should try to put down some amount of down payment and try to keep your debt load under control. Pay down your credit cards, get your credit score up, and you will be able to get a great loan deal that will save you thousands in interest over the life of the Veteran loan.
More Updates on VA Loan Program
The VA provides a guarantee of home loans done by approved lenders for those who have served in the military or are active duty. No down payment is required if you qualify.
The VA does not originate the loans itself; rather, the VA guarantees the mortgages that private lenders issue. This guarantee makes it much more likely that private lenders will issue loans to people who may have lower credit scores and incomes.
VA loan financing has benefits other than no down payment. There also is no mortgage insurance to pay. This can save the buyer at least $100 per month.
The only down side of a VA mortgage loan is that you do need to pay a funding fee, which is typically 2.15%. But this amount can be rolled into the loan.
Still, the VA mortgage is a great no down payment option if you are a veteran or active military. Some members of the Reserves and National Guard may also qualify. Read more about VA benefits for home buying on Realtor.
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