What is a VA Mortgage Loan?
A VA Mortgage Loan is a home loan backed by the Department of Veterans Affairs (VA). It offers favorable terms and benefits designed to help veterans, active-duty service members, and eligible surviving spouses purchase, refinance, or improve a...
Continue ReadingWho is eligible for a VA Mortgage Loan?
Eligibility for a VA loan includes veterans, active-duty service members, National Guard members, Reservists, and eligible surviving spouses. Specific service requirements apply, so it’s best to check with a VA-approved lender or the VA directly to...
Continue ReadingWhat are the benefits of a VA Mortgage Loan?
No Down Payment: Purchase a home without needing a down payment. No Private Mortgage Insurance (PMI): Save on monthly costs as VA loans do not require PMI. Competitive Interest Rates: Enjoy lower interest rates compared to conventional loans. ...
Continue ReadingHow much can I borrow with a VA Mortgage Loan?
The amount you can borrow with a VA loan depends on your entitlement and the loan limits in your area. Generally, there is no maximum loan amount, but the VA will only guarantee up to a certain amount, which influences how much a lender will...
Continue ReadingDo VA loans require a minimum credit score?
The VA does not set a minimum credit score requirement, but most lenders require a credit score of at least 620. Some lenders may approve loans with lower scores based on other...
Continue ReadingWhat are the service requirements for a VA loan?
Service requirements vary depending on whether you are a veteran, active-duty service member, National Guard member, or Reservist. Generally, veterans must have served 90 consecutive days during wartime, 181 days during peacetime, or six years in the...
Continue ReadingCan I use a VA loan more than once?
Yes, you can use a VA loan multiple times, provided you have sufficient entitlement remaining or have restored your entitlement by paying off a previous VA...
Continue ReadingCan I use a VA loan to buy a second home or investment property?
A loans are intended for primary residences only. You cannot use a VA loan to purchase a second home or investment property. Why You Can’t Use a VA Loan to Buy a Second Home The VA loan program is designed to help eligible veterans, active-duty...
Continue ReadingWhat is the VA funding fee?
The VA funding fee is a one-time fee paid to the VA to help fund the loan program. It can be financed into the loan amount and varies based on factors such as the type of loan, the borrower’s military category, and the down payment amount. Some...
Continue ReadingHow do I apply for a VA Mortgage Loan with People Driven Credit Union?
Apply online or contact our mortgage specialist, Jim Rogers, who will guide you through the application process, help you understand your options, and determine your eligibility. James (Jim) Rogers is authorized to act as an agent on behalf of People...
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