First and foremost, the VA does not require a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for VA loan requirements.
When an eligible current or ex-servicemember needs to purchase a home for their own personal use, they can obtain a VA Guaranteed loan from a bank, mortgage lender, or savings & loan company, depending on the circumstances.
A VA loan pre-approval letter is a document granted by a VA mortgage lender that states that based on preliminary information such as the potential borrower’s credit, assets, and income, that they qualify for a VA loan of a specified amount.
When veterans apply for a VA loan they are required to provide a Statement of Service letter, otherwise known as a SOS. A Statement of Service is a document which verifies that you are either an active military member, or are retired with at least 6 years of active service prior to retirement or discharge.
If you’re looking at buying the home of your dreams – and the price reflects it – then a VA jumbo loan may very well be the best option for your mortgage.
The VA Funding Fee is a fee that is required in order to receive a VA loan.
Before your home can be qualified for a VA loan, the VA requires an appraisal of the property. A VA appraisal involves a thorough analysis of the home and property to determine what the current market of the home and property is.
A very common question related to VA refinancing is whether or not you can get a refinance on a VA loan if you are currently upside down on your mortgage. The answer is that you can!
If you currently have a conventional loan, you are allowed to refinance with a VA loan if you are an eligible veteran. Better yet, the odds are favorable that you will be able to save a great deal of money by refinancing with a VA loan!
In order to apply for a VA loan you will need a Certificate of Eligibility, or COE for short. There are different steps required to receive a Certificate of Eligibility depending on your personal situation and branch of the military.