Active military personnel no longer need to worry about not being able to save sufficient money for a down payment to buy their dream home while they serve the country. This is because they can now buy a home using a VA loan in Georgia, offering alluring terms and relaxed eligibility requirements when compared to other conventional mortgage options. One big perk, VA loans don’t require a down payment.
Besides, VA loan lenders are relaxed with their credit requirements as they know military personnel and veterans may find it difficult building a good credit score while serving the country.
The lenders however typically look for a credit score of at least 620, just to judge and assess the borrower’s risk of defaulting. This is considered more relaxed than conventional loans where borrowers have to meet a higher benchmark, generally 50 points higher. Though the Department of Veteran Affairs does not issue loans, they do oversee the loan program and are more lenient when it comes to borrowers who bounce back after short sales, foreclosures or bankruptcy.
VA loans are also one of the safest loans in the market as they work at ensuring veterans stay in their homes and needn’t opt for a foreclosure. The VA advocates for the veterans who are in jeopardy, and this is how they have managed to help more than 500,000 veterans avoid foreclosure even in the housing crisis. So in other words, VA loans not only help veterans get their homes but also work at helping veterans keeps their homes too.
There, however, is a rather extensive loan procedure involved for VA loans, and some eligibility criteria like sufficient income, meeting service requirements. This is where we at Moreira Team can help you. We can help you get the necessary documents for the loan in order, and help you through the entire process. Give us a call today to get started.
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