A VA Mortgage Loan is a loan that is insured by the federal government that offers long-term financing to eligible U.S. Servicemen. It also allows veterans to qualify for loans without having to put any money down and does not require them to have Private Mortgage Insurance (PMI). As of today, the Department of Veterans Affairs has helped over 20 million Veterans and their families achieve homeownership through their program.
VA Home Loans typically don’t require applicants to meet a minimum credit score, but this may vary depending on different lenders. In some cases, they require you to have at least a 620 credit score or higher. In addition, you must show that you have sufficient income to repay the loan and do not have excessive debt.
VA Loans can be applied to:
- Purchasing a home or a condominium unit in a VA-approved project
- Making energy-efficient improvements to a home or by installing energy-related features