You are ready to take the first step to homeownership, or are at least seriously considering it, but you might be concerned that there are challenges for you to overcome. Read below and we think you might realize that buying a home is much easier than you thought possible.
No Down Payment Required
If you qualify, buying a home with no down payment and receiving a great interest rate is a solid choice in comparison to renting. Often just to rent you might need first and last months’ rent plus a security deposit. If you are ready to find a permanent home why not pay yourself instead of a landlord? As a long term investment housing will always be a great option and on top of that, the interest on the loan and property taxes are tax deductible which can save you a lot of money.
Flexible Credit Scores
Although many Veterans and active military have great credit (the average Credit Score for a VA Loan in our lender network is around a 700 FICO) sometimes things happen financially and your credit isn’t perfect. Don’t worry! If you are at 620 you can still qualify, and qualifying is not even out of the question with credit scores below 620. If you are below 620 sometimes the right compensating circumstances will allow for a loan approval.
Leniency on past Foreclosures, Short Sales or Bankruptcy
The VA loan has shorter waiting periods after these events. VA Lenders will require you to wait two years before applying for a loan if you have experienced one of these events. However, there may be some flexibility if you file a chapter 13 where you are repaying debt and have had on time payments for the past 12 months.
So take the time to speak with one of our advisors who can then work with you to arrange a consultation with a lender in our network who can answer these questions in more detail as well as any other questions you might have. There are loan limits imposed by most lenders but they are fairly generous depending on the county in which you reside. Our goal is to make sure you are using all of the benefits that are available to you and coaching you through the process.