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What Do You Need to Know About VA Mortgages?
Manage episode 172423657 series 1377296
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If you’re eligible for one, a VA mortgage loan is one of the best products available. A VA (Veterans Administration) mortgage is offered to veterans, active duty service members who have had two years of active duty or been on foreign soil, and surviving spouses of veterans. There is 100% financing and no private mortgage insurance, which keeps the monthly payment low for our veterans.
Our minimum down payment requirement for VA loans is 0% (unless the purchase is for a home valued at more than $417,000). We do require that the borrower has at least a 600 credit score, and the debt-to-income requirement will be determined by the automated underwriting system, but the requirements for VA loans are far more liberal than some other conventional loans.
One thing that’s different about a VA loan is that they have a residual income piece. The Veteran’s Administration wants to make sure that families can pay for their homes as well as certain other expenses. So, along with the debt-to-income requirements, you must meet a certain residual income requirement.
Like I said earlier, the VA mortgage is one of the best products available. If you can qualify and are interested in buying a home anytime soon, please don’t hesitate to contact me. Interest rates are incredibly low and it is a phenomenal time to buy a home.
I look forward to continuing this conversation with you!
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