VA Loans are loans which are partially guaranteed by the U.S. Department of Veteran’s Affairs (VA). They offer long-term financing through a private lender, but, since they are guaranteed by the VA, they do not require mortgage insurance.
The benefits of a VA loan are that you do not need a minimum credit score, and they may not even require a down payment. They do, however, still require funding fees that vary depending on the down payment or the type of veteran.
Another advantage of a VA loan is that the VA will negotiate for the lender if the veteran is struggling to meet the minimum monthly payment. There is no guaranteed result, but it is nice to know that there is support when it is needed.
Veterans or members of the military, reserve, or National Guard are all eligible to apply for a VA loan. The spouse of a military member who died during active duty, or resulting from a service-connected disability may also be eligible.
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You’re Entitled to Get Your VA Benefits
Don’t let a lender tell you that you don’t qualify to get the benefits you deserve. A low credit score doesn’t automatically stop you from getting a VA loan. According to the official VA guide (found here), there is technically no minimum score for a VA loan. A lender must look at your loan individually and decide how to proceed.
Large lenders will place their own minimum credit score guideline on borrowers that they will take. This means they are only looking for over-qualified borrowers to make their jobs easier. Here at Core Home Loans, we believe that the VA’s guidelines should be followed directly. This is why we do not have a minimum score that we work with. We believe that our veterans deserve their due respect, care, and attention.
Credit Issues
Many lenders will not work with people who have had recent credit issues. We work with people who have all types of credit issues to help them get approved for their VA loan. You can see a timeline of credit issues here. The timeline shows when you are eligible for a loan by the books.
Loan Limits
Each county has a different VA loan limit, which can be found here. However, we do offer VA Jumbo Loans if you are to exceed this limit! You can find out more about it here!
We are here for you! Call us at 813-229-0700 today!
