Veterans, active military, or reservists all may qualify for a VA loan to purchase a house.
Here are the features:
- No money down
- Seller can pay a portion, or in some instances all of buyer's closing costs.
- No mortgage insurance is added to the payment.
- Credit score should be 580 or higher to qualify.
- There is no limit to how many times you can use your benefits to get a VA mortgage.
- Seller is not required to pay any closing costs for the buyer, not even the termite report.
- The home must be in at least average condition with no issues that would negatively affect the health and safety of the borrower.
- Appliances are not required to convey in the home being purchased.
- If disabled, the veteran may be exempt from paying the VA Funding Fee and/or property taxes
- Loan can be in veteran’s name alone or with spouse, no other co-signers are allowed
- Owner occupied only