VA Home Loans

To secure the best VA loan mortgage, focus on improving your credit score before applying, as higher scores can lead to better rates. Additionally, compare quotes from multiple lenders to find the most favorable terms and fees.

Understand Your Eligibility

· VA loans are available to veterans, active-duty military, reservists, and certain surviving spouses.

· They can be used for purchasing single-family homes, condominiums, multi-unit properties, and new constructions.

Improve Your Credit Score

· A higher credit score can lead to better mortgage rates.

· Check your credit report for errors and address any issues before applying.

· While there is no minimum credit score set by the VA, many lenders prefer a score of at least 620.

Get Pre Approved

· Pre Approval helps you understand how much you can borrow and shows sellers you are a serious buyer.

· You don’t need your Certificate of Eligibility to start the process; lenders can often obtain it for you.

· Pay attention to the interest rate, annual percentage rate (APR), and closing costs.

Know the Funding Fee

· VA loans require a funding fee, which ranges from 1.25% to 3.3% based on your service and down payment.

· This fee can be financed into the loan, reducing upfront costs.

Consider Occupancy Requirements

· You must occupy the home as your primary residence within 60 days of closing.

· Exceptions exist for deployed service members, so discuss any potential issues with your loan officer.

Explore State Programs

· Some states offer additional benefits for veterans, such as interest rate discounts or down payment assistance.

· Check about any state-specific programs that may apply.

Choose the Right Loan Type

· VA loans come in various forms, including purchase and refinance options.

· Consider your long-term needs when selecting the type of loan that best suits you.