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VA Loans


What is VA Loan?

After the Second World War, US government tried to help its veterans about money. Some charities were founded and government helped veterans. VA is abbreviation of Veteran Affairs. So if you are veteran or someone from your family died in the war. You can get a VA Loan to buy a home. But you have to meet some requirements. These are;

  • If you served 90 consecutive days during wartime actively,
  • If you served 180 days during peace time,
  • If you are an active member of National Guard or Reserves for 6 years,
  • If you are married to a service member who died in the duty or who is disabled because of the duty.

Advantages of VA Loan

If your loan is between the limits of VA guarantee, you can get a mortgage without down payment. Also, VA loan does not include mortgage insurance. And bad credit score does not affect your interest rate. When you have a bad credit score, you can always get a loan. VA funding fee may be financed. There will be no prepayment penalties. Also sellers are able to help you with closing costs. The last and the best one is you can always get help from VA. The only disadvantage is you have to pay VA funding fee. It is about between 1 and 3 percent of your loan. It is about the amount and whether you are actively serving or not also where you serve is important.

Best VA Mortgage Lenders

Fairway Independent Mortgage offers fixed rates, adjustable rate, cash-out refinance. They are chosen as the best lender for customer satisfaction.

Quicken Loans offers fixed-rate mortgage, adjustable rate mortgage and jumbo loan. They want minimum 620 FICO score. Their maximum debt to income ratio is 60%.  They are also 5 star rated lenders for VA Loan.

Navy Federal Credit Union also offers fixed rate mortgage. Their minimum FICO score need and debt to income ratio can change from one person to other person.

USAA only serves for the ones who is actively serving and be member of USAA or being a child of a USAA member. They ask for minimum 620 FICO score. Debt to income ratio for USAA is 36%.

Veterans United Home Loans has fixed rate mortgage, adjustable rate mortgage and refinancing. They ask for minimum 620 FICO score, also. Debt to income ratio changes from person to person.



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