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What is a VA Home Loan?

VA home loans are ones guaranteed by the U.S. Department of Veterans Affairs. They were created by the government in 1944; since then, more than 24 million VA loans have been originated, helping veterans, active duty military members and their families purchase or refinance a home.

The fact that these loans are backed by a government agency makes lenders feel more comfortable in offering them, as they pose less risk. As a result, it’s possible to get a VA loan in Santa Rosa without a down payment, and with sometimes-looser credit requirements.

The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment. The loan may be issued by qualified Santa Rosa lenders.

VA Loan Requirements

  • Have at least 90 consecutive days of active service during wartime or at least 181 consecutive days of active service during peacetime.
  • Have more than six years of service in the National Guard or Selective Reserve.
  • Be the surviving spouse of a service member who died while on active duty or from a service-connected disability and you have not remarried or remarried after age 57 or Dec. 16, 2003. Spouses of prisoners of war or service members missing in action are also eligible.
  • Meet the lender’s requirements for credit and income. The VA doesn’t set a minimum credit score for VA loans, but lenders can set their own minimum standards. The lender will also consider your income and debts to evaluate your ability to repay the mortgage.
  • Borrowers need to show they have the income to make the mortgage payments and they shouldn’t have a huge debt load.
  • While there is no minimum credit score requirement, borrowers might have a hard time getting approved by a lender if they don’t have at least a 620 FICO Score.
  • The property you want to buy must meet safety standards and building codes and will be your primary residence.
  • In order to go through the process, you need to obtain a VA Certificate of Eligibility (COE). Without this certificate, you won’t be able to get your loan.

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