Military Loan

Military Loan Detail

A government-sponsored Veterans Affairs home loan offers military veterans mortgage benefits that are not available with conventional financing. A VA home loan does not require a minimum down payment. Approval for a VA loan does not require a good credit score, nor does it necessarily affect the interest rate on the mortgage. A veteran with a low credit score is eligible to receive a VA loan as long as he qualifies for the mortgage.

A veteran's credit score does not determine her eligibility or approval for a VA loan. Most conventional loans require a minimum of a 580 credit score to qualify for a mortgage, but a VA loan does not require a minimum score. VA loan approval does require a clear 12-month credit history with no late or default payments of any kind.

A veteran's credit score does not influence his available interest rate. All VA lenders require 2.15 percent (or 2.15 points) to be paid as a funding fee on a home loan. This fee must be paid out of pocket and is not paid by the seller as part of the closing costs. It is possible for a veteran to roll the funding fee into the loan amount. If a veteran chooses to pay the points in cash, his interest rate is reduced.

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan

Military Loan