03/28/2022
If you’re a veteran or married to one, first off, thank you for your service! Secondly, you should 100% consider applying for a VA loan if you’re looking to buy a house. A VA loan is a type of mortgage-backed by the VA. It has amazing benefits that make it a super solid choice. 1. No down payment. Yep, that’s right; you don’t need to put any money down to buy a house. 2. Credit score as low as 620. You don’t have to worry about getting a super high credit score since you only need a 620 score to qualify for the loan. 3. No mortgage insurance is required. Usually, if you put less than 20% down on a house, you have to pay for PMI, but not with the VA loan! 4. Limited closing costs. Closing costs sneak up on a lot of buyers and add more to their monthly mortgage, which no one loves. Closing costs are low with a VA loan, so your monthly payment stays low. 5. The debt-to-income ratio is more lenient. Usually, lenders require a DTI of no more than 38%, but the VA loan is a lot more flexible. If you can take advantage of the VA loan, I highly recommend it. It’s a fantastic option for financing a house and can be a lot easier to qualify for than some other options. If you have any questions about mortgage types, reach out to me, and let’s talk!
