What are VA loans?

Guaranteed by the U.S. Department of Veteran Affairs, the VA loan program is designed to assist both current active duty military members and veterans achieve home ownership. Eligible borrowers for this program are allowed to borrow up to 100% of the home value which means ZERO down payment if you are purchasing a home.

Who is eligible?

Active members of the military, veterans, and members of the National Guard are qualified to apply for VA loans. Spouses of active service and deceased military members may also apply for these types of loans.

Benefits and tips

There is no minimum down payment required and no monthly mortgage insurance payments. The minimum FICO score required is 500. Keep in mind that when choosing to take out a VA loan, a one-time Funding Fee will be required. The amount depends upon the size of the loan, whether you have used your VA benefit in the past,  if you are considered disabled, and and your initial down payment. Even though VA loans generally have lesser costs than other types of loans, it is still good to keep this one-time fee in mind.

For further queries, please Contact Rene Ruiz today and find out if you qualify for a VA loan.

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