A VA Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). It is designed to help veterans and active-duty military personnel purchase homes with no down payment, no mortgage insurance, and favorable loan terms. The VA Loan Program also provides veterans with more flexible credit requirements, allowing them to qualify for a loan even if they have had past credit issues. VA Loans are available to veterans and active-duty personnel who meet certain service requirements.
Is a VA Loan a Good Idea?
A VA loan can be a great idea for many veterans and servicemembers looking to purchase a home. The loan terms are generally better than other loan types, including no down payment requirement and lower interest rates. With the added benefit of no private mortgage insurance, this loan can be a great way to save money. Ultimately, it is worth considering if you are eligible for a VA loan and if it makes sense for your individual financial situation.
What are the Loan Requirements?
The requirements are as follows:
- You must be a veteran, an active-duty service member, a National Guard member, or a surviving spouse of a veteran.
- You must have a valid Certificate of Eligibility (COE) which proves your eligibility for a VA home loan.
- You must have a minimum credit score of 620, although some lenders may require a higher credit score.
- You must have a steady income and a debt-to-income ratio that is acceptable to the lender.
- You must provide proof of funds to cover the down payment and closing costs.
- You must have a valid Social Security number.
- You must not have any VA loan entitlement remaining.
How Much Do I Need For A Down Payment On A VA Loan?
It’s important to understand your individual VA loan down payment requirements and your lender can be a great resource. Generally, VA loans require zero down payment, with a few exceptions. If you have an existing VA mortgage that hasn’t been paid off, or if you’re borrowing above the loan limits, you may need a partial down payment. It’s always best to consult with your lender to fully understand the exact VA loan down payment requirements and get the answers to any questions you may have. Contact a lender here.
How To Get Started
The Putzier Real Estate Team at House Real Estate Group has 20 years of combined trusted real estate experience AND specializes in the VA Home Buying Experience! We work with several lenders who also specialize in VA loans. Watch the video: Two Fantastic VA Buyers – New Home Owners! Casper, Wyoming
Because the housing market is competitive, buyers are cautious in taking the next steps in real estate. The Team provides the most up-to-date and leading-edge information so buyers can make strategic decisions and achieve their real estate goals. Justin and Charlotte Putzier are Casper realtors committed to helping home buyers buy their Casper area homes.
Buy a home in Casper, Wyoming! Download the buyer’s checklist to start the process today. We are ready to help find your dream home! Contact Justin Putzier at 307-259-8004 or Charlotte Putzier at 307-259-4440. Home buyers can also email our team at PutzierRealEstateTeam@gmail.com.