Thanks to everyone who tuned in this afternoon for our live VA loans Hangout. We had a ton of great questions coming in from all points, especially our Veterans United Facebook communities and our Google+ page.
We tried to squeeze in as many questions as we could in 30 minutes. But there were of course many we couldn't quite get to, so I wanted to go through a few of them in this post. Remember you can always talk with a Veterans United loan specialist at 855-870-8845 or email me at firstname.lastname@example.org.
Question: Can I use the VA home loan for an investment mortgage? (Alex Linda Wesaw)
Answer: No, this program is for purchasing primary residences that you'll live in. The closest you can get is if you use a home to purchase a VA loan and then wind up renting out that home and buying another. Qualified homeowners can seek a VA Streamline refinance in that case because borrowers need only prove they used to live in the house for this no-frills refinance option.
Question: How do I go about trying for a VA loan? (Louis Gus Farve)
Answer: The first step is often getting prequalification and then preapproval from a lender.The first gives you a broad ballpark of your purchasing power; the second is more detailed and will include the amount the lender will extend you as long as certain conditions are met. Neither of these is binding.
Question: What range does your credit score need to be in in order to use/qualify for the VA loan? (Heather Ann Mendoza)
Answer: Right now some VA lenders are generally looking for a score of at least 640. It may be higher depending on the lender and on your own unique financial situation. Every borrower on the mortgage will need to satisfy the lender's minimum credit score requirement.
Question: What is the APR on a 30-year right now? (Josh Rodriguez)
Answer: Interest rates change constantly, sometimes multiple times per day. So it really depends on when "right now" is and what kind of financial and credit profile you have. Any lender can tell you the average interest rate, but the only quote that really matters is the one you get based on your specific loan profile. That's why it's important to talk with a loan specialist about interest rates and what kind of rate you may qualify for.
Question: Who do I talk to on refinancing my home? It’s already under a VA loan but I want a lower interest rate. (Debra Brown)
Answer: The VA has two main refinance options: The Interest Rate Reduction Refinance Loan (IRRRL), better known as a VA Streamline, and the Cash-Out refinance. If you're just looking for a lower interest rate, the Streamline is the route to go. It's only available to homeowners with current VA-backed mortgages. This is an inexpensive and relatively simple refinance that doesn't have the paperwork and steps that other refinances do. You can talk to a loan specialist about VA refinance options at 855-870-8845.
We're planning to start doing these VA loan Hangouts on a weekly basis. I'll share more details as they come. But you definitely don't have to wait for the next one to get your questions answered or to find out what might be possible using your VA home loan benefits. You can start on the road to loan prequalification and preapproval by filling out this simple form and getting a call back from a Veterans United loan specialist.
Buying a condominium with you VA home loan benefit is a great option. However, there are additional requirements that differ from purchasing a single-family residence or a multiunit complex.
Credit score requirements vary by lender. However, most lenders have similar criteria. Let's look at the minimum credit score for a VA loan and what lenders typically expect.