Buying Your Home with a VA Loan

• Served 90 consecutive days of active service during wartime (Or).
• Served 181 days of active service during peacetime(Or).
• You have 6 years of service in the National Guard or Reserves (Or).
• You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
• If none of the above apply to you, you still may be eligible! Give us a call to learn more.

The VA doesn’t set a minimum credit score to qualify for a loan. But VA mortgage lenders can set their own minimum standards for FICO credit scores, which are typically in the low- to mid-600s.

The average FICO score of VA purchase borrowers in 2019 ranged from 706 to 713, depending on the month, according to mortgage data provider Ellie Mae. The average FICO score of VA refinance borrowers in 2019 ranged from 690 to 714.

Lenders will also look at your credit report, particularly your history of making timely payments.

If you have any questions about this, please let our VA specialist Frank know as we can discuss your options together.

Applying for a VA loan can be done through a bank, mortgage company, or credit union that offers them.

One unique item you’ll need is a VA certificate of eligibility. The certificate of eligibility is a document from the Department of Veterans Affairs that shows you meet the service requirements for a VA loan. You can request the document through the VA, or ask our VA specialist how to obtain one.

Under most circumstances, VA loans don’t require a minimum down payment. However, if the purchase price of the home is greater than its appraised value, you may have to make up at least a portion of the difference.

The home you want to buy must meet the VA’s minimum property requirements. The standards ensure that homes financed by VA loans are safe, structurally sound and sanitary. After you’re under contract to buy a home, the lender will hire a VA-approved appraiser to estimate the home’s market value and make sure it meets the minimum property requirements. A VA appraisal may also be required when refinancing a VA loan.