About VA Loans
VA loans are exclusively available to eligible veterans, active-duty service members, and some surviving spouses. These loans are backed by the Department of Veterans Affairs, offering excellent terms, including zero down payment and no private mortgage insurance.
Key Points
Minimum down payment: 0% (no down payment required)
Minimum credit score: Typically 580-620 (varies by lender)
Debt-to-income (DTI) ratio: Up to 41% (higher allowed with strong financials)
No private mortgage insurance (PMI)
Funding fee: Varies (can be waived for certain veterans)
Steps to a Successful VA Loan
Check Your VA Eligibility – Obtain a Certificate of Eligibility (COE) from the VA.
Assess Your Credit & DTI Ratio – Most lenders require a 580-620 credit score and a DTI under 41%.
Get Pre-Approved – Provide income verification and receive a pre-approval letter.
Find a VA-Approved Home – The property must meet VA appraisal and safety standards.
Submit Your Loan Application – Work with a VA-approved lender to process your application.
Undergo VA Loan Underwriting – The lender evaluates your financial health before final approval.
Review Closing Costs – While VA loans don’t require PMI, there is a VA funding fee (unless exempt).
Close on Your Home – Sign the final paperwork and officially become a homeowner!