Thank you for your service!
The US Department of Veteran Affairs has guaranteed these loans for those who have served our country since World War II. They are for the purpose of helping those who have served our country get into homes without a down payment.
The federal government wants to ensure that every service member and their families have a home, therefore a down payment is not required.
There is no mortgage insurance necessary for a VA loan. There is however a VA funding fee that is paid at closing and varies from 1.25 to 3.3%.
In order to start the process of a VA loan, you will need to obtain a VA COE (Certificate of Eligibility.
There is no minimum credit score for a VA loan. However the borrower must demonstrate that they have sufficient residual income after making their mortgage payment for daily expenses.
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CO License # 100517635
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