Guest Blog from Jefferson Aldredge of Cherry Creek Mortgage
We are so grateful for the sacrifices our servicemen and women make for our country, and we are honored to show our gratitude by helping them realize their goals of home ownership through VA loans. November is Military Family Month, and with Veteran’s Day just behind us, we are putting to rest three common myths about VA loans.
Myth 1: You need perfect credit to qualify
While a good credit score is always a plus, VA loans offer a good deal of flexibility when it comes to credit. VA home loans actually have no minimum credit score requirement. Different lenders may adhere to certain cutoffs, a common one being a 660 FICO*, but this still provides plenty of leeway for borrowers who don’t have perfect credit.
Myth 2: The VA appraisal is a nightmare
VA loans do have a more stringent appraisal process than some other loans, but as long as the home isn’t in poor condition, VA appraisal requirements are fairly similar to a conventional appraisal. Appraisers will use the VA’s Minimum Property Requirement (MPR) guidelines to ensure Veterans and military families have a safe, structurally sound, and sanitary place to call home.
Myth 3: You can only get a cheap house with a VA loan
It’s a common misconception that VA loans are more suitable for less expensive homes. However, they can make it easier for home buyers who have less money saved to purchase a more expensive home since VA loans don’t require a down payment (depending on the borrower’s entitlement). Avoiding down payment costs can give borrowers who have sufficient income to cover the debt-to-income requirements of a jumbo loan the flexibility to purchase a larger home that fits their lifestyle now (and in the future).
Cherry Creek Mortgage
Branch Manager, Loan Originator
NMLS # 134292, CA, LA, TX
If you have questions about qualifying for a VA or other type of mortgage loan, please contact the Sullivan & Sullivan team at 817-330-9235.