VA offers mortgage guaranty programs for Active Duty Service members, Veterans, National Guard and Reservist. One of the most common questions regarding a VA Mortgage is what kind of credit should I have, or more specifically, what should my credit score be? Most lenders require a credit score of 640 or above, however you should not let your credit score impede your progress towards obtaining a VA Mortgage. Requirements such as debt to income ratio are much less restrictive for VA Mortgages than with FHA or Conventional mortgage products. As an aside; it is a good idea to start a relationship with a lender. This way you know where you stand and what you need to address – in terms of credit. Many lenders will steer you in in the right direction when it comes to raising your credit score.
Can I use my VA Mortgage more than once? The answer is yes. Your VA Mortgage is an entitlement that you earned for your or your spouse's service.
Is the VA Mortgage process more difficult than a typical mortgage? The answer here is no. The VA Mortgage process is just as seamless as the Conventional, FHA or Jumbo loan processes. In fact, there are two elements that separate a VA Mortgage from the others mentioned above, first there is no down payment required for a VA Mortgage, and second, VA Loans do not require mortgage insurance! VA Mortgages stand alone in the marketplace because they offer these benefits.