VA Loan
- A VA loan is a type of government loan, backed by the U.S. Department of Veterans Affairs (VA). The VA offers specific guarantees to private lenders that handle VA loans. As such, lenders offer loans that typically feature no down payment to veterans and may have less strict requirements than other loans. VA loans also allow more flexibility for you to qualify because of their easier credit score requirements. Other advantages of a VA loan over other types of loans include:
- Lower interest rates
- Credit score as low as 580
- No down payment due at closing
- No monthly mortgage insurance
- 4% max seller contribution towards buyer’s closing costs.
- Gift funds are allowed for down payment or closing costs.
To qualify for the variety of home and refinance loans the VA offers, you must be a:
- Veteran
- Service member
- Current or formerly activated National Guard member.
- Current or discharged member of the National Guard who has not been activated.
- Surviving spouse
Additionally, you must meet at least one of the following criteria to qualify:
- You’ve served 181 days of active service during peacetime.
- You’ve served 90 consecutive days of active service during wartime.
- You’ve served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.
- You’re the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions, as well as other requirements for a spouse getting a VA loan.
To get pre-approved for a VA mortgage for a purchase or refinance, please click the Get Approved button below. Still have some questions? Call your licensed Approved Mortgage Solutions mortgage broker at the phone number below or Contact Us and we’ll reach out to you.