If you or your spouse is an active United States military member or veteran, you may be eligible for a Veterans Affairs (VA) loan. VA loans are a popular type of mortgage for veterans because they offer loans for 0% down payment and do not require mortgage insurance. Additionally, VA loans generally have fewer upfront fees than other types of loans.
While the Veterans Affairs department doesn’t have a minimum credit score requirement, private lenders may require a FICO score of 620. Some lenders offer loans to borrowers with lower credit scores (sometimes as low as 580) but this may result in higher interest rates.
The vast majority of veterans and active-duty service members are eligible for a VA loan. In order to qualify, you’ll need to obtain a Certificate of Eligibility (this can be completed online through benefits.va.gov). If you’re interested in meeting with a lender or agent with expertise in VA loans and working with veterans, please give us a call at (215) 699-5555.