VA loans are guaranteed by the U.S. Department of Veterans Affairs and are designed to offer long-term financing to eligible active-duty military, veterans, and eligible surviving spouses.
VA Loan Requirements
- Credit scores as low as 580 may be accepted
- Credit scores as low as 600 may be accepted for manufactured housing
- Must be current or former military personnel or surviving spouse of military personnel who did not remarry
- Must not have had any loan defaults within the last year
- Must not have declared bankruptcy within the last two years
Benefits and Details
- 0% down payment
- No mortgage insurance required
- 30-, 20-, or 15-year fixed-rate terms and 5/1 ARMs available
- Refinance up to 100% of the value of your primary residence
- VA streamline refinance (IRRRL) with no appraisal necessary and minimal documentation is available for current VA loan holders