VA Loan

Overview

  • Loan option exclusively for those affiliated with the military: active duty personnel, veterans, reservists, National Guard members, or surviving spouses are eligible. This loan has low credit requirements and closing cost flexibility.

The requirements:

  • Must meet eligibility requirements
  • Documentation verifying finances, income and employment
  • Credit score of at least 620
  • Debt-to-income ratio around 40%

The benefits:

  • Lower rates than conventional loans
  • No down payment needed
  • No mortgage insurance required
  • Seller may pay up to 4% of closing costs
  • An assumable mortgage

Right for your situation if:

  • You’re an active military member or veteran who doesn’t have the money for a down payment