Home ownership is part of the American dream, and that’s no different for members of the U.S. Armed Forces. U.S. Department of Veterans Affairs (VA) Home Loans have helped make this dream a reality for nearly 22 million veterans and service members since 1944.
Once approved by the VA, these loans are provided by private lenders (banks and mortgage companies) and typically do not require a down payment or mortgage insurance because the VA guarantees a portion of the loan against loss, allowing the lender to provide more favorable terms.
Though the VA does not require a minimum credit score, most lenders do use credit score benchmarks as low as 620 making the loans easier to obtain for service members. Continue reading “What Can (And Can’t) You Buy With a VA Home Loan?”