VA Loan Basics VA Loans Insider

  • Can I Have Bad Credit and Still Get a VA Home Loan?

    Can I Have Bad Credit and Still Get a VA Home Loan?

    This post was inspired by VA Loans Insider reader Mary Ann Parker, who asked about securing VA financing with less than perfect credit. In fact, one of the most common questions we receive is: Can I get a VA loan with bad credit? The answer isn't black-and-white, in part because there's no clear-cut definition of what "bad credit" actually means. For VA loans, borrowers will often need a FICO credit score of at le…

  • Short Sales and Seasoning Periods for VA Home Loans

    Short Sales and Seasoning Periods for VA Home Loans

    When is a foreclosure not a foreclosure? Short sales often get lumped together with foreclosure and its offshoot, the deed-in-lieu of foreclosure. But these aren't the same thing, and that can make a huge difference for homebuyers. Borrowers will almost always need to wait two years after a foreclosure before applying for a VA home loan, but VA guidelines do not set a required wait, or seasoning period, after…

  • How Your Military Discharge Can Affect VA Home Loan Eligibility

    How Your Military Discharge Can Affect VA Home Loan Eligibility

    Documenting your proof of service is an important step in the VA mortgage process. As with most military benefits, the nature of your discharge can affect your eligibility for a VA home loan. This isn’t an issue for most veterans. But in certain cases, you may need a more formal review before moving forward. Let’s take a closer look. Types of Discharges You're generally eligible for VA loan benefits if y…

  • Getting a Second VA Loan: a Closer Look at Second-Tier Entitlement

    Getting a Second VA Loan: a Closer Look at Second-Tier Entitlement

    There are a lot of myths and misconceptions out there about the VA loan program. Two of the most common are rooted in the concept of VA entitlement, which is basically the amount of money the VA pledges to guarantee in the event of borrower default. So let's get this out of the way at the outset: The VA allows veterans to have two VA loans at the same time in some situations. It's actually possible to have more t…

  • 8 Unbeatable Benefits of VA Home Loans

    8 Unbeatable Benefits of VA Home Loans

    The VA home loan program is more important today than ever before and is one of the most powerful loan options on the market for active military and veterans. It's increasingly difficult for many military borrowers to build the credit and assets necessary to move forward with conventional home financing. The VA loan program's advantages over other loan types are a big reason why VA loan volume has continually gro…

  • Water Quality, Well Tests and Your VA Home Loan

    Water Quality, Well Tests and Your VA Home Loan

    Water quality probably isn't high on your home shopping checklist. But making sure the property you want to purchase is safe, sound and sanitary is one of the key missions of the VA home loan program. That's why the type of water connection and treatment system at your potential dream home can become a big deal. These are part of the VA's Minimum Property Requirements, a set of standards the agency wants prop…

  • Are You Eligible for a VA Funding Fee Refund?

    Are You Eligible for a VA Funding Fee Refund?

    The VA Funding Fee is a set fee applied to every VA loan. Some buyers are exempt from paying the fee; others are eligible to receive a refund after closing. Veterans and military buyers who receive compensation for a service-connected disability, or are rated eligible to receive disability compensation as a result of a pre-discharge exam, are exempt from paying the funding fee. Military members who are entitled to…

  • 10 Key Facts About VA Home Loans and VA Borrowers

    10 Key Facts About VA Home Loans and VA Borrowers

    I've been putting together information on VA home loans for some folks in Washington. Sometimes just spelling things out in black-and-white really makes a difference, so one of the things I tried to do was come up with some key facts and figures about this more than 70-year-old lending program. Knowing  how VA loans work is the first step toward getting the home of your dreams, and awareness is incredibly importa…

  • Comparing VA Loans to Conventional, FHA and USDA Finance Options

    Comparing VA Loans to Conventional, FHA and USDA Finance Options

    For the vast majority of military borrowers, VA loans are the most powerful and cost-effective mortgage program on the market. These government-backed loans come with significant financial benefits that help veterans purchase with no money down and no out-of-pocket spending up front — and plenty more benefits for America's heroes. But there are certainly times when a VA loan isn't the best answer. For example…

  • What You Can (and Cannot) Do With Your VA Loan

    What You Can (and Cannot) Do With Your VA Loan

    America owes much to her veterans, who put their lives on the line for their country. It’s a debt that cannot possibly be repaid. But it can be appreciated in a tangible way, which is why we, as a nation, created the VA mortgage program. This is an amazing program that has allowed more than 22 million veterans and active military families to purchase a home since 1944. VA mortgages come with no …