Is the VA Loan Right For You?
A great way for those veterans in search of a home loan is to apply for VA loans for low credit scores. The VA department created this program mainly to benefit those aspiring veterans who wish to purchase their own housing but are unable to do that due to low credit scores. One of the easiest and most convenient home loan options for those serving duty in the US military, VA loans for low credit scores are an option that definitely need to be looked in to.
That being said, we have made that easy for you! Here, we will be looking at the various VA loan guidelines and different criteria that need to be met in order to qualify for the VA home loan.
VA Loan Benefits
First, let’s take a look at why the VA loan is such a popular option amongst veterans. Listed below are few of the many benefits that are provided by the Department of Veteran Affairs for those who wish to and qualify for the loan.
- Equal opportunity for all qualified Veterans to obtain a VA loan
- VA limits certain closing costs a Veteran can pay
- Only a one time VA funding fee is required and that too can be included in the loan
- Unlike other home loans, the VA loan is reusable home loan and can be used more than once
- There is no need to pay for a down payment
- There is no mortgage insurance that a borrower has to pay
- Minimum property requirements to ensure the property is safe, sanitary, and sound
- Those Veterans who are receiving VA disability compensation, are exempt from the VA funding fee
- Can be assumed by qualified persons
Who Can Apply For VA Loan?
As the name suggests, VA loans for low credit scores are applicable to veterans. However, it’s not just limited to them. The following are the different people who are eligible and can apply for the VA loan.
- Veterans who meet length of service requirements
- Surviving spouses of veterans who are deceased
- Members and Reservists of the National Guard
- Service members on active duty who have served a minimum period
- World War II Merchant Seamen
- Atmospheric Administration & National Oceanic officers
- S. Public Health Service officers
- Certain Reservists and National Guard members
- Midshipmen at the U.S. Naval Academy
- Cadets of the U.S. Military, Air Force, or Coast Guard Academy
Joan Gallardo with his 18+ years of experience as Senior Loan Officer is a wealth of knowledge dealing with VA lenders for low credit scores. Through his articles, you can get to know about the various requirements of VA lenders for low credit scores along with information on eligibility criteria and benefits.