VA Loans
VA loans are home mortgages backed by the U.S. Department of Veterans Affairs as a benefit for qualifying veterans and military personnel. We are here to make it easier for service members and their families to obtain financing for buying a house.
Primary Benefits
No down payment required (most cases)
No monthly mortgage insurance.
Allows credit scores as low as 580.
GENERAL VA LOAN REQUIREMENTS
- At least 181 days of active-duty service (90 days during wartime), or 6 years of National Guard service, and not dishonourably discharged.
- Spouses may be eligible if the member was killed in the line of duty, or died from service-related injury or illness, is missing in action, or is a prisoner of war.
- A 580 minimum credit score is needed for consideration.
- While no down payment is needed in most cases, a funding fee ranging from 1.25% – 2.40% for home purchases may be required.(Veterans rated disabled are exempt from the funding fee.)
A VA loan may be right for you. However, not everyone qualifies so please read the VA loan requirements above. If you have any questions, give us a call or open a chat to see if you qualify today!