VA Home Loan FAQs
Veteran benefits Scottsdale real estate Arizona research has found that if you’re a veteran, service member or veteran’s surviving spouse, you may qualify for a home loan from the Department of Veterans Affairs (VA) to help you buy, build, repair, retain or adapt a home. Your mortgage lender can advise you on how to qualify and what programs are available for your situation.
VA home-purchase loans have many advantages and are often available with competitive interest rates, low or no down payments, no private mortgage insurance (PMI), limits on closing costs and no prepayment penalties. The program may also allow you to get a mortgage if you’ve had difficulty getting a loan through other programs.
Remember that VA benefits are reusable. If you’ve qualified for a VA Home Loan in the past, and qualify again, you can use the benefit to buy your next home, too. You do not have to be a first-time homebuyer to get a VA Home Loan.
To learn more about VA procedures visit Veteran Loan Certificate of Eligibility Guide up-to-date information on available, eligibility, application process and more.
When you’re ready to buy a home, be sure to contact us so we can provide you with lender contacts. We thank you for your service to our country!
Pssst…Pass It On!
There’s no need to keep all of our great real estate information to yourself. When you’re finished reading this issue of our newsletter, we hope you will share it with friends, family members, neighbors or co-workers who might be thinking of buying or selling a home. As always, we appreciate your referrals!
Know Your FICO Score
Did you know you can now access your actual FICO credit score—for free—through your mortgage lender or credit card issuer? Thanks in part to a major decision by FICO—the company that created the credit scoring system used to determine FICO credit scores—there is now no need to pay for getting your credit score.
Previously, the only way to see your FICO score was if you were denied a loan or were approved for a loan with higher interest rates and/or less favorable lending terms than others.
Now, FICO Score Open Access allows you to request your credit score for free if you have a credit card with Barclaycard U.S. or First National Bank of Omaha (FNBO/First Bankcard)—two of the 10 largest credit card issuers in the U.S. Another option for accessing your score is through a mortgage lender who uses the FICO scoring system. Discover Card plans to print customer’s FICO scores on their monthly statements. Other lenders and banks are expected to make credit scores available as well; look for announcements.
The free scores are updated every month and are accompanied by an explanation of the top-two factors driving your actual credit score. For example, if the top-two factors affecting your score are total amount of debt and late payments, you can make a concerted effort to pay down debt and pay bills on time to improve your credit score.
Article: Veteran Benefits; Know your FICO Scores
Posted by: Luxury Valley Homes