Information about VA Loans
I recently received an article in my inbox from loan officer, Jamie Hughes, with Veteran’s United Home Loans. If you’re considering buying a property, the VA has no limit on the credit score, and allows lenders to to set their own credit score requirements. Most VA lenders require a 620 credit score, but Veterans United Home Loans has recently adjusted this minimum to 600.
Since 2020, the VA also doesn’t set a loan limit for those who are qualified for their full entitlement, as long as you are able to financially qualify for the loan. Your income, assets and credit score will determine your pre-approval amount.
According to VA.gov :
“Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment, and we guarantee to your lender that if you default on a loan that’s over $144,000, we’ll pay them up to 25% of the loan amount.
You have full entitlement if you meet any of these requirements.
At least one of these must be true:
You’ve never used your home loan benefit, or
You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid us in full
( source: https://www.va.gov/housing-assistance/home-loans/loan-limits/ )
I also now offer $1,000 towards closing costs to VA Buyers. This is an additional credit, on top of any credits that the seller may agree to provide towards closing costs. If you’re considering buying a home with your VA loan benefit, the process is very simple to get pre-approved. Please call me for more information, or to be connected to a lender who specializes in VA loans.
To read more about Veterans United Home Loans updates, read the article here .
