VA LOANS
What is a VA loan, and who is eligible for it?
A VA loan is a mortgage loan program offered to eligible veterans, active-duty service members, certain members of the National Guard and Reserves, and qualified surviving spouses. It is guaranteed by the U.S. Department of Veterans Affairs.
How does the no-down-payment feature work for VA loans?
VA loans allow eligible borrowers to purchase a home with no down payment, making homeownership more accessible to veterans and active-duty personnel.
Can I use a VA loan benefits more than once?
In most cases, you can use your VA loan benefit multiple times, as long as you meet the eligibility criteria and have enough remaining entitlement.
What credit score is required to qualify for a VA loan?
VA loans typically have more flexible credit requirements than conventional loans. While there's no specific minimum credit score, most lenders prefer borrowers with a credit score of 620 or higher.
Can I use a VA loan for refinancing my current home?
Yes, VA loans offer refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL) and the Cash-Out Refinance, which allows you to tap into your home's equity.
Is monthly mortgage insurance required for VA loans?
VA loans do not require private mortgage insurance (PMI), even with a zero down payment, which can lead to significant savings compared to other loan types.