VA Loans

One of the significant advantages of VA loans is the potential to purchase a home with no down payment, making homeownership more accessible for service members and their families.

VA loans do not require private mortgage insurance (PMI), which can result in substantial savings. Instead, borrowers pay a one-time VA funding fee at closing, which varies based on factors such as the loan amount, type of loan, and whether it’s a first-time or subsequent use. Notably, Veterans receiving VA disability compensation are exempt from paying this funding fee.

o begin the VA loan process, you’ll need to obtain a Certificate of Eligibility (COE), which verifies to lenders that you meet the service requirements for a VA-backed loan.

While the VA doesn’t set a minimum credit score requirement, lenders typically have their own credit standards, often seeking a score of at least 620. Additionally, borrowers must demonstrate sufficient residual income to cover daily living expenses, ensuring financial stability beyond the mortgage payment.