a great option for vetrans
Who qualifies for a VA loan?
You have served 90 consecutive days of active service during wartime, OR. You have served 181 days of active service during peacetime, OR. You have 6 years of service in the National Guard or Reserves, OR.
How long do I have to live in a house with a VA loan?
Typically, homebuyers have 60 days from closing to occupy a home purchased with a VA loan. However, the VA does allow homebuyers in certain situations to go beyond the 60-day mark, potentially extending up to one year.
Top 10 VA loan benefits
No down payment on a VA loan. No mortgage insurance for VA loans. VA loans have a government guarantee. You can shop for the best VA loan rates. VA loans don’t allow a prepayment penalty. VA mortgages come in many varieties. It’s easier to qualify for VA loans. VA loan closing costs are lower
Are VA Loans Worth It?
Is a VA Loan Worth It? If you stack up a VA loan against a conventional mortgage, you’ll see that despite the benefits, when it comes to the cold hard cash, you’re best going with a conventional loan! You’d have a better interest rate at around 3.6%, and you would also have no PMI
What credit score is needed for a VA loan?
between 580 and 620 A minimum credit score between 580 and 620 is typically needed for veterans and military personnel seeking a VA loan.
What is a 30 year VA cash out?
The VA cash-out refinance gives veterans and active duty service members a chance to refinance into a new loan with a lower interest rate. … Today’s average 30-year VA refinance rate is just 2.25% (2.421% APR) compared to 2.875% (2.875% APR) for a 30-year conventional loan, according to our lender network