If you’re currently in the military or you’ve previously served, you may qualify for a Veterans Affair Home Loan. If you’re interested in this type of loan, talk to a mortgage representative about VA Home Loans. Below you’ll discover the answers to commonly asked questions about this type of loan.
Q.) What is the difference between a loan through the VA and a typical home loan?
A.) The Federal Government endorses VA Loans and if you default on your mortgage, the U.S. Department of Veterans Affairs will repay a certain amount of the loan to your lender. With a VA Loan, you won’t have to make a down payment, you may have lower closing costs and you don’t need to purchase mortgage insurance.
Q.) Am I restricted to what type of house I can buy with a VA loan?
A.) With a VA loan, not only can you purchase a single family home, you are eligible to buy a condominium, duplex, manufactured home or a new house. If you already own a home, you can refinance your current home with a VA Loan. If you want to make home improvements or repairs, you can borrow additional money to pay for these upgrades to your home.
Q.) Will I still be eligible for a VA Loan if my credit score isn’t very high?
A.) Even if you don’t have excellent credit, you can still qualify for a VA loan. If your credit score is 620 or higher and you pay your bills when they are due, you’ll most likely qualify for a VA Loan.
Q.) Can I get a VA Loan if I’ve previously been turned down for a loan from a different lending institution?
A.) Since the protocol for a VA Loan has many variables, such as an adjustable interest rate, you may still qualify for a VA Loan. A mortgage consultant who specializes in VA Home Loans can help you get this type of loan even if you’ve previously been denied.
Before purchasing your new home, contact Village Mortgage to find out if you meet the requirements for a VA Loan. The experienced staff can help simplify the application process in determining your loan qualifications.
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