Expertise and insight to help real estate professionals better serve Veteran and military buyers
It’s true, the vast majority of VA borrowers don’t need a down payment. But, how’s that work and what’s the catch?
Your Certificate of Eligibility (COE) verifies you meet service requirements for a VA loan. However, not everyone knows there are multiple ways to obtain your COE – some easier than others.
Most lenders are guided by credit score minimums. For VA home loans, VA lenders look for a score of 620 or higher, but potential VA borrowers with low credit may still be able to obtain a VA loan. Check out this list of credit score requirements for VA loans, FHA loans, USDA loans and conventional loans.
Determining how much you can borrow may be more complex than you realize. Factors including DTI, residual income, and the property’s appraised value all play into this.