A VA mortgage, also known as a Veterans Affairs loan, is a government-insured mortgage that is specifically designed to help active-duty military members, veterans, and their families achieve homeownership.

 

One of the main benefits of a VA loan is that it requires no down payment. This can make it easier for veterans and military members to purchase a home, even if they have limited savings for a down payment.

 

Another benefit of a VA loan is that it often has a lower interest rate than a conventional mortgage. This can lead to significant savings over the life of the loan.

 

VA loans also have more flexible underwriting guidelines than conventional mortgages, which means that veterans and military members with lower credit scores or limited credit history may still be able to qualify for a loan.

 

To qualify for a VA loan, borrowers must be active-duty military members, veterans, or eligible family members of veterans. Borrowers typically need a credit score of at least 620, but some lenders may have stricter guidelines and require a higher credit score.

 

If you're considering a VA loan, it's important to shop around and compare rates and terms from multiple lenders. This can help you find the best loan for your unique situation and ensure that you get the most favorable terms and lowest interest rate possible.

 

At Contemporary Mortgage Services, Inc., we are dedicated to helping our clients find the best mortgage for their unique situation. We offer a wide range of loan options, including VA loans, and our team of experienced loan officers will work closely with you to find the best loan for your needs. Contact us today to learn more about VA loans and how we can help you achieve your homeownership goals.