VA Loans

3 Steps To Get Qualified

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What are the Key Benefits of VA Loans?

Way back in 1944, Congress created the VA loan program for returning service members from the war. It is proudly administered by the US Department of Veterans Affairs. This type of loan helped so many war veterans achieve the dream of owning their own homes. In the market today, the VA loan is probably the most powerful and flexible lending option. VA loan guarantees payment, especially when the borrower decided to default.

The most popular and significant benefit that a VA loan borrower would have is to purchase a property without a down payment. Compared to any other lending option today, VA loans provide a hundred percent of the financing. Also, it it doesn’t have very high standards in order to qualify for one. In fact, 80% of the people that qualify for a VA loan do not qualify for a conventional loan. This is because of the strict requirement and mortgage insurance that is a part of taking out home loans today.

In order to qualify for a VA loan, a veteran should meet the minimum number of days in the service. This program does include surviving veteran’s spouses as well. Also, VA loans doesn’t have a minimum requirement for a credit score in order to qualify for a mortgage loan. However, there are cases wherein the lender would require a veteran to have at least a credit score of 620. Generally, taking out a VA loan is still a very good option today. This would be perfect for veterans that are planning to retire to the home of their dreams.