You’ve served your country, and you deserve a nice place to live. You can get just that with a VA loan. These loans are available to:
• Active-duty military personnel
• National Guard members
• Some spouses of deceased veterans
How Does a VA Loan Work?
The Department of Veterans Affairs backs VA loans, but the money actually comes from mortgage lenders. Because the government backs the loans, lenders offer favorable terms. They are not assuming the same risk they do with other types of loans, so veterans and military personal get terms they couldn’t get with traditional mortgages. These terms allow people to finally get the homes they have always wanted.
Qualifying for a VA Loan
VA loans are easier to get than traditional loans are. Instead of disqualifying people based on their credit scores, the VA looks at the entire loan profile when making a decision. This profile includes the person’s income and debt, along with the credit score. Those who have the ability to pay the loan back are likely to be approved by the VA.
It’s important to note that many lenders have their own qualifications, though, and prefer borrowers with a credit score of at least 620. However, that isn’t a hard and fast rule, so you can qualify with a lower credit score. Some lenders will even fund the loan if you have gone through a recent bankruptcy. It depends on the reason for the bankruptcy.
Since the requirements are not set in stone, it is important to see if you qualify.
Once you take the qualifier, you will hear back from a member of the POP Mortgage team. Then, you will be ready to move forward with your VA loan.